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S&P 500 Delivers 2nd-Weekly Loss as Lackluster Bank Earnings Weigh

Stock MarketsJan 14, 2022 04:17PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 rose Friday, but suffered a second-straight losing week following a tech-rout earlier this week, while underwhelming earnings from major Wall Street banks failed to turn the tide.  

The S&P 500 gained 0.1%, the Dow Jones Industrial Average fell 0.56%, or 201 points and, the Nasdaq jumped 0.6%.

A trio of major Wall Street banks including Citigroup, Wells Fargo, and JPMorgan (NYSE:JPM) reported better-than-expected results, but the latter slumped 6% as fourth-quarter profit slipped, while guidance on increased costs worried investors.

JPMorgan said it expected expenses to rise by 8% this year, stoking concerns about whether the bank will meet its 17% target for return on tangible equity.

Citigroup (NYSE:C) shares reported a 26% fall in profit, paced by wider-than-expected decline in trading revenue, with fixed-income trading revenue down 20% in the fourth quarter. Its shares fell more than 1%.

Wells Fargo (NYSE:WFC) rose more than 3% after its profit jumped 86%, and the bank delivered an upbeat outlook on loan growth for 2022.

Technology was higher - but still ended the week in the red following losses earlier in this week - as a climb in big tech and semiconductor stocks underpinned the broader sector.

Apple (NASDAQ:AAPL) gained 0.5% after Bloomberg reported that the company may push back the debut of its virtual reality headsets.

Casino stocks were also in focused, with Las Vegas Sands (NYSE:LVS) and Wynn Resorts (NASDAQ:WYNN) surged after Macau, the gambling mecca in Asia, detailed new measures for gambling operations in the region easing uncertainty around the renewal of gaming licenses.

The measures, which are yet to be approved by the Macau legislature, would limit the number of gaming licenses to six, and cut the duration of gaming licenses to 10 years from 20.

Sentiment on retail stocks were hurt by signs of wobble in consumer spending after retail spending fell by a more than expected 1.9% in December.

Still, the weakness in consumer spending could prove a sliver lining for inflation.

”On the upside, the current retail weakness will accelerate inventory rebuilding, which should help take the pressure off inflation. It doesn't necessarily soften the case for a March hike, but it reduces the tail risk of the Fed hiking more than 4 times this year,” Jefferies said in a note.

In other news, Boston Beer (NYSE:SAM) trimmed its outlook on annual earnings as rising costs and supply issues weighed on growth. Its shares fell more than 8%

S&P 500 Delivers 2nd-Weekly Loss as Lackluster Bank Earnings Weigh
 

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Comments (9)
New Jazenevd
New Jazenevd Jan 14, 2022 6:10PM ET
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Banks will lose in upcoming stagflation scenario. Materials sector will be a winner.
Mitchel Pioneer
Mitchel Pioneer Jan 14, 2022 6:09PM ET
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Ah yes, savvy "investors" load up "in late trade" to hold over the weekend.  Every loss is mitigated or reversed "in late trade."   Only in the US Ponzi Scheme, greatest financial fraud in history, and biggest investment JOKE in the world.
Chad RicherThanYou
Chad RicherThanYou Jan 14, 2022 5:38PM ET
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Total Economic Collapse coming buy physical gold and silver while you still can
Rehan Rekane Rekane
Rehan Rekane Rekane Jan 14, 2022 5:38PM ET
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Hilo
Rehan Rekane Rekane
Rehan Rekane Rekane Jan 14, 2022 5:38PM ET
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Me rehan Rekane
Gabriel Hull
Gabriel Hull Jan 14, 2022 5:38PM ET
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Chad, not even gold and silver will do well. The yield on inflation is much higher than the appreciation value. The economy sucks
register register
register register Jan 14, 2022 5:24PM ET
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This post destroyed credibility of Investing.com literally
Mitchel Pioneer
Mitchel Pioneer Jan 14, 2022 4:59PM ET
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Another flagrant show of FRAUD and CRIMINAL MANIPULATION, as the biggest investment JOKE in world history miraculously "recovers in late trade."  Assume the position for the weekend America.
Empire Destroyer
Empire Destroyer Jan 14, 2022 4:44PM ET
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Tech green, Dow just red... markets got earth bulls, heaven bulls, ***bulls and 5th dimension bulls buying every dip
Mark Stallone
Mark Stallone Jan 14, 2022 4:37PM ET
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Relax. It's all part of Building Back "Better".
Alberto Vazquez
Alberto Vazquez Jan 14, 2022 4:37PM ET
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L G B
Mario tragik
Mario tragik Jan 14, 2022 4:32PM ET
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what a manipulated joke
Al Ose
Al Ose Jan 14, 2022 4:31PM ET
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Its the end of world.
ohad shafry
ohad shafry Jan 14, 2022 4:31PM ET
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At least we have each other
Jon Bal
Jon Bal Jan 14, 2022 4:31PM ET
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i feel fine
 
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