by Stephen Culp
(Reuters) – The New York Stock Exchange ended lower on Friday after major U.S. banks published mixed results at the end of a week marked by inflation data, evolving expectations for Fed policy and geopolitical tensions.
All three indexes fell more than 1% and recorded losses this week.
The Dow Jones index lost 1.24%, or -475.84 points, to 37,983.24 points. The broader Standard & Poor’s 500 lost -75.65 points, or 1.46% to 5,123.41 points. The Nasdaq Composite fell -267.10 points (1.62%) to 16,175.094.
Inflation for March turned out to be stronger than expected on Wednesday, raising fears that price dynamics may remain more resilient than expected to rate increases.
Adding to the markets’ caution, several monetary officials declared Thursday and Friday that there was no urgency to lower rates, as the economy remained robust.
In stocks, JPMorgan Chase & Co, the largest US bank in terms of assets, recorded a 6% increase in profits, but its forecasts for net interest income did not meet expectations. Its shares fell following this report.
Wells Fargo & Co’s stock fell slightly after earnings fell 7% as net interest income fell due to weak borrowing demand.
Citigroup posted a loss after spending on severance pay and deposit insurance.
(French version Zhifan Liu)
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