JP Morgan shares surged after it reported record revenue and retail sales fall further than economists anticipated. Here’s what investors need to know today.
1. JP Morgan Earnings Soar Past Estimates, Stock Rising
JPMorgan (JPM) shares surged over 6% in pre-market trading after reporting record revenue supported by higher interest rates. Wells Fargo (WFC) also benefited from higher rates, with shares rising 4%. Citigroup (C) shares are up 1.4%.
2. Retail Sales Drop Exceeds Expectations
The Census Bureau reported retail sales fell 1% last month, a steeper decline than the 0.3% drop economists anticipated. Later this morning, the University of Michigan will release its Consumer Sentiment Index for April. Economists forecast a reading of 64, two points more than in March, but a historically lower figure as higher prices weigh on consumers.
3. Boeing Shares Falling on Parts Problem Delivery Delay
Boeing (BA) shares are falling 4.7% in pre-market trading after the company said it would pause deliveries of its 737 Max airlines due to a parts problem. The company said incorrectly installed parts would have a significant impact on near-term deliveries of the MAX airliners.
4. Earnings Miss Helping Drive Down Shares of Hartford Financial
Hartford Financial (HIG) shares are down 3.5% in pre-market trading after the company reported preliminary financial results for the first quarter. The company said it earned $530 million or $1.66 per share, below analyst estimates.
5. Software Upgrade Results in Cryptocurrency Withdrawal Delays
Cryptocurrency investors are reportedly facing delays to withdraw funds deposited on the Ethereum blockchain after its major software upgrade. The cryptocurrency has had persistent problems as it aims to have the technology widely used for instant payments.