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Stocks slip after JPMorgan, Wells Fargo’s mixed results – Fox Business

U.S. stock futures traded lower Friday as bank earnings rolled in and after an unexpected 1.9% drop in retail sales.

The major futures indexes suggest a decline of 0.8%, extending Thursday’s losses.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 36113.62 -176.70 -0.49%
SP500 S&P 500 4659.03 -67.32 -1.42%
I:COMP NASDAQ COMPOSITE INDEX 14806.812261 -381.58 -2.51%

JPMorgan shares are indicated to open lower after posting a 14% drop in quarterly profits. Even so, CEO Jamie Dimon believes the economy is rebounding. 

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 168.23 -0.21 -0.12%

 “I think that the table is set for a very strong economy,” he told FOX Business’ Maria Bartiromo earlier this week. “That consumer has a lot of money, businesses have a lot of money, and they are spending it.”

Elsewhere, profits at Wells Fargo jumped 86%, lifting those shares, while Citibank profits dipped 26%. 

Ticker Security Last Change Change %
WFC WELLS FARGO & CO. 56.00 -0.40 -0.71%
C CITIGROUP INC. 67.78 +0.50 +0.74%
XLF FINANCIAL SELECT SECTOR SPDR ETF 41.26 -0.16 -0.39%

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Retailers are in focus as consumers pulled back spending in December with a decline of nearly 2% on the headline number. Excluding the automotive component, spending fell 2.3% compared to a 0.3% pop the previous month.

Ticker Security Last Change Change %
WMT WALMART INC. 145.47 +2.03 +1.42%
TGT TARGET CORP. 225.83 +1.36 +0.61%
AMZN AMAZON.COM INC. 3,224.28 -79.86 -2.42%
M MACY’S INC. 26.84 +0.22 +0.83%

JOBLESS CLAIMS UNEXPECTEDLY RISE TO 230,000 AS OMICRON SURGES

Import and export prices for December. Prices of imported goods fell 0.2% month-over-month, after jumping 0.7% in November. Export prices also fell by 1.8%, well below the prior month’s 1.0% spike.

PRODUCER PRICES SOARED BY 9.7% IN DECEMBER, BIGGEST GAIN ON RECORD

Other reports include industrial production data for December and the University of Michigan’s preliminary index of consumer sentiment for January. 

In commodities, oil held at the $82-per-barrel level. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 58.27 -0.64 -1.09%

In Europe, London’s FTSE was off 0.1%, Germany’s DAX declined 0.7% and France’s CAC fell 0.7%.

In Asia, Tokyo’s Nikkei 225 lost 1.3%, the Hang Seng in Hong Kong slipped 0.2% and China’s Shanghai Composite index lost 0.9%.

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China reported its global trade surplus surged nearly 30% in 2021 to $676.4 billion. The trade surplus in December swelled 20.8% over a year earlier to a monthly record of $94.4 billion, customs data showed Friday.

The surplus with the United States rose 25.1% in 2021 over a year earlier to $396.6 billion

South Korea’s central bank raised its key interest rate to 1.25% from 1%, acting to counter inflation. 

Keep in mind there will be no U.S. trading in stocks or bonds Monday as the markets observe the Martin Luther King Jr. holiday.

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FOX Business’ Ken Martin and The Associated Press contributed to this report.

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