Chapter 1: What caused JPMorgan's profit slump and its impact on the Dow?
Here's your Closing Bell Brief for Tuesday, January 13th. I'm Katherine Sullivan for The Wall Street Journal. U.S. stocks finished lower today. The Dow fell 0.8%.
It lagged behind other major indexes, with the S&P 500 down 0.2% and the Nasdaq down 0.1%. Investors focused on new inflation data for December. Headline prices rose 2.7 percent from a year ago, and core inflation was softer than analysts forecast. Treasury yields also slipped following the report. Oil prices finished 2.8 percent higher.
Among individual companies, JPMorgan Chase shares dropped 4 percent. The bank reported a 7 percent drop in quarterly profit, which also weighed on the Dow. Revenue for the period also missed forecasts. The firm took a $2.2 billion charge for potential future losses related to the purchase of Apple's credit card program. Delta Airlines stock fell over 2 percent today.
Chapter 2: How did Delta Airlines' profits get affected by the government shutdown?
The government shutdown cut $200 million from its pre-tax quarterly profit and caused its adjusted revenue to miss expectations. The company also announced a new order for Boeing jets. And Revity shares jumped 6% after the health sciences company increased its annual earnings guidance.
Heads up, an artificial intelligence tool helped us make this episode by creating summaries that were based on WSJ reporting and then reviewed and adapted by an editor. We'll have a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.