But while investors have been shunning big techs like Apple(AAPL), Microsoft(MSFT) and Tesla(TSLA) this year, bank stocks were a bright spot for the market — until Friday. Investors were disappointed by JPMorgan Chase’s nearly 15% drop in earnings from the fourth quarter of 2020.
Shares of JPMorgan Chase(JPM) were down 6%. Fellow financials (and Dow components) Goldman Sachs(GS) — which reports earnings next Tuesday — and American Express(AXP) each fell about 4% too.
Citigroup(C) and BlackRock(BLK), which both reported earnings Friday, were also lower. Wells Fargo(WFC) was the bright spot for banks, rallying after posting better-than-expected results.
More big banks, including Bank of America(BAC), Morgan Stanley(MS) and Truist(TFC), will report their results in next week’s holiday-shortened trading session. Earnings are also on tap from consumer products king Procter & Gamble(PG), airlines United(UAL) and American(AAL) and streaming giant Netflix(NFLX).
The stock market is closed Monday in observance of Martin Luther King, Jr. Day.