US Stocks End the Week on a Sour Note

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Wall Street closed sharply lower on Friday, as the S&P 500 booked its worst day since January, sinking 1.4%, the Dow Jones tumbled 475 points, and the Nasdaq slid1.6%. The sentiment was heavily influenced by earnings reports from major banks and escalating tensions in the Middle East. Banking shares took a hit after JPMorgan Chase, Wells Fargo, and Citigroup disclosed that high interest rates had negatively impacted their net interest income. JPMorgan’s stock fell 6.3% despite beating earnings and revenue expectations, while Wells Fargo’s dropped 0.3% on a 7% decline in profit and Citigroup’s slid 1.6%. BlackRock also fell 2.6% despite a 36% increase in profit. Big tech players like Microsoft (-1.4%), Nvidia (-2.7%), Alphabet (-1%) all retreated. AMD (-4.2%) and Intel (-5.2%) were affected following reports that China had instructed its major telecom carriers to phase out foreign processors. On the week, the S&P 500 lost 1.6%, the Dow dropped 2.4% and the Nasdaq fell by 0.6%.

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