Stocks opened in negative territory on Friday and stayed there through the close, putting a sad cap on a week's decline for the major indices. Today's decline came courtesy of disappointing forecasts from several large banks, although geopolitical risks increased selling pressure.
Ahead of the opening, several of the country's largest financial institutions kicked off the first quarter earnings season. Front and center was JPMorgan Chase (JPM ), which reported first-quarter earnings of $4.44 per share on $42.6 billion in revenue, both higher than analysts expected.
However the frontline stocks
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However, CFRA investigation Dow Jones Stocks
Both citi group c -1.7%) and Wells Fargo CFM -0.4%) also reported better results in their first quarters, but the financial actions
Intel and AMD fall on China news
In news not related to results, semiconductor stocks Intel INTC -5.2%) and Advanced Micro Devices (amd -4.2%) both fell afterwards The Wall Street Journal
CFRA Research analyst Angelo Zino maintained a positive outlook on the semiconductor industry following unconfirmed reports from the WSJ. "This should surprise no one, and we would anticipate more headlines in the future around China's lack of emphasis on US-designed chips across industries," Zino wrote in a note.
Rising geopolitical risks boost crude oil
However, it wasn't just negative reactions to earnings and weakness in chip stocks that weighed on the stock market today. Media reports
In fact, the Dow Jones Industrial Average S&P 500 fell 1.5% to 5,123, and the Nasdaq Compound
While stocks sold off due to rising geopolitical risks, crude oil futures hit a six-month high in intraday trading before closing up 0.8% at $85.66 a barrel.
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