Wall Street closed lower Thursday and banks were among the biggest weights on the market following weak earnings and a warning from JPMorgan Chase.
JPMorgan Chase reported a sharp drop in earnings for its latest quarter, falling short of forecasts. CEO Jamie Dimon reaffirmed a pessimistic view for the economy.
Inflation at the wholesale level climbed 11.3% in June compared with a year earlier. It follows a worrisome report on Wednesday showing consumer inflation is still accelerating.
The S&P 500 fell 11.40 points, or 0.3%, to 3,790.38.
The Dow Jones Industrial Average fell 142.62 points, or 0.5%, to 30,630.17.
The Nasdaq rose 3.60 points, less than 0.1%, to 11,251.19.
The Russell 2000 index of smaller companies fell 18.53 points, or 1.1%, to 1,707.51.
For the week:
The S&P 500 is down 109.00 points, or 2.8%.
The Dow is down 707.98 points, or 2.3%.
The Nasdaq is down 384.12 points, or 3.3%.
The Russell 2000 is down 61.86 points, or 3.5%.
For the year:
The S&P 500 is down 975.80 points, or 20.5%.
The Dow is down 5,708.13 points, or 15.7%.
The Nasdaq is down 4,393.79 points, or 28.1%.
The Russell 2000 is down 537.81 points, or 24%.
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