Sherif Adel (Washington)
Last week, US stocks witnessed a strong selling wave that caused the Dow Jones Industrial Average to lose 475 points, while the S&P 500 Index, which most reflects sectors of the US economy, recorded its worst day since January.
In the last trading days of last week, one day after recording strong increases, the decline points in the Dow Jones Industrial Average represented 1.24% of its value at the beginning of the day, and the S&P 500 index lost 1.46%, while the loss was in the Nasdaq index, which… It recorded a record close in the previous session, at 1.62%.
The Dow Jones Index recorded its ninth day of losses in the last ten days.
At the weekly level, the three major indices were in the red zone, with a decline of 2.37% in the Dow Jones index, by 1.56% in the S&P index, and by 0.45% in the Nasdaq index, which is rich in technology companies.
On Friday, JP Morgan and Wells Fargo Bank announced net interest income, which is the profits they make from lending operations, which came in below estimates.
At JP Morgan, the largest American bank, this income decreased from the previous quarter for the first time in nearly three years, and its shares fell by the largest percentage since 2020.
With the continued stubbornness of US inflation, which increases the possibility that the Federal Reserve will have to postpone the start of a new cycle of reducing interest rates, shareholders were keen to know the extent of this impact on lending revenues, which increased the importance of the data announced on Friday, and the bank’s shares ended trading. Today, after reducing its loss, it became slightly higher than 1.50%.
At Wells Fargo, the balance of deposits that do not earn interest decreased by 18% from the previous year, while those that earn interest jumped, which represented clear pressure on the bank’s net interest income, and the bank reduced its loss recorded at the beginning of the day. To close with a decline of 0.39%.
2024-04-14 12:45:07
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