Large bank shares were solidly lower following earnings reports from JPMorgan Chase and other financial heavyweights that revealed a mixed toll from the coronavirus downturn
Wall Street stocks fell early Friday following mixed bank earnings and disappointing retail sales as investors weighed Joe Biden's giant stimulus proposal.
At 10:40 a.m. ET the Dow Jones Industrial Average fell 233.38 points, or 0.75%, to 30,758.14, the S&P 500 lost 28.29 points, or 0.75%, to 3,767.25 and the Nasdaq Composite lost 81.70 points, or 0.62%, to 13,030.93.
Large bank shares were solidly lower following earnings reports from JPMorgan Chase and other financial heavyweights that revealed a mixed toll from the coronavirus downturn.
Bank executives expressed optimism about the 2021 outlook, but the sell-off in shares followed a strong period for the equities into the period.
Analysts also cited Commerce Department data showing a 0.7 percent drop in December US retail sales, as well as concerns Biden's $1.9 trillion package could spur tax hikes.
"There is a lot to digest this morning and there are some clear sources of indigestion that are influencing profit-taking decisions after a big run," said Briefing.com analyst Patrick O'Hare.
"The rush-for-the-exits mentality, though, is still not there. Rather, it's still a deliberate move to manage positions as the market moves around the recovery trade being on and the recovery trade being off."