Volatility sparked by Trump's tariffs extended beyond Wall St, challenging the long-held narrative of US economic exceptionalism. Dollar & bond market rattled, while gold surged. Positive momentum faded as uncertainty loomed and consumer sentiment plunged to 3-year lows.
JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon offered more insights on President Donald Trump's tariff policies and the possible effects on businesses and the economy during the company's first-quarter earnings call on Friday morning.
Gold prices initially dipped by nearly 5% after President Donald Trump announced that the ‘Liberation Day’ tariffs would go into effect from April 2. However, since then, the yellow metal has rallied by more than 8% to set a new record high on Friday.
Dimon, who has been critical of Trump’s tariffs, said that while some companies have already withdrawn their guidance, he expects to see “more of that” going forward.
Revenue rose 17% year-over-year to $17.74 billion during the quarter, surpassing a Wall Street estimate of $16.55 billion. Earnings per share stood at $2.6 versus an estimated $2.21.
JPMorgan, which holds a ‘Neutral’ rating on the stock, opined that Charles River could see disruption from customers reassessing its preclinical strategies in the near term.
Fink said in a prepared statement in the earnings report that uncertainty and anxiety about the future of markets and the economy are dominating client conversations.
Revenue rose 3% year-over-year to $20.15 billion, which failed to meet an analyst estimate of $20.76 billion, per FinChat data. Earnings per share stood at $1.39 versus a Street estimate of $1.22. Net income rose 6% to $4.89 billion.
JPMorgan Chase & Co. (NYSE: JPM) reported higher revenue and net income in their Q1 FY24 results, beating consensus estimates and seeing growth in multiple sectors.
