US Stocks Retreat Ahead Of Bank Earnings

Wall Street stocks fell again on Tuesday as markets digested the latest report showing higher consumer prices, while bank shares retreated ahead of earnings reports.

The consumer price index jumped 8.5 percent in March compared with a year ago, with prices climbing 1.2 percent over February's level.

The report, the first to fully encompass the shock caused by Russia's assault on Ukraine and the West's sanctions against Moscow, was seen as bolstering the odds for forceful action from the Federal Reserve to tighten monetary supply.

The Dow Jones finished down 0.3 percent at 34,220.

The S&P 500 fell 0.3 percent to 4,397, while the Nasdaq shed 0.3 percent to 13,371.

Stocks initially gained after the inflation data, but later pulled back. Some analysts pointed to nervousness ahead of the earnings season.

JPMorgan Chase, which reports first-quarter results on Wednesday, dropped 1.1 percent, joining other large banks in falling.

Analysts expect lower bank earnings compared with last year, when profits from large banks were lifted by the release of funds set aside early in the pandemic in case of bad loans.

Among other companies, American Airlines gained 0.9 percent as the big carrier projected slightly better revenues for the first quarter, but also said fuel costs had risen more than expected.

Other carriers including Delta Air Lines and United Airlines climbed about one percent. Delta also reports results on Wednesday.

CarMax fell 9.5 percent after the used car chain reported disappointing results, citing weakening consumer confidence and meagre shopper interest because of elevated prices. (AFP)