TODAY’S STOCK MARKET NEWS: Dow plunges as JPMorgan slides, Oil drops to $84 as Biden’s Saudi trip kicks off

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Payne on inflation: A soft landing is realistic

Payne Capital Management President Ryan Payne discusses the impact of inflation on consumption growth.

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Dow sinks as JPMorgan slips, oil falls to $84 ahead of Biden’s Saudi

US stocks fell across the board after mixed results from JPMorgan and Morgan Stanley as the second-quarter earnings season kicks off. Investors are also reacting to another scorching inflation report as producer prices jumped 11.3% in June as the 10-year Treasury yield rose above 3%. In commodities, oil fell to $84 a barrel ahead of President Biden’s trip to Saudi Arabia.

Symbol

Price To change %To change
JPM $111.91 -1.06 -0.94%
MRS $74.98 -0.96 -1.26%
XLF $31.34 -0.28 -0.89%

JPMorgan’s second quarter results

JPMorgan Chase & Co. on Thursday reported lower second-quarter profits as the largest U.S. bank set aside more money to cover potential losses amid growing recession risks.

The bank recorded $1.1 billion in loan loss provisions compared to last year when it released $3 billion from its reserves.

Read the full story: JPMorgan earnings fall, Dimon cautious on economy

Stock futures fall ahead of bank earnings

U.S. stock futures were trading down 1% on Thursday morning ahead of the big banks’ earnings release. The profits of JPMorgan and Morgan Stanley are at the rendezvous.

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Oil drops 2% to below $95 a barrel

Oil prices traded lower on Thursday morning as investors weighed the prospect of a sharp U.S. rate hike that would stem inflation and dampen demand for crude.

U.S. West Texas Intermediate crude was below $95 a barrel. Brent crude futures traded at $97 a barrel after stabilizing below $100 for the second straight session.

President Biden will fly to Saudi Arabia on Friday to attend a summit of Gulf allies and call on them to pump more oil.

The price of gasoline drops

The average price of a gallon of regular gasoline slipped Thursday morning to $4,605, according to AAA. The price on Wednesday was $4,631. The gas has gone down for 27 consecutive days. Diesel also slipped to $5.592 from $5.611

Bitcoin below $20,000

Bitcoin is heading into Thursday below $20,000 after snapping a four-day losing streak. The cryptocurrency rose more than 4% in July, but is down more than 57% since the start of the year.

Ether is trading around $1,000 and Dogecoin is at 6 cents.

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