U.S. stock futures turned lower Friday after Dow stock JPMorgan (JPM) fell nearly 3% in the premarket as investors parsed quarterly results from the nation’s largest bank by assets. The company’s fourth-quarter per-share earnings of $3.33 and revenue of $30.35 billion, both beat estimates. However, JPMorgan said it took a $1.8 billion net benefit from releasing reserves for loan losses that never materialized; without that benefit earnings would have been $2.86 per share, missing expectations.
This week’s bounce in tech stocks was wiped out Thursday, sending the Nasdaq down 2.5% and the S&P 500 down 1.4%. The Dow Jones Industrial Average, which doesn’t have as much tech exposure, dropped 0.5%. All three benchmarks broke multiday winning streaks. The Nasdaq ended Thursday nearly 8.7% lower than its November all-time high, nearing correction territory. The S&P 500 and the Dow finished 3.3% and nearly 2.3%, respectively, away from their all-time highs last week.
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