Wall Street closed lower Thursday and banks were among the biggest weights on the market following weak earnings and a warning from JPMorgan Chase.
JPMorgan Chase reported a sharp drop in earnings for its latest quarter, falling short of forecasts. CEO Jamie Dimon reaffirmed a pessimistic view for the economy.
Inflation at the wholesale level climbed 11.3% in June compared with a year earlier. It follows a worrisome report on Wednesday showing consumer inflation is still accelerating.
On Thursday:
The S&P 500 fell 11.40 points, or 0.3%, to 3,790.38.
The Dow Jones Industrial Average fell 142.62 points, or 0.5%, to 30,630.17.
The Nasdaq rose 3.60 points, less than 0.1%, to 11,251.19.
The Russell 2000 index of smaller companies fell 18.53 points, or 1.1%, to 1,707.51.
For the week:
The S&P 500 is down 109.00 points, or 2.8%.
The Dow is down 707.98 points, or 2.3%.
The Nasdaq is down 384.12 points, or 3.3%.
The Russell 2000 is down 61.86 points, or 3.5%.
For the year:
The S&P 500 is down 975.80 points, or 20.5%.
The Dow is down 5,708.13 points, or 15.7%.
The Nasdaq is down 4,393.79 points, or 28.1%.
The Russell 2000 is down 537.81 points, or 24%.
Before you consider JPMorgan Chase & Co., you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and JPMorgan Chase & Co. wasn't on the list.
While JPMorgan Chase & Co. currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat has just released its list of 20 stocks that Wall Street analysts hate. These companies may appear to have good fundamentals, but top analysts smell something seriously rotten. Are any of these companies lurking around your portfolio? Find out by clicking the link below.
Get This Free Report