US Market tumbles on mixed banks earnings

The US share market finished session steep lower on Friday, 12 April 2024, as mixed earnings and guidance from major banks rendered the mood a bit bearish. Meanwhile, worries about potentially escalating tensions in the Middle East also rattled financial markets.

At closing bell, the Dow Jones Industrial Average index stumbled 475.84 points, or 1.24%, to 37,983.24. The S&P500 index retreated 75.65 points, or 1.46%, to 5,123.41. The tech-heavy Nasdaq Composite index decreased by 267.10 points, or 1.62%, to 16,175.09.

For the week, the Dow shed nearly 2.5% in the week, while the S&P 500 and the Nasdaq dropped by about 1.6% and 0.5%, respectively.

All 11 major S&P 500 sectors closed lower, with material sector suffered the largest losses in%age term, falling 1.77%, followed by information technology (down 1.64%) and consumer discretionary (down 1.61%) sectors.

Shares of Citigroup fell by about 1.7%, after reporting a 27% drop in net income at $3.4 billion in the first quarter, due to lower non-interest revenue, as well as higher expenses and cost of credit.

JPMorgan Chase & Co. tumbled nearly 6.5%, weighed down by lower net interest income. For the first quarter, net income increased to $13.42 billion per share from $12.62 billion in the prior-year quarter.

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