This Bank Stock Trifecta Led Markets Lower Friday Morning
The stock market has done an amazing job of moving higher so far in 2023, bouncing back from sizable losses last year. Yet some of that upward momentum seemed to disappear on Friday morning, as stock index futures were down as much as 1% before the beginning of regular trading on Wall Street.
Many investors have wanted to see how earnings season would turn out, especially with fears of an economic slowdown that could show up in the financial results of thousands of individual companies. Bank stocks are typically first out of the gate at the official start of each earnings season, and JPMorgan Chase (NYSE: JPM), Bank of America (NYSE: BAC), and Wells Fargo (NYSE: WFC) all saw their shares decline after releasing their quarterly financial reports. Here's why investors across the markets aren't happy with what these banks said.
Shares of JPMorgan Chase fell 2% in premarket trading Friday. The move lower came despite fourth-quarter results that were better than many investors had expected.
Source Fool.com
