The S&P 500 was 0.9% lower in morning trading and heading for a second straight weekly loss and the Nasdaq composite was 1% lower. JPMorgan Chase fell 5.1% despite reporting stronger profit for the first three months of the year than analysts expected.
Stock indexes fell on high inflation, impacting rate cut expectations. Bond yields surged. Market awaits Fed meeting minutes and first-quarter earnings reports from major banks. Real estate sector led declines in indices. Excluding volatile food and energy components, the core figure rose 0.4% month-on-month in March, against expectations of a 0.3% advance. Annually, it gained 3.8%, versus the estimated 3.7% increase.