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U.S. stocks were mixed midday as investors digested better-than-expected earnings from Goldman Sachs which lifted the broader financials. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 33862.63 +185.36 +0.55%
GS THE GOLDMAN SACHS GROUP, INC. 338.13 +10.86 +3.32%

The Dow Jones Industrial Average rose over 200 points or 0.67% as Goldman took the lead following record results. The investment bank’s profits jumped nearly 500% after earning $18.60 per share, beating by a wide margin, the $10.22 estimate polled by Refinitiv. Revenue was $17.7 billion, also topping estimates of $12.61 billion. The firm also noted it held its #1 ranking for worldwide M&A.  

Ticker Security Last Change Change %
SP500 S&P 500 4142.4 +0.81 +0.02%
.NCOMP n.a. n.a. n.a. n.a.
BBBY BED BATH & BEYOND, INC. 25.14 -2.79 -9.99%

The S&P 500 was also higher by 0.03% while the Nasdaq Composite turned lower, plagued by a drop in Bed Bath & Beyond shares. The home retailer tumbled after disappointing quarterly results which included a 20% drop in comparable-store sales. 

In other financials, JPMorgan, in a sign the U.S. economy is improving, released $5.2 billion of reserves during the quarter, decreasing the size of its buffer to $26 billion. Still, shares dipped. 

JPMORGAN PROFITS SURGE, DIMON SEES IMPROVING ECONOMY

This as the lender earned $14.3 billion, or $4.50 per share, as revenue rose 14% year over year to $33.12 billion.  Wall Street analysts surveyed by Refintiv were expecting JPMorgan to earn $3.10 per share on revenue of $30.52 billion.  

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 151.88 -2.10 -1.36%

CEO Jamie Dimon noted the quarter reflects a “strong underlying performance across our businesses, partially driven by a rapidly improving economy…”

Wells Fargo’s profits bounced posting $4.74 billion for the first quarter, up from $653 million a year earlier. Revenue came in at $18.06 billion, up 2% from $17.72 billion a year earlier. That beat the $17.52 billion expected by analysts.

Ticker Security Last Change Change %
WFC WELLS FARGO & CO. 41.97 +2.22 +5.58%

In other sectors, energy stocks also rose after a bigger-than-expected drop in oil supplies, along with a large surprise draw in distillates. Oil ticked closer to the $63 per barrel level. 

Ticker Security Last Change Change %
XLE ENERGY SELECT SECTOR SPDR ETF 49.39 +1.55 +3.24%

Coinbase Direct Listing: COIN

COINBASE MAKES DEBUT

In other news, Coinbase’s highly anticipated direct listing will begin trading on the Nasdaq today under the symbol COIN. The offering will become the first major publically traded cryptocurrency company.  

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Investors will also pay close attention to Federal Reserve Chairman Jerome Powell who is set to speak at the Economic Club of Washington D.C.

Ahead of his remarks, the economic calendar includes another inflation-related report in the form of import and export prices for March. Prices of imported goods likely jumped 1% last month, down from February’s 1.3% rise. Export prices, meantime, are also expected to jump 1%, down from a 1.6% increase the previous month.

CONSUMER PRICES POST BIGGEST MONTHLY INCREASE SINCE AUGUST 2012

On Tuesday, the U.S. government reported consumer prices increased by a stronger-than-expected 0.6% in March, the fastest rate since 2012.

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