PARIS (Reuters) – The New York Stock Exchange fell on Friday at the start of the session, the results of the big American banks and the comments of their leaders accentuating the concerns on the impact of the monetary tightening of the Federal Reserve on economic growth.
In early trading, the Dow Jones index lost 208.51 points, or 0.61%, to 33,981.46 points and the broader Standard & Poor’s 500 fell 0.73% to 3,953.9 points.
The Nasdaq Composite lost 0.63%, or 69.335 points, to 10,931.77.
JPMorgan, Wells Fargo and Citigroup made large provisions in the fourth quarter to prepare for a mild recession, pushing their stock down 2.75%, 5.20% and 2.34% respectively.
Jamie Dimon, the chairman and chief executive of JPMorgan, listed on the occasion of the publication of the accounts of the first bank of the United States a number of concerns facing the economy, including geopolitical tensions and inflation. galloping.
The Bank of America boss also spoke of an “increasingly slow economic environment”. The title of the group lost 1.70% despite a quarterly profit above expectations.
“Some of the comments about fears of a recession and increased bank provisions are making more people nervous,” said Paul Nolte, portfolio manager at Kingsview Asset Management. “Earnings overall have been quite good, banks remain extremely well capitalised.”
S&P 500 component profits are expected to decline 2.2% on average in Q4, according to IBES data.
Among the other stocks that stand out is Tesla, down 4.35%, after the price reduction of some of its electric cars in the United States and Europe.
(Laetitia Volga, edited by Blandine Hénault)
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