Earnings drop at JPMorgan Chase drags bank stocks lower; Technology sector still weak

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NEW YORK, N.Y. – Weaker earnings at JPMorgan Chase are dragging bank stocks lower in midday trading.

Technology and biotech stocks also fell, a day after the worst rout for the Nasdaq composite index since 2011.

The Nasdaq fell another 15 points, or 0.4 per cent, to 4,039 as of noon (1600 GMT) Friday. The index is headed for its third weekly loss in a row.

The Standard & Poor’s 500 index fell six points, or 0.4 per cent, to 1,826. The Dow Jones industrial average fell 74 points, or 0.5 per cent, to 16,095.

JPMorgan Chase led a decline in bank stocks after reporting weaker earnings because of a decline in bond trading and mortgages.

Treasury prices rose. The yield on the benchmark 10-year Treasury note fell to 2.6s per cent.

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