Yahoo Finance’s Jared Blikre breaks down how stocks are trading on Friday afternoon.
ZACK GUZMAN: JPMorgan shares off more than 5% as Jamie Dimon highlighted some headwinds that could be coming this year, including, of course, all tying back to what else, but inflation in the form of wages. And for more on all those moves, I want to bring in Yahoo Finance’s Jared Blikre to kick us off in the noon hour, Jared.
JARED BLIKRE: That’s right. We have another mixed market. It seems like the Dow and the NASDAQ flip positions just about every day. Today, the NASDAQ is the outperformer but it is not up much, up six basis points. You can see very– very choppy day there. Let’s take a look at what’s happened over the week, you can see somewhat the mid, let’s call it, the bottom third of its weekly range. Looking at losses of 84 basis points, about 0.8%. S&P 500, pretty similar chart right there. And the Dow, let’s check out the Dow here, not that different as well, except closer to its session lows or I guess the lows of the week here.
I do want to get to the NASDAQ, we’ve had a little bit of a turnaround here, a lot more green than we were seeing on the open, nice to see that. Microsoft up 1%, Tesla and Alphabet each up about 0.8%, Facebook and Nvidia each up more than 1%. Tech, this is some interesting sector leadership we’re seeing today, so energy and tech, you’ve got a value stock– you’ve got a growth sector, excuse me. You usually don’t see those as the number one and number two leaders here but that is the case nevertheless. Also note that Staples is right behind in third place, so kind of a strange setup.
Real estate, materials, and financials, those round out the underperformers, actually, industrials too that are down by more than 1%. Travel was looking pretty bad on the open and it’s gotten a little bit worse. The airlines suffering here, Delta, American, United, each down more than 3%. The cruise lines, they had a nice– they had a nice pop yesterday, but not really seeing much follow-through today. In fact, Norwegian Cruise Line down 2.5%.
Chip stocks– and we’ll get to financials in a second, I promise. Chip stocks, those are why tech is flying high today. We’re seeing Lam Research, that’s up over 4%, Applied Materials hitting a record high yesterday up 3%, and there are other names on this list too.
Let’s check out software, software has been under a tremendous amount of pressure this year and it’s not looking that great today. Let’s take a look at the week and we can see some of the leaders to the downside, Vroom, let’s take a five-day look at Vroom down 18%. We also have MongoDB, that’s down– excuse me 11% over the five days. So really just kind of taking it on the chin here.
As promised, we’ve got to get to the big banks, JPMorgan, this is a five-day look, I’m going to change this back to an intraday, JPMorgan down 5%. This is a worst earnings day reaction they’ve had since 2011. And in the grand scheme of things, not the worst case here, JPMorgan has been a steady recipient of some of the value trade that we’ve seen permeate the markets recently, up 12% over the last year.
It was fixed income and equities trading that hurt both Citigroup and JPMorgan on their revenue. You can see Citigroup here down 2% today, down 4% for the year. Wells Fargo bucking the trend, they had some nice net interest margin projections, they’re expecting 8%. That is huge for net interest margin. You can see Wells Fargo has really taken off over the last year, up 66%, Zack.