Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

U.S. stocks were falling after bank earnings and retail sales

Published 14/04/2023, 15:12
© Reuters.
XAU/USD
-
US500
-
DJI
-
BA
-
C
-
JPM
-
WFC
-
UNH
-
GC
-
LCO
-
CL
-
IXIC
-

By Liz Moyer

Investing.com -- U.S. stocks turned negative after record revenue by JPMorgan Chase (NYSE:JPM) kicked off the first-quarter reporting season and retail sales data was weaker than expected.

At 11:10 ET (15:10 GMT), the Dow Jones Industrial Average was down 177 points or 0.5%, while the S&P 500 was down 0.3% and the NASDAQ Composite was down 0.4%.

JPMorgan, Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) all beat expectations for the quarter, which was marred by turbulence from the collapse of two big banks. 

But retail sales fell by a more than expected 1% in March from the month before as shoppers cut back their spending on vehicles and other big-ticket purchases.

Recent economic data, including retail sales, have shown signs that the economy is cooling after the Federal Reserve’s aggressive attack on inflation through successive interest rate hikes. Futures traders are betting on another quarter of a percentage point rate hike at the Fed’s next meeting in May.

Atlanta Fed President Raphael Bostic said Friday that a quarter of a point increase could mean the central bank can end its tightening cycle with some confidence that it has nudged inflation in the direction of its 2% target.

Consumer sentiment is holding up. The University of Michigan's consumer sentiment index for April was 63.5 versus expectations for 62.

UnitedHealth Group Incorporated (NYSE:UNH) shares fell 2.9% after it beat estimates for quarterly profit and raised its outlook for the year.

Boeing Co (NYSE:BA) shares fell more than 5.6% after it stopped deliveries of some 737 MAXs because of a supplier quality problem.

Oil was rising. Crude Oil WTI Futures rose 0.6% to $82.71 a barrel, while Brent Oil Futures rose 0.3% to $86.34 a barrel. Gold Futures fell 2% to $2,013.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.