Blue-Chip Bank Earnings, Retail Data Drag Dow Lower

Both oil and gold marked solid weekly wins

Managing Editor
Jan 14, 2022 at 4:37 PM
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All three major indexes suffered steep losses for the majority of today, weighed down mostly by a slew of disappointing earnings reports out of the banking sector. The Dow shed more than 200 points, as the largest U.S. bank in terms of assets, blue-chip JPMorgan Securities (JPM), dragged more than 6%. Worse-than-expected retail sales also rang heavy, the reading down 1.9% for December. Within the last hour of trading, the S&P 500 and Nasdaq managed to eke out slight gains. All three indexes fell for the week.

Continue reading for more on today's market, including:

  • The blue-chip that dragged the Dow lower today.
  • Can this struggling beer maker recover from its rout?
  • Plus, Disney's latest dip; health giant sees spinoff buzz; which bank stock landed "Top Pick" status.

The Dow Jones Average (DJI - 35,911.81) shed 201.8 points, or 0.6% for the day. Amgen (AMGN) led the gainers today, adding 2%, and JPM paced the laggards with a 6.1% fall. For the week, the Dow shed 0.9%.

The S&P 500 Index (SPX - 4,662.85) inched 3.8 points higher, or 0.08%, for the day. Meanwhile, the Nasdaq Composite (IXIC -  14,893.75) rallied 86.9 points, or 0.6%, for today's session. On the week, both indexes fell 0.3%.

Lastly, the CBOE Volatility Index (VIX - 19.19) fell 1.1 points, or 5.5% for the day. The VIX moved 2.3% higher for the week.

Closing Indexes Summary Jan 14

NYSE and Nasdaq Stats Jan 14

  1. Bill Ford, the Chair of Ford Motor (F), is amassing more ownership of his family's business. As of today, Ford is the largest individual shareholder, boasting 2.3 million shares in the car manufacturer. (CNBC)
  2. Loan processor Navient (NAVI) is being required to cancel $1.7 billion in student loans, in response to a settlement made with the attorney generals of 39 states. (MarketWatch)
  3. Disney stock just dipped after this big analyst update.
  4. Spinoff buzz sent health stock surging.
  5. Why this bank stock landed "Top Pick" status for a second year.

Corporate Earnings Jan 14

Unusual Options Volume Jan 14

Oil, Gold Log Notable Weekly Wins

Oil prices landed a fourth-straight weekly gain, tacking on 6.3%, as investors keep an eye on tensions in Russia and Ukraine impacting global supply. February-dated oil added $1.74 or 2.1%, to finish at $83.82 for the day.

Despite marking their fifth weekly close higher in six, gold futures settled the day lower. However, a decline in the U.S. dollar is what has sent the precious metal higher on the week. February-dated gold fell $4.90, or 0.3%, to close at $1,816.50 per ounce. On the week, gold rose 1.1%.

 

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