(CercleFinance.com) – Wall Street plunged into the red on Friday, the poor start to the results season, with disappointing publications from several financial institutions, adding to the concerns raised by the recent awakening of inflation.
The Dow Jones thus lost more than 1.2% to 37,983 points over the session, while the S&P500 fell by almost 1.5% to around 5,123 points, and the Nasdaq Composite dropped a little more than 1.6% to 16,175 points.
Concerns related to the persistence of inflation in the United States, which could well complicate the task of the Fed in its desire to initiate a cycle of monetary easing, continued to undermine investor morale.
Down to 77.9 in April compared to 79.4 the previous month, the University of Michigan confidence index showed this Friday a clear deterioration in household morale, precisely due to an increase in their inflation expectations.
Equally alarming, the managing director of JPMorgan Chase, Jamie Dimon, expressed concern about the existence of a large number of persistent inflationary pressures, and ‘which could well continue’ according to him.
He was speaking on the occasion of the publication of his group’s results, a publication also penalized by a fall of 6.5% in the stock on the stock market, despite an EPS significantly higher than expectations for the first American bank in asset terms.
More broadly, operators shunned this first round of quarterly reports, thus abandoning those of BlackRock (-2.9%), Citigroup (-1.7%) and to a lesser extent Wells Fargo (-0.4%), while that the new results season raised a lot of hopes.
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