por admin » Mié Oct 13, 2021 9:18 am
S&P 500 heads for a fourth-straight day of losses as investors weigh inflation jump, earnings reports
PUBLISHED TUE, OCT 12 20216:03 PM EDTUPDATED MOMENTS AGO
Hannah Miao
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Maggie Fitzgerald
@MKMFITZGERALD
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Markets set to open flat as earnings season kicks off
The S&P 500 churned lower for a fourth-straight session Wednesday as investors digested fresh inflation data and third-quarter earnings reports.
The broad index dipped about 0.4% after opening slightly higher. The Dow Jones Industrial Average shed about 240 points, or 0.7%. The Nasdaq Composite traded near the flatline.
Third-quarter earnings season kicked off on Wednesday with JPMorgan Chase, which said that quarterly profit topped expectations following a boost from better-than-expected loan losses. Revenue for the largest U.S. bank by assets also came in higher than expected.
JPMorgan shares fell more than 2% following the report despite the strong earnings report. The stock is up roughly 27% this year.
Delta Air Lines also reported financial results before the opening bell on Wednesday. The company posted higher-than-expected revenue and its first quarterly profit without counting federal aid since the start of the pandemic.
However, the airline said higher costs of fuel and other expenses will pressure its fourth-quarter bottom line. Shares of Delta shed more than 4%.
Apple shares dipped roughly 1% after a Bloomberg News report that said it is likely to cut iPhone 13 production because of chip shortages. Chipmakers including Skyworks and Broadcom were also lower in morning trading.