Dow Jones Stumbles as JPMorgan Reports Strong Earnings Dow Jones Stumbles as JPMorgan Reports Strong Earnings

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U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 200 points on Friday.

The Dow traded down 0.56% to 37,498.15 while the NASDAQ fell 0.18% to 14,942.82. The S&P 500 also fell, dropping, 0.13% to 4,774.05.

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Market Sectors

Energy shares jumped by 1% on Friday.

In trading on Friday, consumer discretionary shares fell by 0.8%.

Financial Giant JPMorgan

JPMorgan Chase & Co JPM reported better-than-expected earnings for its fourth quarter on Friday.

JPMorgan Chase reported quarterly net revenue (managed) of $39.943 billion, up 12% Y/Y, beating the consensus of $39.778 billion. EPS was $3.97, beating the consensus of $3.32.

Winners and Losers in Equities

Applied UV, Inc. AUVI shares shot up 30% to $2.94 after the company announced the launch of its Fighter Flex LED solution at the upcoming AHR Expo on Jan. 22.

Shares of Flexsteel Industries, Inc. FLXS got a boost, surging 24% to $22.36 after the company reported strong preliminary results for the second quarter. The company said it sees preliminary earnings of 57 cents per share, versus analysts’ estimates of 27 cents per share. The company sees revenue of $100.1 million versus expectations of $96.77 million. Flexsteel Industries also issued financial guidance for the remainder of fiscal year 2024 and fiscal year 2025.

Inpixon INPX shares were also up, gaining 17% to $0.0525 after the company provided an update on pending strategic transactions.

Genius Group Limited GNS shares dropped 50% to $0.2547 after the company announced pricing of an $8.25 million public offering.

Shares of VCI Global Limited VCIG were down 34% to $1.0250 after the company announced pricing of a $2.75 million public offering.

Momentus Inc. MNTS was down, falling 22% to $0.9750 after the company announced it was notified by the Space Development Agency that it was not selected for funding for the Tranche 2 Tracking Layer and that there is substantial doubt about the company’s ability to continue as a going concern.

Commodity Market

In commodity news, oil traded up 2% to $73.45 while gold traded up 2.2% at $2,062.90. Silver traded up 4.3% to $23.685 on Friday while copper rose 0.1% to $3.78.

Economic Reports and Global Markets

European shares were higher today. The eurozone’s STOXX 600 rose 0.86%, London’s FTSE 100 rose 0.73% while Spain’s IBEX 35 Index rose 1%. The German DAX rose 0.94% French CAC 40 rose 0.98% while Italy’s FTSE MIB Index rose 0.83%.

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 1.50%, Hong Kong’s Hang Seng Index falling 0.35% and China’s Shanghai Composite Index falling 0.16%. India’s S&P BSE Sensex, meanwhile, rose 1.16%.

Producer prices in the U.S. fell 0.1% month-over-month in December, the same as in the prior month, and compared to market estimates of a 0.1% rise.

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