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Stock prices gradually rise as the earnings season begins

The Elite Times TeamBy No Comments4 Mins Read

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Stocks rose slightly on Friday morning after a series of big bank results failed to boost hopes for strong quarterly results.

The Dow Jones Industrial Average (^DJI) rose 0.2%, or about 75 points. The benchmark S&P 500 Index (^GSPC) rose 0.4%, and the tech-heavy Nasdaq Composite Index (^IXIC) rose about 0.3%.

Wall Street financial institutions report fourth-quarter results, seen as a key chance for stocks to shake off losses accumulated so far this year. JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC) all reported decent financial results on Friday. However, the latter two companies were unable to resolve concerns about the possibility of future pain, and their stock prices fell.

Oil prices also rose more than 2% after the US and its allies launched airstrikes against Houthi rebels in Yemen, drawing threats of retaliation from the Iranian-backed group behind the Red Sea shipping attack. What he did is also attracting attention. Brent futures (BZ=F) were trading around $80 per barrel, while West Texas Intermediate futures (CL=F) were trading at just under $74.

Meanwhile, investors are looking for more insight into price pressures after Thursday’s better-than-expected consumer CPI data. Friday’s producer price index showed an unexpected fall in prices last month, raising hopes that inflation will continue to slow in the coming months.

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  • Stock prices rise slightly, outperforming bank profits

    Stocks rose modestly on Friday morning as investors held off on disappointing results from major banks.

    The Dow Jones Industrial Average (^DJI) rose 0.1%, or about 50 points. The benchmark S&P 500 Index (^GSPC) rose 0.4%, and the tech-heavy Nasdaq Composite Index (^IXIC) rose about 0.3%.

  • It’s 10 … followed by 12 zeros

    BlackRock (BLK) on Friday said it had more than $10 billion in assets under management at the end of the fourth quarter, the first time in two years that client assets have surpassed that mark thanks to last year’s market rally.

    The company’s total assets under management were $10,089,995 million as of December 31, to be exact.

    Net inflows to BlackRock reached $289 billion in 2023, with $96 billion in assets flowing into the company’s products in the fourth quarter, making it the second strongest quarter of the year. Approximately $110 billion of net assets were transferred to BlackRock vehicles in the first quarter.

    Along with Friday’s quarterly results, BlackRock also announced the acquisition of infrastructure fund manager GIP for $12.5 billion. GIP has over $100 billion in assets under management.

  • Jamie Dimon warns again of ‘sticky’ inflation and rising interest rates

    JPMorgan (JPM) announced fourth-quarter results early Friday, capping off a record year for the nation’s largest bank.

    And in the company’s fourth-quarter release, investors got another broad look at the U.S. and global economy from outspoken CEO Jamie Dimon.

    Dimon largely reiterated his view that investors are too comfortable with the idea that inflation will return smoothly to the Fed’s 2% target and interest rates will remain higher than expected. He said a number of “unprecedented” factors meant the bank was in trouble. “You have to be prepared for any environment.”

    Below is Mr. Dimon’s full comment, with emphasis and spacing added.

    The US economy remains resilient, consumers are still spending, and the market is now expected to have a soft landing. It is important to note that the economy is supported by large government deficit spending and past stimulus packages.

    Additionally, the green economy, the restructuring of global supply chains, increased military spending, and rising healthcare costs continue to require increased spending. This could lead to stronger inflation and higher interest rates than the market expects. In addition to this, there are also a number of downside risks to be aware of.

    Quantitative tightening has drained more than $900 billion of liquidity from the system annually. Never seen a complete cycle of tightening. And the ongoing wars in Ukraine and the Middle East have the potential to disrupt energy and food markets, migration, military and economic relations, in addition to a horrific human toll. Due to these significant and somewhat unprecedented implications, we remain vigilant. We hope for the best, but last year proved why we must be prepared for any environment.

For the latest stock market news and in-depth analysis of price-moving events, click here.

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