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Wall Street falls despite positive quarterly reports from banks.

Stocks fall weighed down by the unclear outlook for interest rates, in a market that received quarterly reports from some major banks.

The three major indices on Wall Street are trading with losses on Friday morning. Stocks are declining due to the unclear outlook for interest rates, in a market that received quarterly reports from some major banks.

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The primary Dow Jones index, composed of 30 giants, is down 0.87% at 38,126.21 points, while the S&P 500 falls 0.94% to 5,149.96 points, and the technology-heavy Nasdaq Composite index descends 1.10% to 16,260.75 units.

SPX

The yield on 10-year Treasury bonds drops to 4.51%, but the market continues to pay attention to information on monetary policy, after this week’s inflation and employment figures made the Fed’s path of rate cuts more difficult.

Additionally, this morning, three of the largest banks in the United States reported their first-quarter results: JP Morgan, Citigroup, and Wells Fargo. The results in all three cases exceeded analysts’ expectations.

However, the stocks of all three companies were showing losses. Another financial giant that reported its first-quarter figures was BlackRock, which also surpassed expectations, yet its shares were declining by over 1 percent.

Sector-wise, losses were predominant, especially in the technology sector. Within the Dow Jones index, gains from Chevron (1.18%) and Apple (1.15%) stood out, while JPMorgan (-3.92%) and Intel (-3.34%) led the losses.

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ABOUT THE AUTHOR See More
Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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