NEW YORK, July 14 — Wall Street stocks slumped early today following another gloomy inflation report and disappointing bank results that set a gloomy tone at the start of the second-quarter corporate earnings season.
The broad-based S&P 500 fell 1.6 per cent to 3,741.71, while the tech-rich Nasdaq Composite Index shed 1.4 per cent to 11,085.57. Meanwhile, results from JPMorgan Chase lagged estimates as the banking giant reported a 28 per cent drop in quarterly earnings and set aside additional funds in case of bad loans.
Shares of JPMorgan fell 4.4 per cent. Morgan Stanley, which also missed estimates, dropped 2.6 per cent.