Inventory market and financial institution earnings updates: Dow and S&P 500

Stock market and bank earnings updates: Dow and S&P 500

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Chief executives at some of the largest banks in the United States were forced to address the elephant in the room as they reported first-quarter earnings on Friday morning: The regional banking crisis that brought Silicon Valley Bank and Signature Bank to ruin last month.

> Banking industry turmoil has added to risks of recessionary “storm clouds” on the horizon, said JPMorgan Chase CEO Jamie Dimon Friday in a release. He added that “the banking situation is distinct from 2008 as it has involved far fewer financial players and fewer issues that need to be resolved.”

Still, said Dimon, who leads the country’s largest bank, “financial conditions will likely tighten as lenders become more conservative, and we do not know if this will slow consumer spending.”

>“We are glad to have been in a strong position to help support the US financial system during the recent events that impacted the banking industry,” commented Wells Fargo CEO Charlie Scharf in a statement. “Regional and…

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