August 8, 2022

Dubai Week

Complete Dubai News World

“Wall Street” opens down due to weak results from banks .. and “Dow Jones” loses 500 points

© Reuters. “Wall Street” opens down due to weak results from banks .. and “Dow Jones” loses 500 points

US stock markets began trading on Wall Street today. Amid a series of negative bank earnings reports, particularly after inflation in the US hit a 41-year high, fears of an economic slowdown have been raised.

US jobless claims rose last week to record 244,000, the most since November, and the US producer price index rose 11.3% year-on-year and 1.1% month-on-month, according to economic data released today. June, compared to expectations of 10.7% and 0.8% respectively.

And worse-than-expected bank earnings reports put more pressure on the stock market, as JPMorgan’s second-quarter profit fell 28% to $8.65 billion, or $2.76 a share, while Morgan Stanley’s profit fell 29% to $2.50 in the same period. billion, or $1.39 per share.

At the start of trading of stock indices on Wall Street, the industrial index fell 1.62% (-499 points) at 30,273 points at the beginning of the session, exactly 3:35 pm Cairo time, and the “S&P 500” index fell 1.60% (-60 points) to 3741 points, “Nasdaq ” The index was down 1.60% (-179 points) at 11,067 points.

JPMorgan shares fell 4.7% to $106.93, while Morgan Stanley shares fell 3.22% to $72.56.

Bank earnings reports for the second quarter are scheduled to be released in the coming days, including Wells Fargo and Citigroup on Friday, then Bank of America and Goldman Sachs on Monday.