Latest Stock Market News Today: JPMorgan shares slide, Apple’s Tim Cook gets pay adjustment, HBO Max’s price hike.

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Stocks Fall on Mixed Earnings

U.S. stocks fell across the board after a string of mixed results from America’s biggest banks, including JP Morgan, Bank of America and Wells Fargo, plus Delta Air Lines on rising costs weighing on these stocks Warned. In the commodities market, crude oil rose to the $79s level, gaining on a weekly basis.

symbol price Change %Change
JPM $135.44 -4.05 -2.90
WFCMore $40.55 -2.27 -5.31
Dar $37.24 -2.36 -5.96

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Futures overview

US stock futures plunged Friday as commodities such as gold and oil traded above the redline.

Dow Jones Industrial Average futures are down about 263 points, or 0.77%, while S&P and Nasdaq futures are down about 0.90% and 1.06% respectively.

Over the past five days, the Dow remains up about 0.92%, the S&P is up about 1.42% and the tech-heavy Nasdaq is currently up 2.77%.

In commodities, West Texas Intermediate Crude Oil futures rose 0.24% to $78.58 a barrel as gold rose 0.02% to $1,899.10 an ounce.

BlackRock’s quarterly profit falls on lower fee income

BlackRock Inc. reported an 18% decline in fourth-quarter earnings on Friday.

The world’s largest asset manager posted adjusted earnings of $1.36 billion, or $8.93 per share, in the three months ended December 31, up from the prior year’s $1.65 billion, or $10.68 per share. dollar).

Analysts expected earnings of $8.11 per share on average, according to Refinitiv’s IBES data.

Assets under management (AUM) ended the quarter at $8.59 trillion, up from $7.96 trillion in the third quarter but down from just over $10 trillion in the same period last year. I was.

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bank closing season begins

Several large banks will begin their fourth quarter earnings season on Friday morning.

JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Bank of New York are all scheduled to announce results before the opening bell.

Overall, financial sector revenues are expected to decline by 8.7% year-on-year, according to Refinitiv estimates.

An interest rate hike by the Federal Reserve has both positive and negative effects.

This helps boost net interest margins and net interest income. But a sharp rise in borrowing costs could mean weak demand for loans. Investors will pay close attention to the bank’s outlook in the face of global central bank tightening and economic uncertainty.

Other earnings reports of note come from Blackrock and UnitedHealth Group.

Tesla price cuts continue

Tesla’s price cuts, which began in China a week ago, are now shifting to the US market.

According to The Wall Street Journal, electric car makers have reportedly slashed prices on some models by nearly 20%.

The move is seen as a way to attract new buyers at a time when Wall Street is concerned about weakening demand for cars.

With this reduction, some purchasers may qualify for a US government tax credit of $7,500.

Inflation data on docket

Note another inflation rate in the form of December import/export prices.

Import prices may have fallen 0.9% month-on-month, following a fall of 0.2% in October. That marks the sixth straight month of decline in prices, following yesterday’s cooler December CPI data.

Export prices are expected to fall 0.5% in December, following a 0.3% fall in the previous month.

Also watch as the University of Michigan releases its preliminary consumer sentiment index for January.

With inflation expectations easing, it is expected to rise more than expected to 59.7 in December before edging up to 60.5.

Oil head for solid weekly profits

Oil prices rose on Friday and were on track to gain more than 6% in a week.

Prices were supported by signs of stronger demand in China and hopes that aggressive rate hikes in the US will ease.

US West Texas Intermediate (WTI) crude oil futures trade at around $78.00 per barrel.

Brent Crude Oil futures trade at around $83.00 per barrel.

WTI is up 6.2% this week and Brent is up 6.7%, recovering most of last week’s losses.

The dollar’s drop to a nine-month low after data showed U.S. inflation fell for the first time in two and a half years has also pushed oil prices higher, prompting the Federal Reserve to slow down the pace of rate hikes. There is growing hope that it will slow down.

Gasoline prices continue to rise

National prices for a gallon of gasoline rose to $3.285 on Friday, according to AAA.

The average price for a gallon of gasoline on Thursday was $3.272.

A year ago, a gallon of regular gasoline cost $3.304.

A week ago, a gallon of gasoline was $3.290. A month ago, the same gallon of gasoline he was $3.245.

Gas hit an all-time high of $5.016 on June 14th.

Diesel dropped below $5.00 to $4.615 per gallon, still far from $3.593 a year ago.

Apple CEO Tim Cook’s salary cut by 40%

Apple CEO Tim Cook may be 40% lower, but still has a goal of $49 million.

According to regulatory filings, his compensation will depend heavily on how well the iPhone maker’s share price compares to its peers in the market.

Cook’s compensation for fiscal 2022 was $99.4 million, slightly higher than the previous year.

Bitcoin, Ethereum cryptocurrency prices drop, Dogecoin rises Friday morning

Bitcoin was trading around $18,000 after nine consecutive days of gains.

Bitcoin is up over 12% this week.

Month-to-month, the cryptocurrency is up 13%, but has fallen more than 56% over the past year.

Ethereum was trading around $1,400 after gaining 13% last week.

Dogecoin was trading at 8 cents after gaining more than 12% over the past week.

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