Dow Dips Over 150 Points; JPMorgan Posts Upbeat Results

U.S. stocks traded lower midway through trading, with the Dow Jones dropping over 150 points on Friday.

The Dow traded down 0.53% to 33,850.38 while the NASDAQ fell 0.59% to 12,094.01. The S&P 500, also fell, dropping, 0.30% to 4,133.89.

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Leading and Lagging Sectors

• Financials shares rose by 1.2% on Friday. Meanwhile, top gainers in the sector included JPMorgan Chase & Co. JPM, up 7%, and Deutsche Bank Aktiengesellschaft DB, up 4%.
• In trading on Friday, utilities fell by 0.6%.

Top Headline

JPMorgan Chase & Co JPM reported better-than-expected results for its first quarter on Friday.

The bank reported Q1 net revenue (managed) of $39.3 billion, up 25% Y/Y, beating the consensus of $36.2 billion. EPS of $4.10 beat the consensus of $3.41.

Equities Trading UP

• My Size, Inc. MYSZ shares shot up 34% to $1.98 after the company said FY22 consolidated revenue jumped 3304% to $4.459 million.
• Shares of Purple Innovation, Inc. PRPL got a boost, shooting 14% to $2.5450. Purple Innovation announced cooperative framework with Coliseum Capital.
• Express, Inc. EXPR shares were also up, gaining 41% to $0.95. Express and brand management firm WHP Global will acquire menswear brand Bonobos Inc from Walmart for $75 million.

Equities Trading DOWN

• GlucoTrack, Inc. GCTK shares dropped 30% to $0.9599 after the company priced 7,352,942 share offering at $1.36 per share.
• Shares of T Stamp Inc. IDAI were down 32% to $3.70 after the company announced pricing of a $5.2 million registered direct offering and concurrent private placement priced at-the-market.
• Meta Materials Inc. MMAT was down, falling 42% to $0.2220 after the company announced pricing of a $25 million underwritten public offering.

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Commodities

In commodity news, oil traded down 0.2% to $81.97 while gold traded down 1.6% at $ 2,021.20.

Silver traded down 1.3% to $25.595 on Friday while copper fell 0.1% to $4.1190.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.58%, London’s FTSE 100 rose 0.49% while Spain’s IBEX 35 Index rose 0.37%. The German DAX rose 0.44%, French CAC 40 rose 0.48% and Italy’s FTSE MIB Index rose 0.76%.

Spanish annual consumer price inflation came in at 3.3% in March compared to 6% in February, while annual inflation rate in France fell to a six-month low level of 5.7% in March. Annual wholesale price inflation in Germany eased to 2% in March.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan’s Nikkei 225 gaining 1.2%, Hong Kong’s Hang Seng Index gaining 0.46% and China’s Shanghai Composite Index gaining 0.60%.

Total passenger car sales in India came in at 292,030 in March 2023, little changed versus the prior month. Singapore’s GDP rose by 0.1% year-over-year in Q1, versus a 2.1% expansion in the previous period.

Economics

• Retail sales in the US dropped 1% month-over-month in March versus a revised 0.2% decline in February.
• The price index for US imports declined 0.6% from a month ago in March, while export prices dropped 0.3% in March.
• Industrial production increased 0.4% from a month ago in March following a revised 0.2% growth in February.
• U.S. business inventories rose by 0.2% from a month ago in February.
• The University of Michigan consumer sentiment rose to 63.5 in April from 62 in the prior month.

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COVID-19 Update

• The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,455,740 cases with around 1,158,010 deaths. India confirmed a total of at least 44,797,260 cases and 531,060 deaths, while France reported over 39,878,140 COVID-19 cases with 165,910 deaths. In total, there were at least 685,458,800 cases of COVID-19 worldwide with more than 6,841,400 deaths.