[Platinum Insights] 1.13.23 update of the market

Good morning!  

Stock futures for the three major indices were down roughly 1% on Friday, putting Wall Street on track to open lower as a slew of earnings reports from big banks added to concerns about an economic downturn. 

JPMorgan Chase kicked off the fourth-quarter earnings reporting season with upbeat results. However, it warned that it is setting aside $1.4 billion in anticipation of a mild recession, which, in turn, drove its shares down 3% in premarket trading. 

Wells Fargo fell nearly 4% after reporting a 50% drop in quarterly profit as the bank piled cash to prepare for soured loans. Bank of America also declined more than 2% despite reporting a better-than-expected fourth-quarter profit. 

In other corporate news, Tesla plunged almost 6% after slashing prices for its vehicles sold in the US. For the week, the blue-chip Dow is up roughly 0.9%, while the S&P 500 and Nasdaq 100 added 1.4% and 2.9%, respectively.  

“The U.S. economy currently remains strong with consumers still spending excess cash and businesses healthy. However, we still do not know the ultimate effect of the headwinds coming from geopolitical tensions including the war in Ukraine, the vulnerable state of energy and food supplies, persistent inflation that is eroding purchasing power and has pushed interest rates higher, and the unprecedented quantitative tightening,” said Chairman and CEO Jamie Dimon in the release.  Today is just the beginning of earnings reporting so tighten up your seatbelt.