{"id":1329,"date":"2024-03-16T11:53:33","date_gmt":"2024-03-16T11:53:33","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/16\/stock-market-and-bank-earnings-updates-dow-and-sp-500\/"},"modified":"2024-03-16T11:53:33","modified_gmt":"2024-03-16T11:53:33","slug":"stock-market-and-bank-earnings-updates-dow-and-sp-500","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/16\/stock-market-and-bank-earnings-updates-dow-and-sp-500\/","title":{"rendered":"Stock market and bank earnings updates: Dow and S&P 500"},"content":{"rendered":"
\"Stock<\/div>\n
\n

Stocks slid Friday after a slate of earnings beats from big banks fueled concerns that the Federal Reserve will raise interest rates at its next two meetings.<\/p>\n

Still, the major indices gained for the week. The Dow rose 400 points, or 1.2%. The S&P 500 gained 0.8% and the Nasdaq Composite advanced 0.3%.<\/p>\n

JPMorgan Chase on Friday reported first-quarter profit and revenue that crushed expectations, boosted by the Fed’s interest rate hiking campaign. Citigroup, Wells Fargo and PNC Financial also reported strong results.<\/p>\n

CEO Jamie Dimon warned investors in the company’s post-earnings conference call that they should prepare for interest rates to be higher for longer than expected.<\/p>\n

Wall Street seems to have taken note. Analysts increased their bets on a quarter-point rate hike at the Fed’s meeting in May and another in June.<\/p>\n

Federal Reserve Governor Christopher Waller said Friday that the central bank needs to continue tightening monetary policy, further weighing down markets.<\/p>\n

Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said that it’s “definitely” possible the United States enters a mild recession after the tumult in banking last month.<\/p>\n

Meanwhile, retail sales data declined more than expected, suggesting that Americans’ spending power and the US economy are weakening.<\/p>\n

Consumer sentiment held fairly steady in April, even as concerns about a recession linger, according to the University of Michigan’s latest monthly survey.<\/p>\n

“There was too much news to digest this morning, but the key takeaway is that the Fed has room to do more harm,” Edward Moya, senior market analyst at OANDA, said in a note.<\/p>\n

The Dow slipped 144 points, or 0.4%.<\/p>\n

The S&P 500 tumbled 0.2%.<\/p>\n

The Nasdaq Composite sank 0.4%.<\/p>\n

As\u00a0stocks\u00a0settle\u00a0after the trading day, levels might still change slightly.<\/em><\/p>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Stocks slid Friday after a slate of earnings beats from big banks fueled concerns that the Federal Reserve will raise interest rates at its next two meetings. Still, the major indices gained for the week. The Dow rose 400 points, or 1.2%. The S&P 500 gained 0.8% and the Nasdaq Composite advanced 0.3%. JPMorgan Chase […]<\/p>\n","protected":false},"author":2,"featured_media":1330,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/230328155427-01-nyse-0328-hp-video.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[673,449,2135,2133,1602,1601,2132,2134],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/1329"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=1329"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/1329\/revisions"}],"predecessor-version":[{"id":1331,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/1329\/revisions\/1331"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/1330"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=1329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=1329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=1329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}