Weekly Financial Update - April 12, 2019
April 15, 2019
The S&P 500 and Nasdaq were able to end last week in positive territory, gaining 0.51% and 0.57% respectively. Earnings season kicked off on Friday as JPMorgan and Wells Fargo announced first quarter results. JPMorgan, the nation’s largest bank by assets, reported a 5% increase in profits and beat analysts’ estimates. Those results relieved some investors who feared that the Federal Reserve’s recent shift to a more reserved approach to raising interest rates has created headwinds for the banking sector’s profitability.
Investors are waiting for a clearer earnings picture with more quarterly results scheduled for this week including: Goldman Sachs, Citigroup, and Johnson & Johnson. Profits of companies in the S&P 500 are projected to decline 4.3% in the first quarter from a year ago according to FactSet.
Read our Weekly Financial Update to learn the latest about the Consumer Price Index and what is behind the Federal Reserve's more cautious shift in monetary policy.