Wall Street Today | S&P 500, Nasdaq Sink, Weighed Down by JPM, Intel
RECAP
The $Dow Jones Industrial Average (.DJI.US)$ shed some 500 points and the $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ both fell more than 1% Friday as Dow components JPMorgan Chase and Intel dragged the market lower.
The DJIA shed 470.78 points (1.2%) to a preliminary 37988.3 closer, while the $S&P 500 Index (.SPX.US)$ gave up 75.46 ticks (1.5%) to a tentative 5,123.6 finish.
Meanwhile, the $Nasdaq Composite Index (.IXIC.US)$ -- which hit an all-time high close Thursday -- pulled back 267.1 points (1.6%) to a preliminary 16,175.09.
MACRO
An index of consumer sentiment dipped to 77.9 this month, retreating from a 32-month high, a sign of some frustration on the part of Americans on persistent inflation, according to the University of Michigan survey.
"A slight uptick in inflation expectations in April reflects some frustration that the inflation slowdown may have stalled, Joanne Hsu, surveys of consumers director at the University said.
Year-ahead inflation expectations ticked up from 2.9% last month to 3.1% this month, according to the University of Michigan data released Friday.
SECTORS
Crude oil advanced Friday amid mounting fears of a widening war in the Middle East as Iran was reportedly readying a retaliatory attack on Israel this weekend. even as the International Energy Agency lowered its demand forecast for this year.
MOVERS
JPM's Guidance Disappoints
$JPMorgan (JPM.US)$ fell after reporting a quarterly earnings beat, but disappointing Wall Street with forward guidance on 2024 net interest income.
Janux Explores Options
$Janux Therapeutics (JANX.US)$ shares climbed for a fifth straight session, poised for a 45% gain this week, after Bloomberg reported that the drugmaker is exploring options, including a potential sale, after receiving takeover interest from larger pharmaceutical companies.
Chip Restrictions
INTC dropped amid reports on moves by China to tighten restrictions on U.S. chips. The news also sent rival U.S. chipmaker $Advanced Micro Devices (AMD.US)$ down 4.6%.
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
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