Payne on inflation: Soft landing is realistic
Payne Capital Management President Ryan Payne discusses the impact of inflation on consumer growth.
Dow sinks as JPMorgan slides, oil falls to $84 ahead of Biden’s Saudi
U.S. stocks fell across the board after mixed results from JPMorgan and Morgan Stanley as the second quarter earnings season kicks off. Investors also reacting to another red hot inflation report as producer prices jumped 11.3% in June this as the 10-Year Treasury yield crossed 3%. In commodities, oil fell to the $84 per barrel level ahead of President Biden’s Saudi Arabia trip.
JPMorgan second-quarter results
JPMorgan Chase & Co. reported a fall in second-quarter profit
on Thursday as America’s largest bank set aside more money to cover potential losses in the face of growing risks of a recession.
The bank recorded $1.1 billion in loan loss provisions compared with last year when it released $3 billion from its reserves.
Read the full story: JPMorgan profit falls, Dimon cautious on economy
Stock futures trade lower ahead of bank earnings
U.S. equity futures were trading 1% lower Thursday morning ahead of the release of earnings from the big banks. Earnings from JPMorgan and Morgan Stanley are on tap.
Oil drops 2% to below $95 a barrel
Oil prices traded lower Thursday morning as investors looked at the prospect of a large U.S. rate hike that would stem inflation and curb crude demand.
U.S. West Texas Intermediate crude was below $95 a barrel. Brent crude futures traded at $97 a barrel after settling below $100 for the second straight session.
President Biden will fly to Saudi Arabia on Friday to attend a summit of Gulf allies and call for them to pump more oil.
Gasoline ticks lower
The average price of a gallon of regular gasoline slipped on Thursday morning to $4.605, according to AAA. The price on Wednesday was at $4.631. Gas has declined for 27 straight days. Diesel slipped as well to $5.592 down from $5.611
Bitcoin below $20,000
Bitcoin heads into Thursday below $20,000 after snapping a four-day losing streak. The cryptocurrency is up more than 4% in July, but down more than 57% year-to-date.
Ether is trading around $1,000 and Dogecoin is at 6 cents.