"Tech and Bank Stocks Drive S&P 500 and Dow Lower, Inflation Data Delays Fed Rate Cuts"
TL;DR
The S&P 500 and Dow are poised for weekly losses as megacap growth stocks, chipmakers, and banks, including JPMorgan Chase, Wells Fargo, and Citigroup, reported disappointing quarterly earnings. Falling megacap growth stocks and chipmakers, such as Nvidia, Tesla, and Meta Platforms, contributed to the decline. The market sentiment was affected by a hotter-than-expected inflation reading, leading to speculation about potential interest rate cuts by the U.S. central bank. Additionally, U.S. consumer sentiment decreased in April, while inflation expectations for the next 12 months and beyond increased.
- S&P 500, Dow set for weekly losses as banks, megacaps fall Reuters
- Stock market today: Techs lead slide as mixed bank results kick off earnings season Yahoo Finance
- JPMorgan, Wells Fargo, Citi stocks drop despite robust first-quarter earnings MarketWatch
- US inflation up, likely delaying Fed rate cuts, report says The Associated Press
- Top Stock Movers Now: JPMorgan, Intel, Zoetis, and More Investopedia
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