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S&P 500 retreats from record Tuesday as JPMorgan slides, traders evaluate multiple Trump edicts: Live updates
The S&P 500 fell on Tuesday as investors sold JPMorgan despite better-than-expected numbers and grappled with volatility from a flurry of President Donald Trump proposals floated in the past few days.
The broad-based index slipped 0.19% and closed at 6,963.74, while the Dow Jones Industrial Average shed 398.21 points, or 0.8%, and ended at 49,191.99. The Nasdaq Composite fell 0.1% and settled at 23,709.87.
JPMorgan dipped 4.2%, even after the company's fourth-quarter results beat on the top and bottom lines. While both companywide and equities trading revenue increased in the quarter, investment banking fees fell and missed expectations.
The company's CFO, Jeremy Barnum, also signaled that the banking industry could push back against Trump's call for a one-year 10% cap on credit card interest rates, which he declared late Friday. Goldman Sachs followed JPMorgan lower, declining 1%. Other financial stocks such as Mastercard and Visa lost 3.8% and 4.5%, respectively, putting them among the day's worst performers. The State Street Financial Select Sector SPDR ETF (XLF) and Invesco KBW Bank ETF (KBWB) were under pressure as well.
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Stock market today: Dow, S&P 500, Nasdaq slide as inflation eases, JPMorgan sinks with more bank earnings ahead
US stocks fell on Tuesday as a milder inflation reading supported bets on medium-term Fed easing, while JPMorgan (JPM) results kicked off the fourth quarter earnings season with underwhelming results.
The blue chip-heavy Dow Jones Industrial Average (^DJI) fell 0.8%, leading the way lower, while the S&P 500 lost about 0.2%. The tech-heavy Nasdaq Composite (^IXIC) also dropped roughly 0.1%.
JPMorgan Chase led out this week's rush of big bank results, posting a quarterly earnings miss amid a $2.2 billion hit to net income from a Apple Card deal. Shares in America's biggest bank were down over 4%. With earnings season now unofficially underway, Bank of America (BAC), Citigroup (C), and Morgan Stanley (MS) will follow with their own results in coming days.
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