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(Reuters) – US stock indices are falling on Monday before the start of the quarterly reporting season, which may unpleasantly surprise investors due to the coronavirus pandemic.
JPMorgan Chase & Co Banks Report on First Quarter Results on Tuesday Wells fargo (NYSE 🙂 & Co, and analysts believe that the growth in revenue from trading operations was offset by a decrease in revenue from other activities. Analysts also expect weak forecasts for 2020.
The banking sector fell by 2.5%, the wider financial sector fell by 2.4%.
According to IBES forecasts from Refinitiv, the profit of the companies included in the S&P 500 index fell by 9% in the first quarter, and may collapse by 20.7% in the second quarter.
“We are preparing for one of the worst reporting seasons in recent years,” said Jesse Cohen of Investing.com.
By 6:53 p.m. Moscow time, the index fell by 2.21% to 23.195.96 points, the S&P 500 – by 1.94% to 2.735.62 points, – by 0.88% to 8.083.77 points.
Dish Network Corp shares fell 4.8% after the company announced a layoff.
Paper Ford Motor Co (NYSE 🙂 fell 5.7% after the automaker predicted a quarterly EBIT loss of around $ 600 million versus a profit of $ 2.4 billion a year earlier.
(Medha Singh and Akanksha Rana in Bangalore. Translated by Vladimir Sadykov. Edited by Anastasia Teterevleva)
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