244.76
1.65%
3.98
After Hours:
244.22
-0.54
-0.22%
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Why is Jpmorgan Chase Co (JPM) Stock down?
We've noticed a 5.19% decline in Jpmorgan Chase Co (JPM) stock during the 2024-09-10 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
12 Apr, 2024:
JPMorgan Chase & Co (JPM) stock fell by 6.47% despite reporting big beats on both revenue and earnings for its first quarter of fiscal 2024, due to concern admist deposit interest rates and revenue.
- Fiscal Q1 2024 results: Analysts had expected a profit of $3.82 per share on revenue of $38.5 billion, but the bank reported profits of $4.63 per share and revenue of $41.9 billion. CEO Jamie Dimon characterized the results as "strong," noting that the difference between adjusted and net earnings came from a $750 million "special assessment" by the FDIC.
- Concerns Over Deposit Interest Rates and Revenue: One of the reasons for the stock's decline is that bank depositors are shifting money out of JPMorgan savings accounts to higher-yielding investments due to the ultra-low interest rates the bank pays on deposits. This trend poses a threat to profits, as JPMorgan may have to raise the interest rates it pays to win back deposits. However, Dimon reassured investors that both the bank's credit costs and its net interest income are on a path to "normalization."
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