The Dow Jones Industrials swooned 279.78 points by noon Friday to 38,179.30.
The S&P 500 index subtracted 43.86 points to 5,155.20.
The NASDAQ dumped 158.49 points, or 1%, to 16,282.71.
Week to date, the broad market index has capsized 1%, and 30-stock Dow is down 1.9%. Meanwhile, the tech-heavy NASDAQ is 0.1% higher for the week.
JPMorgan Chase shares declined more than 5% after the banking giant posted its first-quarter results. The bank said net interest income, a key measure of what it makes through lending activities, could be a little short of what Wall Street analysts are expecting in 2024. CEO Jamie Dimon also warned about persistent inflationary pressures weighing on the economy.
Wells Fargo slipped 0.6% after reporting its latest quarterly figures. Citigroup dropped more than 2% despite posting a revenue beat.
Oil prices continued their rise on reports that Israel is preparing for a direct attack by Iran this weekend, in what would be the biggest escalation of tensions in the region since the outbreak of the Israel-Hamas war last October. U.S. crude was last at $87.05 a barrel.
That, coupled with fresh U.S. imports data, added fuel to inflation concerns that have put pressure on the market.
Prices for the 10-year Treasury rallied, lowering yields to 4.52% from Thursday’s 4.57%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.43 to $86.45 U.S. a barrel.
Gold prices brightened $49.20 to $2,411.70 U.S. an ounce.