Stocks fell broadly in afternoon trading on Wall Street Thursday and banks were among the biggest weights on the market following weak earnings and a warning from JPMorgan Chase.
The S&P 500 fell 1.1% as of 1:27 p.m. Eastern. Roughly 90% of companies in the benchmark index were in the red. The Dow Jones Industrial Average fell 353 points, or 1.2%, to 30,419 and the Nasdaq fell 0.8%.
Banks had some of the biggest losses and weighed heavily on the market. JPMorgan Chase fell 4% after reporting a sharp drop in earnings for its latest quarter, falling short of forecasts. CEO Jamie Dimon stuck by his warning earlier this summer that a “hurricane” is headed for the economy.
“I haven’t changed my view at all,” he said in a conference call with journalists. “The negatives I pointed out, the risks in the future, are still the same risks. They’re nearer than they were before.”
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