New York bank cuts $160 billion US stocks
Tap title to read story
JPMorgan Chase is liquidating more than $160 billion in U.S. equities on Monday, July 13, in a move that sharply reduces its stock market exposure ahead of a pivotal week for Wall Street. The reduction comes just before major U.S. banks, including JPMorgan, Citigroup, Wells Fargo and Goldman Sachs, begin reporting second-quarter earnings. The macro backdrop includes a more hawkish Federal Reserve in response to persistent inflation, volatile oil prices amid renewed tensions in the Middle East, and U.S. stock indices trading near record highs. Economists widely expect the Fed to keep interest rates unchanged for the remainder of the year.
More context
Timeline
- This year S&P 500 gains exceed 10 percent
- Recently Federal Reserve adopts more hawkish stance
- Over the weekend US–Iran missile exchanges reported
- Monday JPMorgan begins $160 billion stock liquidation
- This week Major US banks release second-quarter earnings
- This week Investors await key US inflation data
- This year Reuters survey favors unchanged Federal rates
Why it matters
JPMorgan's big move could sway the stock market. If you own stocks, your portfolio might feel it. Keep an eye on your investments this week. And watch for news on bank earnings and inflation data.
JQJO Editorial Desk · Human reviewed · AI assisted. Report a correction.
