By Joe Woelfel
Stocks turned higher Friday even as the U.S.-China trade war intensified, the University of Michigan's latest sentiment survey saw a surge in inflation expectations, and investors turned their attention to bank earnings.
These stocks were making moves Friday:
JPMorgan Chase reported first-quarter earnings of $5.07 a share, better than analysts' estimates of $4.63 and higher than year-earlier profit of $4.44. Revenue was $45.3 billion, topping forecasts of $43.9 billion. Net interest income in the quarter was $23.4 billion. CEO Jamie Dimon said the world economy continues to face "considerable turbulence," citing, among other things, "potential negatives of tariffs and 'trade wars.'" JPMorgan was up 3.1%.
Wells Fargo, the San Francisco bank, posted first-quarter earnings of $1.39 a share, beating analysts' estimates of $1.23. Net interest income fell 6% from a year earlier. CEO Charlie Scharf said Wells Fargo expected "continued volatility and uncertainty" and was "prepared for a slower economic environment in 2025." The stock fell 2.9%.
Morgan Stanley reported first-quarter earnings of $2.60 a share, beating Wall Street expectations of $2.21. Investment banking revenue in the quarter rose 8%. Shares of Morgan Stanley fell 0.4%.
BlackRock, the world's largest asset manager, rose 1.3% after reporting first-quarter adjusted earnings of $11.30 a share, topping analysts' estimates. BlackRock's assets under management during the first quarter jumped 11% from a year earlier to a record $11.58 billion.
Electric-vehicle maker Tesla fell 3.2% after tumbling 7.3% on Thursday. Tesla closed up 23% on Wednesday, the stock's second-best daily percentage gain since May 9, 2013, after President Donald Trump's move to pause reciprocal tariffs on most countries for 90 days but not China. Coming into Friday, Tesla has dropped 38% this year.
Apple was up 3.1%. The iPhone giant fell 4.2% on Thursday and coming into Friday has fallen 24% this year. Apple makes most of its iPhones in China, so the trade war between Washington and Beijing is especially troublesome for the company. China on Friday raised tariffs on U.S. goods to 125%, the latest in the tariffs tit-for-tat.
Nvidia gained 2.2% to $109.92. Shares of the maker of artificial-intelligence chips closed down 5.9% on Thursday. Trading in the stock continues to be driven by wider market sentiment around tariffs. Analysts at Citi reduced their price target on Nvidia to $150 from $163.
Texas Instruments extended declines, falling 6.8% after finishing Thursday's session down 7.6%. The China Semiconductor Industry Association issued an emergency notice on methods for determining the origin of chip imports, an indication that trade tensions between the U.S. and China were continuing to mount. The chip company maintains a large presence in China.
Newmont rose 9.2% to $55.61. Shares of the gold miner were upgraded to Buy from Neutral at UBS and the price target was raised to $60 from $50. The stock has gained 46% this year as the price of gold has risen sharply in 2025.
Fastenal was up 6.1%. First-quarter earnings and revenue at the industrial distributor rose from a year earlier. The company said daily sales rose 5% from a year earlier, and selling rates picked up through the quarter, with March sales up 8.3% year over year. Fastenal said it raised prices in April to offset tariff cost increases.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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(END) Dow Jones Newswires
April 11, 2025 12:18 ET (16:18 GMT)
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