U.S. stocks nose-dived during early trading Friday as major banks kicked off a disappointing start to their earnings season.
As of 1:09 p.m. ET, the Dow Jones Industrial Average was down 503 points (1.31%) to 37,955. The S&P 500 was down 80 points (1.54%) to 5,119, and the Nasdaq Composite fell 278 points (1.62% to 16,173.
Leading the way for Friday’s downfall are subpar performances by major banks to start the first fiscal quarter of 2024. JP Morgan Chase shares dropped 3% early Friday after posting its results.
Other major banks also turned in contrasting results. Wells Fargo fell by more than a full percentage point, while Citigroup grew more than 1% after posting a revenue beat.
There are other contributing factors to Friday’s declines, including rising oil prices due to growing tensions in the Middle East, and mixed messages on the United States’ ongoing battle with inflation.
