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Stocks Decline as Earnings Season Starts

Stock futures fell on Friday as major U.S. banks kicked off the corporate earnings season.

Futures for the Dow Jones Industrials index sank 71 points, or 0.2%, to 38,665.

Futures for the S&P 500 descended 14.75 points, or 0.3%, to 5,228.50.

Futures for the NASDAQ Composite slid 72.5 points, or 0.4%, to 18,412.50.

Thursday’s tech-centric rally curtailed the S&P 500’s weekly losses, as it’s now down 0.1% for the period. The NASDAQ is on pace to close the week 1.2% higher. The Dow is the underperformer, pacing for a 1.1% decline week to date.

JPMorgan Chase shares were down more than 2% after the banking giant posted its first-quarter results. The bank said net interest income, a key measure of what it makes through lending activities, could be a little short of what Wall Street analysts are expecting in 2024. CEO Jamie Dimon also warned about persistent inflationary pressures weighing on the economy.

Wells Fargo shares were down around 0.9% after reporting its latest quarterly figures. Citigroup rose more than 1% after posting a revenue beat.

Apple was among the Magnificent Seven names rallying Thursday. The iPhone maker jumped 4.3% after Bloomberg News reported the company’s plans to overhaul its Mac products with new artificial intelligence-focused chips. Apple had its best day since May 2023.

AI darling Nvidia also popped 4.1%, and Amazon leapt to an all-time high before closing up 1.7%.

In Japan, the Nikkei 225 gained 0.2% Friday, while in Hong Kong, the Hang Seng fell back 2.2%.

Oil prices surged $1.09 to $86.11 U.S. a barrel.

Gold prices gained $39.70 to $2,412.40 U.S. an ounce.

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