Dow slumps 600 points as traders worry about larger rate hikes, JPMorgan falls after earnings

Stocks tumbled Thursday as big bank earnings kicked off with disappointing results and traders assessed the possibility of even tighter U.S. monetary policy on

Stocks tumbled Thursday as big bank earnings kicked off with disappointing results and traders assessed the possibility of even tighter U.S. monetary policy on the back of June’s inflation data.

The Dow Jones Industrial Average shed 625 points, or 2.02%, while the S&P 500 dropped 2.09%. The Nasdaq Composite tumbled 2.11%.

Earnings results from major banks on Thursday offered further clues into the health of the U.S. economy. JPMorgan Chase sank 5% after reporting quarterly earnings that missed analyst expectations and halted buybacks. Morgan Stanley also dipped following a miss on the top and bottom lines. Goldman Sachs, which is set to report earnings Monday, slipped 4%.

Earnings for big banks season continues on Friday with results from Wells Fargo and Citigroup.

All stocks in the Dow fell on the day, led by declines from JPMorgan, Goldman Sachs and Chevron. Energy, materials and financials led the S&P 500′s losses, down 2% each. Tech stocks Meta Platforms, Salesforce, Tesla and Amazon fell more than 1%.

https://www.nbcnews.com/business/markets/markets-open-to-close-july-14-rcna38208

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