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Share Name | Share Symbol | Market | Type |
---|---|---|---|
JP Morgan Chase and Co | NYSE:JPM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.27 | 0.67% | 190.68 | 22,534 | 14:25:45 |
By Ben Eisen
Shares of global banks fell into correction territory this week, reflecting fears that financial institutions could take a hit if the coronavirus continues to spread.
The KBW Nasdaq Bank Index, a benchmark based on shares of 24 banks, is down roughly 15% from its peak in early January, including a 0.4% decline as of midday Thursday. The S&P 500 financial sector is on pace for its worst week since 2011.
Bank stocks typically go up and down with expectations for the economy, effectively serving as bets on U.S. and global economic growth. As the virus spreads, some fear that efforts to stop it -- quarantines, travel bans and widespread business closures -- could weigh on consumer and business spending.
Shutdowns in some supply chains could crimp manufacturing production. That could hurt global banks such as Citigroup Inc. and JPMorgan Chase & Co., which move money around the world for multinational corporations. Citigroup fell 2.2%, while JPMorgan was down about 1%.
"Risks are probably more skewed to the downside, particularly in the near term given uncertain factors like the coronavirus," JPMorgan Chief Financial Officer Jennifer Piepszak told investors this week, referring to the economy.
Shares of Bank of America Corp. fell 1.6% amid speculation that the Federal Reserve could continue to trim interest rates to combat any economic slowdown spurred by the virus. Bank of America is especially sensitive to changes in U.S. rates because of its large base of U.S. deposits.
Wall Street had largely ignored the coronavirus as it spread through China, but investors began selling stocks of all stripes in recent days following reports that the virus has spread to other countries, including in Western Europe.
Some financial firms have already reported impacts from the virus. On Monday, Mastercard Inc. lowered its revenue projections for the first quarter because of declines in cross-border travel and e-commerce.
Banks, along with other companies, have taken additional precautions to prevent the spread of the virus among staff. Goldman Sachs Group Inc., for example, halted business travel to South Korea and parts of Italy, where the virus is spreading. The bank has already cut off travel to China.
Goldman Sachs dropped 1.7% and Morgan Stanley fell 0.4%. Wells Fargo & Co. was about flat.
Write to Ben Eisen at ben.eisen@wsj.com
(END) Dow Jones Newswires
February 27, 2020 14:00 ET (19:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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