Dow edged up 22 (below highs at the opening), decliners over advancers 5-4 & NAZ dropped 134.  The MLP index added nearly 2 to the 248s & the REIT index was flattish in the 338s.  Junk bond funds were higher & Treasuries saw heavy buying which reduced yields.  Oil jumped 3+ to the 86s & gold soared 49 to 1932.

AMJ (Alerian MLP Index tracking fund)

Fed’s Harker advocates holding interest rates ‘where they are’ 

JPMorgan's (JPM), a Dow stock, topped estimates for Q3 profit & revenue as the bank generated more interest income than expected, while credit costs were lower than anticipated.  EPS surged 35% to $4.33 from a year earlier.  That per-share figure includes 17¢ in securities losses & 22¢ in legal expenses.  It wasn't  immediately clear which items were included in LSEG’s $3.96 a share profit estimate.  Revenue climbed 21% to $40.7B, helped by the stronger-than-expected net interest income.  That measure surged 30% to $22.9B, exceeding expectations by roughly $600M.  At the same time, credit provisioning of $1.4B came in far lower than the $2.4B estimate.  JPM's retail banking division saw profit surge 36% to $5.9B, fueled by higher net interest income & the acquisition of First Republic.  Its corp & investment bank saw profit slip 12% to $3.1B on declines in trading & advisory revenue.  CEO Jamie Dimon acknowledged that the biggest US bank by assets was “over-earning” on net interest income & “below normal” credit costs that will both normalize over time.  While surging interest rates caught some smaller peers off guard this year, causing upheaval among regional lenders in Mar, JPM has navigated the turmoil well so far.  Dimon warned that while American consumers & businesses were healthy, households were spending down cash balances & that tight labor markets & “extremely high government debt levels” meant that interest rates may climb even further from here.  The stock rose 4.11 (3%).
If you would like to learn more about JPM, click on this link:
club.ino.com/trend/analysis/stock/JPM_aid=CD3289&a_bid=6aeoso5b6f7

JPMorgan Chase shares pop after profit exceeds expectations on higher rates, benign credit

Mortgage rates climb again, more opting for adjustable rates

Stocks tried to rally this week, that effort failed.  Earnings reports will drive the market next week.  The effects of higher inflation are still around.  Oil is near its high in the last year & that will pinch any economic recovery.

Dow Jones Industrials