Markets Recap: Stocks Trade Sideways Amid Mixed Bank Earnings

“Bottom line: This does not fit the ‘beat and raise’ narrative investors have for banks in 2022,” said UBS analyst Erika Najarian

article-image

Source: Shutterstock

share

key takeaways

  • The amount of ETH burned was equal to newly-issued ETH over the past seven days, resulting in zero net insurance for the first time in the protocol’s history
  • JPMorgan shares shed 6.4% to $157.65 by market close, the sharpest decline post-earnings in over a decade

Major Wall Street gauges traded sideways on Friday as banking giants kicked off a mixed fourth-quarter earnings season. 

JPMorgan Chase & Co. (JPM) reported profits of $10.4 billion in the last three months of 2021. Analysts, surveyed by FactSet, expected profits of $9.1 billion. The firm’s shares shed 6.4% to $157.65 by market close. The decline notched JPMorgan’s worst post-earnings drop in more than a decade, according to data from Bloomberg. 

The bank’s management expected “headwinds” due to higher expenses, JPMorgan CFO Jeremy Barnum told reporters on the earnings call. 

“JPMorganChase reported solid results across our businesses benefiting from elevated capital markets activity and a pick up in lending activity as firmwide average loans were up 6%,” Jamie Dimon, the megabank’s CEO, said in a statement. 

Citigroup Inc. (C) shares also declined after disappointing trading results, falling 1.25% by market close. The banking giant reported revenue of $17 billion, higher than the analyst’s estimates of $16.75 billion. However, the company’s net income dropped more than 25% to $3.2 billion.

“Bottom line: This does not fit the ‘beat and raise’ narrative investors have for banks in 2022,” said Erika Najarian, an analyst at UBS, told Barron’s

Latest in Macro:

  • S&P 500: 4,662, +0.08%
  • NASDAQ: 14,893, +0.59%
  • Gold: $1,816.3, -0.28%
  • WTI Crude Oil: $84.35, +2.72%
  • 10-Year Treasury: +0.082, 1.791%

Latest in Crypto:

  • BTC: $42,953, -0.74%
  • ETH: $3,267, -1.07%
  • ETH/BTC: 0.076, +0.6%

The amount of ETH burned was equal to newly issued ETH over the past seven days, resulting in zero net issuance for the first time in the protocol’s history. The net issuance of ETH, calculated by block subsidy minus transaction fees burned, over the last seven days was zero. Essentially, there was no ETH inflation this past week, making it ‘harder’ money than bitcoin.

Elsewhere, the price of the shiba-inu-themed Dogecoin jumped over 17% in a 24-hour period early Friday, likely due to Elon Musk’s announcement that Tesla would accept Doge as currency in its online store. Doge is currently changing hands for roughly $0.19.


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (8).png

Research

Meta-aggregators like Titan and Kamino Swap improve price execution for users, making the Solana swapping landscape more competitive. Jupiter has incorporated meta-aggregation features into its latest routing engine to keep users on its front end (own the user, own the flow). At large, teams are treating swaps as a commoditized complement, offering incredibly cheap or free swaps to own the end-user and increase demand for high-margin product offerings (multi-product DeFi). On another note, the divergence in the concentration of aggregator volume between DEXs suggests increased specialization at the DEX layer by asset type.

article-image

Many community banks and credit unions feel like they missed the fintech craze — and they don’t want to miss stablecoins

article-image

BlackRock COO Rob Goldstein noted that the firm had been looking into crypto since 2017

article-image

With the June FOMC meeting coming up, the Fed remains unlikely to cut interest rates. Is this the right move?

article-image

The crypto-optional shooter is expected to release on Steam in a few weeks

article-image

The new airdrop campaign reaches 50,000 users, setting the stage for Spark’s 10-year token distribution