Stock Market Today: Dow Slipped, Big Banks Reported Earnings, Dogecoin Soared

JPMorgan Chase (ticker: JPM) reported a profit of $3.33 a share, beating estimates of $3.01 a share on revenue of $30.35 billion, above expectations for $29.9 billion. The bank released $1.8 billion of loan loss reserves, without which the company would have missed earnings estimates. The stock fell 6.2%, after rising 5.7% for the month leading into earnings.  

Wells Fargo (WFC) reported a profit of $1.38 a share, beating estimates of $1.13 a share on revenue of $20.9 billion, above expectations for $18.8 billion. The stock gained 3.7%. The stock had been up 14.5% for the month leading into earnings. 

The company cited “soft demand” as one reason that loan balances were lower. Though the firm didn’t expand on that in its earnings release, markets do not want to see higher interest rates coinciding with weakening loan demand. 

Citigroup (C) reported a profit of $1.46 a share, beating estimates of $1.38 a share, on revenue of $17 billion, above expectations for $16.8 billion. The bank’s loans stood at $668 billion, down 1% year-over-year. Citi stock fell 1.3%, after rising 9% for the month leading into earnings.

Markets were also sifting through economic data Friday. Retail sales fell1.9% month-over-month in December, missing expectations for a 0.1% decline and sharply dropping off from a 0.3% rise in November.

“While the overall level of retail sales…