Stock Market Today: Dow Slipped, Big Banks Reported Earnings, Dogecoin Soared

JPMorgan Chase (Ticker: JPM) reported $ 3.33 profit, surpassing $ 3.01 billion in revenue of $ 30.35 billion, surpassing expectations of $ 29.9 billion. The bank released $ 1.8 billion in debt losses, otherwise the company would have lost revenue. After a 5.7% increase in revenue for the month, the stock fell 6.2%.

Wells Fargo The WFC reported a $ 18.8 billion profit of $ 20.3 billion, averaging $ 1.38. Shares gained 3.7 percent. Shares rose 14.5 percent during the month.

The company cited low credit balances as one of the reasons for the “soft demand”. Although the company did not expand on remittances, markets did not want to see higher interest rates when they were faced with a weakening of demand.

Citigroup (C) Reported a $ 1.46 profit of $ 16.8 billion, surpassing expectations of $ 1.38 billion to $ 17 billion. The bank’s debt stood at $ 668 billion, down 1 percent year on year. City shares fell 1.3%, up 9% for the month, leading to earnings.

On Friday, markets were scrutinizing economic data. Retail sales fell 1.9% month-on-month in December, expectations for a 0.1% decline, and fell sharply to 0.3% in November.

“While overall retail sales remain high and strong, December’s flashbacks may affect consumers ‘early purchases, due to fears of poor supply and well-published reports, and retail retailers’ inability to deliver Christmas items on time,” wrote Jamie. Cox, managing partner of Harris Financial Group.

The sharp decline in retail costs seems plausible. According to 22 VResearch, major retail spending by the end of 2021 is approaching $ 420 billion a year. This is 25% higher than the pre-covide trend, so it has been declining in recent months.

That is not a good idea for stock investors, but markets are looking to see if the weak retail outcomes could lead to massive economic growth or if consumers start shifting their spending from commodity to service. Affected by the epidemic.

“The number of retail outlets was ugly, there was no entry,” said Cliffe Hodge, chief investment officer of Cornerston Resources.

Industrial production fell 0.1% month-on-month in December, less than the 0.3% profit forecast.

The stock market is reflecting high interest rates and is reflecting the amount of money coming in from the Federal Reserve, which is expected to triple interest rates this year and to some extent to reduce inflation.

Interest rates are up 96% in March, up from a 90 percent increase in recent days. Citigroup economists write that the market expects three to four walks this year.

With interest rates on the board already rising, the stock market may still be risking economic growth. The S&P 500 is at an all-time low of 3%, hitting early in the month.

According to Yung Yuma, chief investment strategist at BMO, “the overall market will be challenging for the federal government and interest rates will continue to rise. “This continues to be the cause of a broken market.”

Not surprisingly, stocks, for the most part, are economically-worrying-less-developed and technologically advanced names. Financial hit hard – and the sector holds large market capitalization values.

Of

Financial Sector Sector SPDR
Exchange-traded fund (XLF), which collected more than 4% from the year to Thursday, fell 1.2 percent on Friday. This is the reason

Vanguard S&P 500 Value
ETF (VOOV) depreciated, decreased by 0.2% during the day, and Financial is the largest sector in the fund, accounting for one-fourth of the total market value of the fund.

But it was not just financial that caused the damage.

If there is no profit in technology, the indicators will be very low. Of

Invasco S&P 500 Equal Weight
The RSP, which weighs each share equally on the index, is down 0.2 percent. That’s worse than the standard index, whose activities are heavily influenced by big market value companies.

Overseas, Pan-European

Stoxx 600
In Hong Kong it decreased by 1%

Hang Seng Index
Decreased by 0.2%.

Pumpkin prices continue to rise at the point of production. Future West Texas Intermediate crude rose more than 2 percent, to $ 84 a barrel.

Crypto currencies were significantly higher.

Bitcoin
– Leader crypto – 1.3% increase over the last 24 hours, according to CoinDesk. A little peer

Ether
Gained 2.2% By attaching.

But

Dogecoin
– High-profile attention-grabbing “joke” sign

Tesla Chief Executive Officer Elon Musk and others –SleepCEid 9.8%; Tesla will start accepting crypto for commodity payments.

Here are the seven stocks that are moving on Friday

SAP (SAP) reported a 2.2% increase after the German software team reported that revenue from cloud-computing operations increased by 28% in the last quarter.

Novavasx (NVAX),

Modern (MRNA) and

Pfizer PFE fell 1.4%, 2.6% and 1.1%, respectively, after the Supreme Court suspended the bidding administration’s obligation to vaccinate 100 employees or more.

Boston Brewery. SAM shares fell 8.1% after the company cut its profit margin.

Las Vegas Sands (LVS) jumped 14.2%; Following a significant performance last year, some analysts are looking forward to a bright future for the stock in 2022, with the casino giant gaining ground this week. Peers

Wynn Resorts (WYNN), with similar pressures in 2021 — including regulatory threats from China — grew by 8.6 percent.

Write to James Sonson at jacob.sonenshine@barrons.com and Jack Denton at jack.denton@dowjones.com.