Stocks Turn Negative After JPMorgan Chase Earnings
U.S. stocks shifted to negative territory as JPMorgan Chase (NYSE: JPM) posted record revenue, marking the start of the first-quarter reporting season. Concurrently, weaker-than-expected retail sales data emerged. The Dow Jones Industrial Average, S&P 500, and NASDAQ Composite experienced declines of 0.5%, 0.3%, and 0.4%, respectively.
Major Banks Exceed Expectations Despite Challenges
JPMorgan, Citigroup (NYSE: C), and Wells Fargo (NYSE: WFC) surpassed quarterly expectations, even amidst difficulties stemming from the collapse of two large banks.
Retail Sales Fall as Shoppers Cut Spending
Retail sales in March saw a larger than anticipated 1% drop from the previous month, as consumers reduced their spending on vehicles and other high-priced items.
Economy Cooling Amid Fed's Aggressive Inflation Strategy
Recent economic indicators, including retail sales data, suggest the economy may be slowing down following the Federal Reserve's forceful approach to combating inflation via successive interest rate hikes. At the Fed's May meeting, futures traders anticipate another quarter of a percentage point rate increase.
Atlanta Fed President Discusses Potential Rate Hike
On Friday, Atlanta Fed President Raphael Bostic stated that a quarter-point rate increase could enable the central bank to conclude its tightening cycle, expressing confidence in achieving the 2% inflation target.
Consumer Sentiment Index Exceeds Expectations
The University of Michigan's consumer sentiment index for April scored 63.5, surpassing the expected 62.
UnitedHealth Group Shares Drop Despite Positive Results
UnitedHealth Group Incorporated (NYSE: UNH) shares experienced a 2.9% decline even after the company reported better-than-expected quarterly profits and an improved yearly outlook.
Boeing Shares Plummet Amid Delivery Issues
Boeing Co (NYSE: B.A.) shares fell by over 5.6% as the company halted deliveries of certain 737 MAXs due to a supplier quality problem.
Oil Prices Rise while Gold Futures Fall
Crude Oil WTI Futures increased by 0.6% to $82.71 a barrel, while Brent Oil Futures climbed by 0.3% to $86.34. On the other hand, Gold Futures dropped 2% to $2,013.
