The stock slipped on Friday after a slate of large banks earnings, leading to the Federal Reserve raising interest rates in their next two meetings.
Nevertheless, the major indices for the week received. Dow increased 400 points or 1.2%. S&P 500 obtained 0.8% and NASDAQ upgraded 0.3%.
JP Morgan Chase on Friday reported the First-Quarter Profit and Revenue, in which expectations were crushed, the Fed’s interest rate was increased by the hiking campaign. Citygroup, Wales Fargo and PNC Financial also gave strong results.
CEO Jamie Dimon warned investors in the company’s post-Kamai conference call that they should prepare them for more than expected for interest rates.
Wall Street has noticed. Analysts increased their stakes at the Fed meeting in May and another meeting in June in a quarterly-point rate hike.
Federal Reserve Governor Christopher Waller said on Friday that the Central Bank needs to tighten the monetary policy, causing more weight to the markets.
Federal Reserve Bank of Chicago president Auston Gulasbi said it is “certainly” possible that the United States enters a mild recession after tumors in banking last month.
Meanwhile, retail sales figures declined more than expected, suggesting that Americans’ spending power and American economy are weakening.
According to the latest monthly survey of the University of Michigan, the consumer spirit was quite stable in April, even concerns about a recession.
“There was a lot of news to digest this morning,” said Edward Moya, senior market analyst of Onda, but the major Techway is that there is a place to harm more in the Fed. ”
The Dow slipped 144 points, or 0.4%.
S&P 500 tumbled 0.2%.
The Nasdaq overall 0.4%drowned.
After the stock settled after trading day, the levels can still change slightly.
