Stocks fell broadly in afternoon trading on Wall Street on Thursday and banks were among the biggest weights on the market following weak earnings and a warning from JPMorgan Chase.
The S&P 500 fell 0.4%, the Dow Jones Industrial Average fell 0.6% and the Nasdaq fell 0.1%. JPMorgan Chase reported a sharp drop in earnings for its latest quarter, falling short of forecasts. CEO Jamie Dimon reaffirmed a pessimistic view of the economy. Inflation at the wholesale level climbed 11.3% in June compared with a year earlier.
It follows a worrisome report on Wednesday showing prices at the consumer level remain high.
As the Associated Press reported, banks had some of the biggest losses and weighed heavily on the market. JPMorgan Chase fell 3.7% after reporting a sharp drop in earnings for its latest quarter, falling short of forecasts. CEO Jamie Dimon stuck by his warning earlier this summer that a “hurricane” is headed for the economy.