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Bansari Mayur Kamdar and Shreyashi Sanyal
(Reuters) – US lenders’ stock indexes fall on Friday, including major lenders JPMorgan and Wells Fargo (NYSE 🙂 started the fourth quarter earnings season with a mixed range of results, and major tech companies extended their decline after a bruise.
JPMorgan Chase & Co. (NYSE 🙂 fell 3.0% in pre-market trading, with a weaker performance in its trading basin, despite exceeding earnings expectations in the fourth quarter.
Wells Fargo & Co., on the other hand, gained 1.8% after a higher-than-expected rise in fourth-quarter earnings.
Asset Manager BlackRock Inc (NYSE 🙂 reported fourth-quarter earnings above estimates. However, its shares fell by 0.1%.
Business year-on-year earnings growth was forecast to be lower in the fourth quarter compared to the first three quarters, but still strong at 22.4%, according to Refinitiv IBES data.
The S&P 500 financial sector has grown nearly 6% since the beginning of this year, surpassing the S&P 500 by banks that expect the Federal Reserve to raise interest rates and consolidate Treasury yields.
The financial sector has also benefited from shifting from growth sectors to economically sensitive sectors such as technology and discretionary consumption.
Megacap growth companies, including Apple Inc. (NASDAQ :), Amazon.com Inc. (NASDAQ :), Microsoft (NASDAQ :), Tesla (NASDAQ :), and Meta fell 0.6% on the day due to various Fed speakers after selling. the focus is on inflation and rising interest rates.
At 7:11 a.m. ET, they were down 49 points, or 0.14%, down 8 points, or 0.17%, and 44.25 points, or 0.29%.
US casino operators Las Vegas Sands (NYSE :), MGM Resorts (NYSE :), Wynn Resorts (NASDAQ 🙂 and Melco Resorts grew by 3.5% to 10.3% after the Macao government limited the number of new casino operators authorized to operate to six. with the deadline. 10 years.
Investors will look at retail sales data on the same day, with analysts expecting no change in December after a 0.3% rise in November.
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