Recent earnings reports from major US banks have been disappointing, which has led to a decline in their stock prices. For example, JPMorgan Chase’s stock fell more than 5% after the bank forecasted lower-than-expected full-year income from interest payments. Similarly, Wells Fargo and Citigroup also saw declines despite some positive aspects in their reports.
This has contributed to a broader slump in US stocks, with the Dow Jones Industrial Average, S&P 500, and NASDAQ Composite all experiencing significant drops.
US BIG BANKS STOCKS DECLINED ON FRIDAY AFTER EARNINGS:
Wells Fargo fell 6% recording the largest drop in history on the earnings day after net interest income disappointed
Citigroup sank 1.8% due to cost worries.
JPMorgan fell 1.2% as its guidance was not enough for investors. pic.twitter.com/NIwZFHmYVh
— Global Markets Investor (@GlobalMktObserv) July 14, 2024
History repeats… pic.twitter.com/avPHiHhtqf
— Bravos Research (@bravosresearch) July 14, 2024