- U.S. stocks fell on Friday as investors digested the first round of bank profits.
- JPMorgan, Citigroup and Wells Fargo all reported better-than-expected first-quarter profits.
- “It appears that there are significant inflationary pressures that are here to stay and are likely to persist,” said JPMorgan Chief Executive Jamie Dimon.
U.S. stocks fell on Friday as investors digested the first round of first-quarter results following the release of results from major banks.
JPMorgan, Wells Fargo and Citigroup all reported first-quarter profits that beat analysts’ expectations, but JPMorgan and Wells Fargo’s stock prices fell and Citigroup’s stock rose about 0.5%. , this prediction was not very impressive.
JPMorgan CEO Jamie Dimon warned that while the stock market is in good shape and most economic indicators look positive, there are still significant risks that could emerge at any time.
“Looking to the future, we remain alert to a number of significant sources of uncertainty. First, the global situation remains unstable, with severe wars and violence continuing to cause suffering. , geopolitical tensions are rising.Secondly, it looks like we’re seeing a lot of sustained inflation, “pressures that are likely to continue,” Dimon said.
On the inflation front, U.S. import prices rose for the third straight month in March, slightly above consensus expectations of 0.4% month-on-month. Almost all of the increase in import prices is due to the recent rise in oil prices.
Here are the U.S. indexes immediately after the 9:30 a.m. opening bell on Friday:
Here’s what else is happening today:
In Commodities, Fixed Income and Cryptocurrencies:
- West Texas Intermediate crude oil rose 2.60% to $87.23 per barrel. Brent crude oil, the international benchmark, rose 2.17% to $91.69 per barrel.
- Gold rose 1.79% to $2,415.20 an ounce.
- The 10-year Treasury yield fell 8 basis points to 4.51%.
- Bitcoin rose 0.23% to $70,184.
