S&P 500 banking index fell about 1 per cent. Other big banks, due to report their quarterly numbers later this week, are widely expected to post stronger results, helped by a pickup in dealmaking.
Visa share price slumped 4.7 per cent and Mastercard fell 5.3 per cent as JPMorgan Chase CFO Jeremy Barnum’s comments revived a selloff on concerns over a proposed 10 per cent one-year cap on credit card interest rates. JPMorgan dropped 2.5 per cent as a drop in investment banking fees also overshadowed its better-than-expected quarterly profit.
U.S. stock indexes fell on Tuesday, pressured by financials after JPMorgan cautioned that a planned cap on credit-card rates would weigh on consumers, while an expected increase in inflation kept bets alive for interest rate cuts this year.
With the S&P 500 and the Dow near record highs on Monday, investors once again rotated away from richly valued growth stocks toward overlooked areas of the market, continuing a pattern seen since the beginning of the year.
Tech stocks slipped 0.2 per cent, while energy, consumer staples and industrials gained. Ryan Detrick, chief market strategist at Carson Group, said the shift from tech to other sectors is encouraging, stressing that “the lifeblood of a bull market is rotation” in sectors.
The Russell 1000 value index was about flat, while the growth counterpart fell 0.5 per cent. The small-cap Russell 2000 is up 6.2 per cent in the first seven trading days of this year, while the S&P 500 rose 1.9 per cent, as of Monday’s close.
FAQs
Q1. Which are top four indexes of U.S Stock Market?
A1. Top four indexes of U.S Stock Market are — S&P 500, Nasdaq, Dow Jones, Russell 2000.
Q2. How has Russell index performed?
A2. Russell 1000 value index was about flat, while the growth counterpart fell 0.5 per cent. The small-cap Russell 2000 is up 6.2 per cent in the first seven trading days of this year, while the S&P 500 rose 1.9 per cent, as of Monday’s close.