NEW YORK (AP) – Stocks closed broadly lower on Wall Street Thursday as JPMorgan Chase opened the latest round of corporate earnings for big banks with weak results and a warning about the economy.
Wall Street is also assessing the latest government reports showing that inflation remains hot and shows no signs of cooling, even as central banks try to loosen its grip on businesses and consumers by hiking interest rates.
The S&P 500 fell 11.40 points, or 0.3%, to 3,790.38. Nearly three out of every four stocks in the benchmark index finished in the red. The Dow Jones Industrial Average fell 142.62 points, or 0.5%, to 30,630.17. The Nasdaq rose 3.60 points, or less than 0.1%, to 11,251.19.
Banks had some of the biggest losses and weighed heavily on the market. JPMorgan Chase fell 3.5% after reporting a sharp drop in earnings for its latest quarter, falling short of forecasts. CEO Jamie Dimon stuck by his warning earlier this summer that a “hurricane” may be headed for the economy.
“I haven’t changed my view at all,” he said in a conference call with journalists. “The negatives I pointed out, the risks in the future, are still the same risks. They’re nearer than they were before.”
