Wall Street closed lower Thursday, and banks were among the biggest weights on the market following weak earnings and a warning from JPMorgan Chase, per the AP. The S&P 500 fell 11.40 points, or 0.3%, to 3,790.38; the Dow Jones Industrial Average fell 142.62 points, or 0.5%, to 30,630.17; and the Nasdaq rose 3.60 points, less than 0.1%, to 11,251.19. JPMorgan fell 3.7% after reporting a sharp drop in earnings for its latest quarter, falling short of forecasts. CEO Jamie Dimon stuck by his warning earlier this summer that a “hurricane” is headed for the economy.
"I haven’t changed my view at all,” he said in a conference call with journalists, per the AP. “The negatives I pointed out, the risks in the future, are still the same risks. They’re nearer than they were before.” Inflation and the Federal Reserve's fight against it remain key concerns for Wall Street. Inflation at the wholesale level climbed 11.3% in June compared with a year earlier. It is the latest painful reminder that inflation is running hot, following a report on Wednesday that showed prices at the consumer level were 9.1% higher last month than a year earlier.
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