Mon. May 20th, 2024

Dow Jones Industrial Average loses 476 points, JP Morgan tumbles 6% 

By Mahesh Limbani Apr 14, 2024 #Jp Morgan

Shares of Jp Morgan Chase fell more than 6% on the release of the bank’s first-quarter earnings.

The week’s last trading session settled negative as concerns about inflation and geopolitics again dampened Wall Street market optimism. The market was also affected by a broad sell-off in big bank shares.

Shares of Jp Morgan Chase fell more than 6% on the release of the bank’s first-quarter earnings.

The bank warned that its net interest income, a crucial indicator of its profitability from lending operations, would fall slightly short of Wall Street analysts’ projections for 2024.

Jamie Dimon, the CEO, forewarned about the economy’s ongoing burden of inflation. 

data on U.S. imports. Concerns among consumers over the ongoing inflationary pressures are also mounting.

According to the University of Michigan’s Surveys of Consumers, the consumer confidence index for April was 77.9, which was lower than the Dow Jones consensus prediction of 79.9. Expectations for long-term and year-ahead inflation also increased, indicating dissatisfaction with sticky inflation.

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