New York (CNN Busines)Investors clearly didn't want to go into the upcoming three-day weekend holding onto financial stocks. The Dow fell a little more than 200 points, led by a steep fall in shares of JPMorgan Chase (JPM) and other big banks.
The Dow closed 0.6% lower on Friday. The index is off nearly 1% over the past five days and has fallen 1.2% so far this month.
A weak retail sales report for December didn't help matters on Wall Street. Consumer spending surprisingly fell during that key holiday shopping month, raising concerns that runaway inflation is finally taking a toll on the economy.
But while investors have been shunning big techs like Apple (AAPL), Microsoft (MSFT) and Tesla (TSLA) this year, bank stocks were a bright spot for the market — until Friday. Investors were disappointed by JPMorgan Chase's nearly 15% drop in earnings from the fourth quarter of 2020.
More big banks, including Bank of America (BAC), Morgan Stanley (MS) and Truist (TFC), will report their results in next week's holiday-shortened trading session. Earnings are also on tap from consumer products king Procter & Gamble (PG), airlines United (UAL) and American (AAL) and streaming giant Netflix (NFLX).
The stock market is closed Monday in observance of Martin Luther King, Jr. Day.