"Futures are trading lower after the January rally hit a wall on Wednesday, with all major indices falling, and the selling looks set to continue today. The main culprit yesterday was JPMorgan ( NYSE: JPM) shares, which took a hit after missing analyst estimates for the quarter. The banking giant posted $4.63 per share, below the expected $4.86, primarily due to a surprise decline in investment banking fees and costs associated with the Apple Card portfolio."
"Revenue slightly beat expectations, and trading and net interest income showed strength, making it a mixed report. That noted, the bank was priced to perfection, so the sellers traded on the print, especially after Jamie Dimon warned of risks. The Dow Jones Industrials took the biggest shot Tuesday, closing down 0.88% at 49,191, led by JPMorgan's decline. The S&P 500 closed 0.19% lower at 6,963, while the Nasdaq finished 0.10% lower at 23,709."
Equity futures fell after a broad market selloff led by JPMorgan shares following an earnings miss. JPMorgan reported $4.63 per share versus $4.86 expected, hurt by a surprise decline in investment banking fees and costs tied to the Apple Card portfolio, while revenue slightly beat and trading and net interest income were strong. Major indexes closed lower with the Dow hit hardest. Treasury yields were mixed as buyers favored middle and long maturities amid positive inflation data and political tensions. Energy stocks rose as Brent and WTI advanced on geopolitical concerns around Iran and supply risks.
Read at 24/7 Wall St.
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