U.S. Stocks Open Higher as JPMorgan Kicks Off Q1 Earnings
2022.04.13 17:20
By Liz Moyer
Investing.com — U.S. stocks opened higher as JPMorgan Chase & Co (NYSE:JPM) kicked off earnings season by reporting a drop in profit while new data show inflationary pressures remain front and center.
As of 9:44 AM ET, the Dow Jones Industrial Average was up 77 points, or 0.2%, while the S&P 500 was up 0.3% and the NASDAQ Composite was up 0.5%.
JPMorgan CEO Jamie Dimon said the war in Ukraine and inflation are two uncertainties that threaten the economy as the Federal Reserve considers ways to combat elevated prices by raising rates and shedding bond holdings. Producer prices rose at 12-month rate of 11% in March, more evidence inflation is running hot a day after the consumer price index reading for the month showed inflation at multi-decade highs.
More bank earnings are expected on Thursday, including reports from Goldman Sachs Group, Inc. (NYSE:GS), Morgan Stanley (NYSE:MS), Wells Fargo & Company (NYSE:WFC) and Citigroup Inc. (NYSE:C). Big banks are expected to show subdued results because of a slump in investment banking and capital markets activity in the first quarter.
Rising Treasury yields have been a sore point for tech investors in recent days. The United States 10-Year benchmark note rose to 2.73%. Rising rates threaten to cut into mortgage lending, another challenge for big lenders.
Crude oil was back above $100 a barrel as China lifted COVID-related restrictions in certain areas, easing worries about demand. The price of Crude Oil WTI Futures was up 1.3% on Wednesday, to $101.95, and the price of the international benchmark Brent Oil Futures crude rose 1.6% to $106.32.
Gold Futures were flat at $1976/oz.
