Stocks on the market struggled to maintain their gains as major indexes saw losses of over 1% by the end of the trading day. The kickoff of earnings season with reports from big banks did not excite investors, with JPMorgan Chase, Wells Fargo, and Citigroup all closing in the negative after their first-quarter results. The Dow Jones fell 1.2%, the S&P 500 lost 1.5%, and the Nasdaq dropped 1.6%, with the small-cap Russell 2000 being hit the hardest, sliding 1.9%.
Among individual stocks, Arista Networks experienced a sharp decline of nearly 8.6% after a rating downgrade, while uranium stock Cameco broke out of a base but retraced below its buy point amidst market volatility. Notably, Trump Media & Technology rebounded slightly after a significant sell-off. Bank stocks, including JPMorgan Chase, Wells Fargo, and Citigroup, faced challenges despite beating certain financial expectations in their earnings reports. The broader market was also influenced by developments like Coupang’s membership fee increase and concerns regarding Intel and AMD in China’s telecom networks.