Stocks set to drop BY FIRST AMERICAN NEWS

Stocks set to drop as Dow stock JPMorgan falls after quarterly results

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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