Earnings drop at JPMorgan drags bank stocks lower
NEW YORK (AP) — Weaker earnings at JPMorgan Chase are dragging bank stocks lower in early trading.
Technology and biotech stocks also fell, a day after the worst rout for the Nasdaq composite index since 2011.
The Nasdaq fell another 12 points, or 0.3 percent, to 4,042 in the first few minutes of trading Friday. The index is headed for its third weekly loss in a row. It’s down 7 percent from its recent high reached March 5.
The Standard & Poor’s 500 index fell six points, or 0.4 percent, to 1,826. The Dow Jones industrial average fell 74 points, or 0.5 percent, to 16,095.
JPMorgan Chase led a decline in bank stocks after reporting weaker earnings because of a decline in bond trading and mortgages. JPMorgan fell 4 percent in early trading.