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The S&P 500 banks index (.SPXBK) has lagged the broader S&P 500 (.SPX) this year with a 13% decline, while the KBW Regional Banking index (.KRX) has already lost 20% in its worst performance since 2009. "The retail sales are kind of a disappointment," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Traders stuck to bets the U.S. central bank will raise its benchmark rate in May by another 25 basis points after the retail sales data. Among other big-ticket earnings, healthcare conglomerate UnitedHealth Group Inc (UNH.N) beat estimates for quarterly profit and raised its annual forecast, pushing its shares up 0.4%. BlackRock Inc's (BLK.N) quarterly profit also beat analysts' estimates as investors continued to pour money in the world's largest asset manager's various funds.

The S&P 500 banks index (.SPXBK) surged 3.3% to a one-month high, while the KBW Regional Banking index (.KRX) rose 0.8%. Bank stocks lag S&P 500 this yearDampening the mood, however, data showed retail sales fell more than expected in March as consumers cut back on purchases of motor vehicles and other big-ticket items, raising fears of an economic slowdown. "The retail sales are kind of a disappointment," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Following Friday's retail sales data, traders stuck to bets the U.S. central bank will raise rates by another 25 basis points in May. The S&P index recorded six new 52-week highs and no new low, while the Nasdaq recorded 14 new highs and 25 new lows.

Companies JPMorgan Chase & Co FollowNEW YORK, April 4 (Reuters) - The U.S. government on Tuesday filed criminal charges accusing Charlie Javice, the founder of the now-shuttered college financial planning company Frank, of defrauding JPMorgan Chase & Co (JPM.N) into buying the startup for $175 million in 2021. Prosecutors said that when JPMorgan asked for a list of names, Javice paid an unnamed data science professor $18,000 to concoct a sham list of names. JPMorgan shut down Frank in January, and Chief Executive Jamie Dimon branded the acquisition a "huge mistake" in a Jan. 13 conference call with analysts. In December, JPMorgan sued Javice and Olivier Amar, who was Frank's chief growth officer, in Delaware federal court. Javice filed counterclaims in February, accusing JPMorgan of having "compromised her reputation" and wrongfully withheld $28 million of retention payments and equity.

JPMorgan Chase & Co (JPM.N) fell 1.2% as it set aside $1.4 billion in anticipation of a mild recession, even after beating quarterly profit estimates. The bank's Chief Executive Jamie Dimon listed a number of uncertainties facing the economy including geopolitical tensions and sticky inflation. Bank of America Corp (BAC.N) reported better-than-expected profit, with CEO Brian Moynihan also acknowledging an "increasingly slowing economic environment". Wells Fargo & Co (WFC.N) and Citigroup Inc (C.N) fell short of quarterly profit estimates, sending their shares down 3.9% and 0.6% respectively. Keeping the pressure off the Dow Jones, UnitedHealth Group Inc (UNH.N) rose 1.9% after beating Wall Street expectations for fourth-quarter profit.

Companies JPMorgan Chase & Co FollowJan 12 (Reuters) - JPMorgan Chase & Co (JPM.N) on Thursday shut down the website of Frank, a college financial planning platform it acquired in 2021, after suing the startup's founder Charlie Javice and Chief Growth Officer Olivier Amar for creating nearly 4 million fake customer accounts. The largest U.S. bank by assets had paid $175 million for Frank in a bid to deepen its ties with students. The bank said it was led to believe more than 4.25 million students had created accounts on Frank. However, when JPMorgan sent marketing test emails to a list of Frank's customers that the company had provided, only 28% of them were delivered, the bank alleged. JPMorgan said it generally sees a delivery rate of 99% with similar campaigns.

☆ Wall Street banks turn upbeat on emerging market debt
▼ + stars: | 2022-11-14 | by ( Karin Strohecker | ) www.reuters.com time to read: +3 min

JPMorgan raised its outlook for emerging market hard-currency debt on Monday to "marketweight" from "underweight", saying the latest U.S. inflation data cemented a shift to the next phase in the cycle. In its 2023 outlook Morgan Stanley predicted emerging market hard-currency bonds could return more than 14% next year. Core CPI seems to be finally in," Citi Research's head of emerging market strategy Dirk Willer said in the bank's weekly strategy note. However, it might not be quite time for investors to dive into emerging market sovereign credit. JPMorgan's emerging market strategist Jonny Goulden said Federal Reserve hiking cycles were usually followed by a "wait" period before the onset of a U.S. recession, or possibly even an emerging markets financial crisis.

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