Wall Street saw a rough trading day as JPMorgan Chase, Citigroup, and Wells Fargo gave underwhelming forecasts for net interest income, leading to a 6.5%, 1.7%, and 0.4% decline in their respective shares. The University of Michigan's consumer-confidence reading edged down, while inflation expectations for the year ticked up, fueling concerns about the Federal Reserve's rate adjustments.
Amid unsettling news, there is hope for improved investor moods with potentially strong earnings as the quarterly reporting season continues next week. The Dow Jones Industrial Average fell 476 points, or 1.2%, while the S&P 500 and the Nasdaq declined 1.5% and 1.6% respectively. Treasury yields fell back amid safe-haven bond buying, and gold reached a new record high amid geopolitical tension.
Stay tuned!
Daniel Silva
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