JPMorgan kicks off earnings season with bad news
CNN
JPMorgan Chase kicked off earnings season Wednesday with some bad news: First-quarter profit fell 42% from a year ago, driven lower by Russia's invasion of Ukraine, high levels of inflation and supply chain problems.
The largest US bank by assets is often viewed as a bellwether for the rest of Wall Street. JPMorgan (JPM) posted a profit of $8.3 billion, or $2.63 per share in the first quarter of 2022, compared with $14.3 billion, or $4.50 per share the year prior.
Analysts expected earnings of $2.69 per share, according to Refinitiv.
Two months ago, JPMorgan Chase CEO Jamie Dimon defended President Donald Trump’s tariff policy with a curt message: “Get over it.” But with stock markets lower and cracks appearing to form in the US economy, Dimon himself might not be over it.
The US Federal Trade Commission asked a federal court in Seattle on Wednesday to delay a September trial in its case alleging Amazon misled consumers over its Prime subscription service, citing “severe resource shortfalls in terms of both money and personnel.”
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Ruth Marcus, who recently resigned as a Washington Post columnist after four decades, said she parted ways with the paper following a spiked opinion piece on the paper’s billionaire owner because her job is to tell readers “what I think, not what Jeff Bezos thinks I should think.”
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With his chaotic trade policy, President Donald Trump is digging himself into an economic and political hole so deep, it may prove impossible to climb out.
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Elon Musk has secured a major win in India by signing two back-to-back deals to bring SpaceX’s Starlink satellite internet services to the country.
President Donald Trump imposed a sweeping 25% tariff on all steel and aluminum imported into the United States early Wednesday, a move that threatens to drive up prices on a broad range of consumer and industrial goods for Americans.
Meta is once again facing allegations from a former employee that a growth-at-all-costs culture has caused offline harm.
It was almost an extraordinary scene in front of the White House. As Tesla shares have been tanking since the year began, President Donald Trump held remarks outside of the White House with the company’s CEO and Department of Government Efficiency Head Elon Musk – all in front of a line of shiny Tesla vehicles.
A Florida circuit judge on Monday denied the Pulitzer Board’s request to pause a defamation lawsuit from Donald Trump until the president is out of office.