Traders
work
on
the
floor
at
the
New
York
Stock
Exchange
(NYSE)
in
New
York
City,
U.S.,
March
7,
2024.
Brendan
McDermid
|
Reuters
Stocks
sold
off
Friday
as
inflation
and
geopolitical
worries
once
again
dented
investor
sentiment
on
Wall
Street.
A
broad
decline
in
major
bank
shares
also
weighed
on
the
market.
The
Dow
Jones
Industrial
Average
slid
475.84
points,
or
1.24%,
closing
at
37,983.24.
The
S&P
500
tumbled
1.46%
at
5,123.41.
The
Nasdaq
Composite
pulled
back
by
1.62%
at
16,175.09.
At
one
point
in
the
trading
session,
the
Dow
was
down
by
nearly
582
points,
or
1.51%.
The
S&P
500
slid
as
much
as
1.75%.
Week
to
date,
the
broad
market
index
dropped
1.56%,
and
the
30-stock
Dow
fell
2.37%.
Meanwhile,
the
tech-heavy
Nasdaq
is
0.45%
lower
for
the
week.
JPMorgan
Chase
shares
declined
more
than
6%
after
the
banking
giant
posted
its
first-quarter
results.
The
bank
said
net
interest
income,
a
key
measure
of
what
it
makes
through
lending
activities,
could
be
a
little
short
of
what
Wall
Street
analysts
are
expecting
in
2024.
CEO
Jamie
Dimon
also
warned
about
persistent
inflationary
pressures
weighing
on
the
economy.
Wells
Fargo
slipped
0.4%
after
reporting
its
latest
quarterly
figures.
Citigroup
dropped
1.7%
despite
posting
a
revenue
beat.
Oil
prices
continued
their
rise
on
reports
that
Israel
is
preparing
for
a
direct
attack
by
Iran
this
weekend,
in
what
would
be
the
biggest
escalation
of
tensions
in
the
region
since
the
outbreak
of
the
Israel-Hamas
war
last
October.
U.S.
crude
settled
at
$85.66
a
barrel
after
rising
above
$87.
That,
coupled
with
fresh
U.S.
imports
data,
added
fuel
to
inflation
concerns
that
have
put
pressure
on
the
market.
“We’re
getting
further
risk
off
sentiment
heading
into
the
weekend.
You’re
seeing
there’s
a
flight
to
safety
trade,
with
the
dollar
stronger,
and
we’re
seeing
equities
sell
off,”
said
Rob
Haworth,
U.S.
Bank
Wealth
Management
senior
investment
strategist.
“That
comes
on
the
heels
of
the
inflation
data
that
tells
us
the
economy’s
still
pretty
hot
and
inflation
is
sticky;
that’s
what
led
[investors]
to
really
adjust
their
expectations
around
the
Fed.
…
That’s
some
of
why
they’re
getting
cautious
headed
into
the
weekend,”
said
Haworth.
Consumers
are
also
growing
worried
about
the
persistent
inflationary
pressures.
The
consumer
sentiment
index
for
April
came
in
at
77.9,
below
the
Dow
Jones
consensus
estimate
of
79.9,
according
to
the
University
of
Michigan’s
Surveys
of
Consumers.
Year-ahead
and
long-run
inflation
expectations
also
ticked
up,
reflecting
frustrations
over
sticky
inflation.
