The S&P 500 fell about 0.35% even with large cap tech up, as the Nasdaq rose as much as 0.3%. The 10-Year Treasury yield fell considerably to 0.74% from 0.78%.
Investors have been favoring large cap growth tech this week as economic uncertainty has emerged. Apple (AAPL) - Get Report, though, fell more than 1% to $122 a share after a 6% up-move Wednesday in anticipation of an iPhone 12 unveiling that could precede strong consumer demand.
But cyclical stocks like airlines, restaurants, oil and manufacturers were all down, some more than 1%.
Positively, JPMorgan posted revenue of $29 billion, narrowly beating estimates. Earnings per share was $2.92, rising 9% year-over-year and beating estimates of $2.23. Loan loss provisions fell more than 90% quarter-over-quarter, as consumer and business credit brightened during the quarter. JPM’s top line beat was largely on the back of growth in trading and investment banking. The stock fell more than 1% to $100 a share, although banks more sensitive to the yield curve, like Wells Fargo (WFC) - Get Report, fell more than 2%.
The driver of fear on the economic outlook: Johnson and Johnson (JNJ) - Get Report fell 1.9% after saying it is halting trials of its COVID vaccine because a trial patient had an unexplained illness. Fewer vaccine doses distributed, combined with delayed fiscal stimulus puts the V-shaped economic recovery at risk of slowing considerably.