Wall Street stock indexes slipped in morning trading after the first wave of major bank earnings of the season. Here’s what we’re watching in Friday’s trading:
- JPMorgan Chase reported a 14% drop in quarterly profit, though the slowdown didn’t stop the bank from setting a record for annual profit.
- Wells Fargo said its profit soared 86% in the final three months of 2021.
- BlackRock posted higher quarterly profit, as market gains lifted the investment firm’s assets under management above $10 trillion.
- Citigroup reported fourth-quarter profit fell 26%. The bank also exited more Asian consumer-banking operations, as Singapore’s UOB will pay a $690 million premium for the regional businesses.
- Dogecoin climbed 13% after Elon Musk tweeted that some Tesla merchandise was available for purchase with the cryptocurrency. Items priced in dogecoin on the site included a belt buckle, a whistle and a child-sized ATV.
- Shares of casino operators Las Vegas Sands and Wynn Resorts jumped after Macau released a new draft law that would cut the tenure for new casino licenses in half and require operations to align with China’s national security needs, but wouldn’t reduce the number of licenses in the lucrative gambling hub.
- Shares of Covid-19 vaccine makers Novavax and Moderna slipped after the Supreme Court on Thursday blocked the Biden administration’s Covid-19 vaccine-or-testing rules for large private employers.
Chart of the Day
- The flagship fund of Andreas Halvorsen’s Viking Global Investors was among those suffering a reversal last year as stocks of technology and other fast-growing companies sold off.
Write to James Willhite at [email protected]