Live Updates: Stock Futures Decline as Earnings Season Begins, JPMorgan Chase Drops

The latest inflation data released on April 10, 2024, has caused a stir in the stock market, with stocks falling across the board. The Dow Jones Industrial Average dropped over 400 points, as stock futures fell on Friday following major U.S. banks reporting their first-quarter results.

Dow Jones futures were down by 0.6%, while S&P 500 futures and Nasdaq 100 futures dipped 0.7% and 0.8%, respectively. JPMorgan Chase shares took a hit, falling more than 3% after reporting potential shortfalls in net interest income expectations for 2024. Wells Fargo shares were down around 0.5%, but Citigroup managed to rise more than 1% after beating revenue expectations.

Tech shares led a rebound on Thursday for the S&P 500 and Nasdaq Composite, following Wednesday’s inflation-fueled sell-off. Companies like Apple, Nvidia, and Amazon saw gains, with Apple having its best day since May 2023. Thomas Martin, senior portfolio manager at Globalt Investments, expects AI tailwinds to continue driving the current bull run in the stock market.

Despite the recent fluctuations, the S&P 500 is down 0.1% for the week, the Nasdaq is on track to close 1.2% higher, and the Dow is on pace for a 1.1% decline week to date. Investors will be keeping a close eye on upcoming economic data and corporate earnings reports to assess the market’s direction in the coming weeks. Stay tuned to Shiv Telegram Media for the latest updates on the financial markets.