S&P 500 AND DOW SET FOR WEEKLY LOSSES AS BANKS, MEGACAPS FALL

On Friday, both the prestigious Dow Jones Industrial Average and the S&P 500 were poised to conclude the week with losses. This came as many leading mega-cap growth stocks and semiconductor manufacturers experienced declines. JPMorgan Chase & Co witnessed a significant 5.9% decline after its projected earnings from interest payments fell short of analysts' forecasts. Wells Fargo also experienced a slight 0.4% decrease after 7% decline in first-quarter profits, primarily due to reduced earnings from interest paid by customers. Similarly, Citigroup saw a 2.8% decrease following a drop in first-quarter profits.

The S&P 500 banks index plummeted by 3.3%, reaching its lowest point in nearly a month. The decline was further exacerbated by the downturn in mega-cap growth stocks, including Nvidia, Tesla, and Meta Platforms, each experiencing declines of over 1%.

Learn More