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Home Business

Stocks Slammed As Goldman, JPMorgan Hit Dow – Fox Business

by NewsReporter
January 18, 2022
in Business
stocks-slammed-as-goldman,-jpmorgan-hit-dow-–-fox-business
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Heavy selling hit U.S. stocks in afternoon trading as oil and bond yields moved higher. 

The Dow Jones Industrial Average fell over 600 points or 1.8%, before recovering some of those losses, while the S&P 500 and Nasdaq Composite slid 2% and 2.4%, respectively. 

The 10-Year Treasury yield rose to 1.84%, adding pressure to equities.  

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35467.23 -444.58 -1.24%
SP500 S&P 500 4596.13 -66.72 -1.43%
I:COMP NASDAQ COMPOSITE INDEX 14602.47113 -291.28 -1.96%

Oil also rose to the $84 level following an attack on an oil facility in the capital of the United Arab Emirates that killed at least three people.

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 61.06 +1.10 +1.83%

In deal news, Microsoft is buying Activision in a combo valued at $68.7 billion giving the software giant a leg-up in the gaming world with titles including ‘Call of Duty’ and ‘Candy Crush’, the companies announced Tuesday. 

Ticker Security Last Change Change %
MSFT MICROSOFT CORP. 304.31 -5.89 -1.90%
ATVI ACTIVISION BLIZZARD INC. 82.67 +17.28 +26.43%

Electronic Arts, Take-Two and Zenga rose in a down market as traders weighed the possibility of more M&A. 

Ticker Security Last Change Change %
EA ELECTRONIC ARTS INC. 135.59 +5.16 +3.95%
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC. 154.75 +2.17 +1.43%
ZNGA ZYNGA INC. 9.05 +0.10 +1.06%

In earnings, Goldman Sachs shares are in focus after fourth-quarter profits fell to $10.81 per share, missing analyst estimates of $11.76 tracked by Refinitiv and below the same period a year ago on weaker results from its trading division. JPMorgan shares fell in sympathy. 

Ticker Security Last Change Change %
GS THE GOLDMAN SACHS GROUP INC. 356.36 -24.61 -6.46%
JPM JPMORGAN CHASE & CO. 151.32 -6.56 -4.16%
SCHW THE CHARLES SCHWAB CORP. 92.08 -3.52 -3.69%
BAC BANK OF AMERICA CORP. 46.44 -1.45 -3.02%

Charles Schwab also reported results that fell below analysts’ expectations with profits of $0.76 per share vs. $0.88 estimate, while revenue was $4.71 billion falling short of the $4.79 billion estimate.

Bank of America will report results on Wednesday. 

Unilever shares slipped after Fitch Ratings warned a downgrade could come, citing the company’s strategy which focuses on healthcare which includes its planned acquisition of GlaxoSmithKline’s consumer unit. 

Ticker Security Last Change Change %
UL UNILEVER PLC 46.53 -7.77 -14.30%
GSK GLAXOSMITHKLINE PLC 46.77 +1.30 +2.86%

Separately, 23andMe extended a joint immuno-oncology program. 

Ticker Security Last Change Change %
ME 23ANDME HOLDING CO 4.92 -0.26 -5.02%

Meanwhile, Interactive Brokers and J.B. Hunt Transport Services will report after the bell. 

Ticker Security Last Change Change %
IBKR INTERACTIVE BROKERS GROUP INC. 72.78 -1.97 -2.64%
JBHT J.B. HUNT TRANSPORT SERVICES INC. 201.44 -0.63 -0.31%

Keep an eye on telecom stocks, including Verizon and AT&T, with the rollout of 5G tomorrow. 

Ticker Security Last Change Change %
VZ VERIZON COMMUNICATIONS INC. 53.48 +0.18 +0.35%
T AT&T INC. 27.36 +0.17 +0.64%

As for economic data, the National Association of Home Builders’ housing market index slipped one point to 83. 

In Asia, the Bank of Japan wrapped up a two-day policy meeting with no major changes. Its benchmark interest rate remains at a longstanding minus 0.1%.

Price increases in Japan have been less pronounced than they are in the U.S. and some other nations, though the central bank raised its inflation forecast for the fiscal year that begins in April to 1.1% from a previous estimate of 0.9%.

Japan’s benchmark Nikkei 225 fell 0.3% to 28,257.25. Australia’s S&P/ASX 200 lost 0.1% to 7,408.80. South Korea’s Kospi dropped 0.9% to 2,864.24. Hong Kong’s Hang Seng slipped 0.4% to 24,112.78, while the Shanghai Composite rose 0.8% to 3,569.91.

The Associated Press contributed to this report. 

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