Earnings season kicked off today, with several banking heavyweights all releasing their Q4 financials.
Releases came from the likes of J.P. Morgan, Citigroup and Wells Fargo, with all there posting better than expected profits in the fourth quarter.
Despite J.P. Morgan registering revenue of around $30.16 billion, which exceeded the expected $28.70 billion, the company’s share price was down over 1.1% as of writing.
Overall, the S&P 500 was also down, with the benchmark U.S. index falling 0.40% in today’s session.
U.S. Retail Sales and Consumer Sentiment decline
Data released today in the United States showed that Retail Sales figures have once again dropped, as consumer confidence continues to suffer.
It was confirmed that Retail Sales dropped by 0.7% in December versus estimates which forecasted figures would remain steady at 0%.
The biggest surprise came as Online sales tumbled 5.8%, with many believing that this could be due to an increase in unemployment.
Further figures also showed that Consumer Sentiment had dropped to 79.2 in January from a final reading of 80.7 in December
Pfizer reduces vaccine delivery, as cases increase
Pfizer today released a statement confirming that immediate shipments of their COVID-19 vaccine within Europe will be less than initially expected.
The news comes as the United Kingdom today registered close to 56,000 new coronavirus infections, with the continent recording around 240,000 as a whole.
In a statement regarding the news the company stated, “As part of the normal productivity improvements to increase capacity, we must make modifications to the process and facility that will require additional regulatory approvals, (this will) temporarily impact shipments in late January to early February”.
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Senior Market Analyst