Stock Market Sees Minor Drop On Earnings, China
Markets are trading lower across the board. This is due to JPMorgan Chase & Co. (NYSE:JPM) reporting earnings that did not meet the expectations of Wall Street. Worries about exposure to bad loans and Europe continue to be a seen as a problem for the bank. In addition, Chinese economic data came in weaker than expected. These factors, in combination with a short term overbought market are pushing the indexes lower by 1%. The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) is trading at $113.90, -1.09 (-0.95%).
JPMorgan Chase is taking a large hit today on the back of their earnings announcement. The stock is trading at $31.28, -1.92 (-5.78%). Other banks will be reporting earnings in the next week. All eyes will be on their bad loan exposure and European exposure.
Technology is the one bright spot today. The three tech mega-players are performing best. Apple Inc. (NASDAQ:AAPL), Amazon.com, Inc. (NASDAQ:AMZN) and Google Inc. (NASDAQ:GOOG) are all higher. This is keeping the markets from having an overall ugly day. In addition, Google Inc. reports earnings today after the market closes. The earnings whisper number is $9.19. That is about $0.25 above the consensus estimate from analysts.