JPMorgan Stock Takes a Hit as Treasury Yields Retreat
JPMorgan Chase, America's largest bank by assets, saw its stock price drop by 1.2% to $357.09 on Wednesday due to a retreat in Treasury yields.
The 30-year yield reached its highest level since 2007 before reversing course as the Treasury moved to expand liquidity-support buybacks.
This sudden change in Treasury yields impacted banks, causing JPMorgan's stock to decline even though the broader market recovered.
However, despite this temporary setback, JPMorgan's business remains strong, with second-quarter results delivering $21.2 billion of reported net income or $7.70 per share, and profit excluding significant items reaching $16.9 billion.
The bank's investment-banking fees saw a 30% increase, while equity-markets revenue rose by 86%, and total markets revenue climbed by 35%.