The Dow was down 0.7% in late trading Friday. The index is off nearly 1.1% over the past five days and has fallen 1.3% so far this month.
A weak retail sales report for December didn't help matters on Wall Street. Consumer spending surprisingly fell during that key holiday shopping month, raising concerns that runaway inflation is finally taking a toll on the economy.
But while investors have been shunning big techs like Apple, Microsoft and Tesla this year, bank stocks were a bright spot for the market — until Friday. Investors were disappointed by JPMorgan Chase's nearly 15% drop in earnings from the fourth quarter of 2020.
Shares of JPMorgan Chase were down 6%. Fellow financials (and Dow components) Goldman Sachs — which reports earnings next Tuesday — and American Express each fell about 4% too.
Citigroup and BlackRock, which both reported earnings Friday, were also lower. Wells Fargo was the bright spot for banks, rallying after posting better-than-expected results.
More big banks, including Bank of America, Morgan Stanley and Truist, will report their results in next week's holiday-shortened trading session. Earnings are also on tap from consumer products king Procter & Gamble, airlines United and American and streaming giant Netflix.
The stock market is closed Monday in observance of Martin Luther King, Jr. Day.
™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.