The stock market saw a decline in afternoon trading today, with major indexes dropping below important moving averages. Big banks like JPMorgan Chase, Wells Fargo, and Citigroup all reported their first-quarter results on Friday, contributing to the overall negative trend in the market.
The Dow Jones Industrial Average fell nearly 1.3%, while the S&P 500 lost 1.5% and the Nasdaq plummeted 1.7%. The Russell 2000 also saw a 1.9% decline. Despite closing at a record high on Thursday, the Nasdaq slipped below its 21-day exponential moving average. Volume on the NYSE rose, while it fell on the Nasdaq compared to the same time on Thursday.
In ETF trading, the Invesco QQQ Trust sank 1.9% and the Innovator IBD 50 ETF tumbled nearly 2.7%, performing worse than the major indexes. Crude oil prices rose to $85.91 a barrel and the benchmark 10-year yield dipped to 4.5%.
Among individual stocks, bank stocks showed mixed results, with JPMorgan Chase, Wells Fargo, and Citigroup all experiencing fluctuations despite beating expectations on their earnings and revenue. South Korean e-commerce giant Coupang saw a significant increase in its stock price after announcing a membership fee increase. However, companies like Arista Networks, Zoetis, Intel, and Advanced Micro Devices saw declines due to various factors affecting their businesses.
In conclusion, today’s market performance shows the volatility and unpredictability of the stock market, highlighting the importance of staying informed and being prepared for fluctuations in individual stocks and major indexes.
