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Wall Street Falls As Bank Earnings Disappoint

US stock indexes fell on Thursday after weaker-than-expected earnings from major US bank JPMorgan Chase & Co (NYSE:JPM)...

Wall Street Falls As Bank Earnings Disappoint
Yazar: Charles Porter

Yayınlanma: 15 Temmuz 2022 06:30

Güncellenme: 7 Kasım 2024 12:41

Wall Street Falls As Bank Earnings Disappoint

US stock indexes fell on Thursday after weaker-than-expected earnings from major US banks JPMorgan Chase & Co (NYSE:JPM) and Morgan Stanley (NYSE:MS) underscored growing fears of a sharp economic downturn.

The benchmark S&P 500 headed for a fifth consecutive session of losses on fears that aggressive measures by the Federal Reserve to contain rising prices could push the world's largest economy into recession. JPMorgan fell 4.3% after it reported a bigger-than-expected 28% drop in quarterly profit and suspended share buybacks, setting aside more money to cover potential losses. Jamie Dimon, chief executive of the largest US bank, cited geopolitical tensions, high inflation and "unprecedented" monetary tightening as threats to global economic growth. "The biggest concern is that the slowdown in the economy and high inflation are just the start of what investors are worried about," said Sam Stovall, chief investment strategist at CFRA. "In the first half of this year we saw P/E ratios fall quite dramatically. The question now is: Did the fall in prices anticipate the fall in earnings? I think that's the reaction today." Morgan Stanley fell 2.4% after the bank missed profit forecasts for the first time in nine quarters as its investment banking unit struggled to cope with a slump in global deals. The broader S&P 500 banks index fell 3.1% to its lowest level since December 2020. All major S&P sectors declined, with energy, materials and financials leading losses.
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