(MENAFN- Baystreet) Dow Tumbles Under Specter of Inflation
Indexes Blunder on Inflation Concerns
Stocks Decline as
earnings Season Starts
S&P Rebounds into Positive Territory
Inflation Jitters Roil Markets, Dow Down 100+ Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Friday, April 12, 2024
S&P Suffers Worst Day Since January Advertisment
Stocks sold off Friday, as inflation and geopolitical worries once again dented investor sentiment on Wall Street. A broad decline in major
bank shares also weighed on the market.
The
Dow Jones Industrials collapsed 475.18 points, or 1.2%, to finish Friday at 37,983.90
The S&P 500 index subtracted 75.66 points, or 1.5%, to 5,123.40.
The NASDAQ dumped 267.10 points, or 1.6%, to 16,175.09.
The broad market index was down 1.6%, and 30-stock Dow gave up 2.4%. Meanwhile, the tech-heavy NASDAQ was nearly 0.5% lower for the week.
JPMorgan Chase shares declined more than 6% after the banking giant posted its first-quarter results. The bank said net interest income, a key measure of what it makes through lending activities, could be a little short of what Wall Street analysts are expecting in 2024. CEO Jamie Dimon also warned about persistent inflationary pressures weighing on the economy.
Wells Fargo slipped 0.8% after reporting its latest quarterly figures. Citigroup dropped more than 1% despite posting a revenue beat.
Oil prices continued their rise on reports that Israel is preparing for a direct attack by Iran this weekend, in what would be the biggest escalation of tensions in the region since the outbreak of the Israel-Hamas war last October. U.S. crude was last at $87.05 a barrel.
That, coupled with fresh U.S. imports data, added fuel to inflation concerns that have put pressure on the market.
Consumers are also growing worried about the persistent inflationary pressures. The consumer sentiment index for April came in at 77.9, below the Dow Jones consensus estimate of 79.9, according to the University of Michigan's Surveys of Consumers. Year-ahead and long-run inflation expectations also ticked up, reflecting frustrations over sticky inflation.
Prices for the 10-year Treasury rallied, lowering yields to 4.51% from Thursday's 4.57%. Treasury prices and yields move in opposite directions.
Oil prices picked up 56 cents to $85.88 U.S. a barrel.
Gold prices gave up earlier gains and ended up forfeiting $12.70 to $2,360 U.S. an ounce.
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