US stocks drop as investors digest first batch of bank earnings

Traders look on after trading was halted on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 18, 2020Lucas Jackson/Reuters

US stocks dropped on Friday as investors digested the first batch of bank earnings.

JPMorgan, Citigroup, and Wells Fargo all reported first quarter earnings that beat estimates.

“There seems to be a large number of persistent inflationary pressures, which may likely continue,” JPMorgan CEO Jamie Dimon said.

US stocks dropped on Friday as investors digested the first batch of first-quarter earnings with the major banks reporting results.

JPMorgan, Wells Fargo, and Citigroup all reported first-quarter earnings that beat analyst estimates, though the beats weren’t too impressive as shares of JPMorgan and Wells Fargo declined while Citigroup stock jumped about half of a percent.

JPMorgan CEO Jamie Dimon warned that while the stock market is in a happy place and most economic indicators look favorable, there are still sizable risks that could arise at any time.

“Looking ahead, we remain alert to a number of significant uncertain forces. First, the global landscape is unsettling, terrible wars and violence continue to cause suffering, and geopolitical tensions are growing. Second, there seems to be a large number of persistent inflationary pressures, which may likely continue,” Dimon said.

On the inflation front, US import prices rose for the third month in a row in March, slightly above consensus estimates at 0.4% month-over-month. Nearly all of the increase in import prices has been driven by the recent surge in oil prices.

Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Friday: 

Here’s what else is going on today: 

Story continues

In commodities, bonds, and crypto: 

West Texas Intermediate crude oil jumped by 2.60% to $87.23 a barrel. Brent crude, the international benchmark, climbed 2.17% to $91.69 a barrel.

Gold jumped 1.79% to $2,415.20 per ounce.

The 10-year Treasury yield dropped 8 basis points to 4.51%.

Bitcoin edged higher by 0.23% to $70,184.

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