11/30/2023 0 Comments Yahoo finance news today![]() (Tom Williams/CQ-Roll Call, Inc via Getty Images) Jamie Dimon, CEO of JPMorgan Chase, arrives for the Senate Banking, Housing, and Urban Affairs Committee hearing titled Annual Oversight of the Nations Largest Banks, in Hart Building on Thursday, September 22, 2022. However, the storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks." economy continues to be on generally healthy footings-consumers are still spending and have strong balance sheets, and businesses are in good shape. In the company's earnings release, CEO Jamie Dimon said, "the U.S. Compared to the same period last year, however, deposits fell 7%. JPMorgan, the country's largest bank by assets, saw shares rise more than 7% after reporting top- and bottom-line results that surged from the prior year.ĭeposits, which will be closely tracked by investors this quarter following the failure of three US banks in March, rose 1.5% over the quarter at JPMorgan. "Thanks to the strong January, first-quarter real consumption growth should be close to 4.5%, with GDP growth at 1.8%, which might be enough to persuade the Fed to hike by a final 25bp in early May." Banks results shine "Overall, not quite as bad as we had expected," wrote Paul Ashworth, chief North America economist at Capital Economics. This data came about an hour after Fed Governor Chris Waller reiterated in a speech that inflation remains "much too high."Įlsewhere on the economic calendar the monthly report on retail sales showed sales fell 1% in March while industrial production data came in better than expected. Overall, the report showed sentiment was "essentially unchanged" in April, as the index stood at 63.5, up from 62 at the end of March. "Uncertainty over short-run inflation expectations continues to be notably elevated, indicating that the recent volatility in expected year-ahead inflation is likely to continue." "These expectations have been seesawing for four consecutive months, alternating between increases and decreases," said Joanne Hsu, director for the survey of consumers. Stocks forfeited gains following these headlines and steady selling in the major indexes pushed stocks to session lows in early afternoon trade before an afternoon rebound. ![]() JPMorgan's 7.5% gain on Friday marked the stock's biggest one day rally since November 2020.Įconomic data also had markets moving on Friday with the preliminary look at consumer sentiment in April from the University of Michigan signaling an uptick in consumer inflation expectations, which investors took as a sign the Federal Reserve will need to remain vigilant in keeping interest rates elevated.Ĭonsumer expectations for price increases over the next year rose to 4.6% from 3.6% last month, the report showed. JPMorgan ( JPM) and Citi ( C) saw shares higher on Friday while Wells Fargo ( WFC) stock was little changed and PNC Financial ( PNC) shares were under pressure after each bank reported results before the open on Friday.
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