- Increasing auto insurance is playing a role in higher inflation.
- The S&P 500 and the Nasdaq Composite had sharp rebounds.
- Big banks started reporting earnings.
Here are the most important news items that investors need to start their trading day:
JPMorgan Chase, the biggest U.S. bank by assets, reported first-quarter profit and revenue that beat expectations Friday. The company also said trading revenue and credit costs came in better than expected. Despite the beat, shares of JPMorgan fell roughly 4% in premarket trading. Wells Fargo shares also fell in early trading Friday after the bank reported first-quarter earnings that beat expectations but showed a decline in interest income.
Andy Jassy, CEO of Amazon, speaks with CNBC’s Andrew Ross Sorkin (not pictured) on April 11th, 2024.
CNBC
Amazon CEO Andy Jassy on Thursday criticized regulators blocking mergers after they stepped in to express concerns about the company’s planned acquisition of robotic vacuum maker iRobot. That deal fell through earlier this year due to antitrust concerns. Jassy told CNBC’s Andrew Ross Sorkin that regulators blocked the potential deal “because they worry that we’re going to feature our vacuum cleaner, the Roomba, vs. others, which of course is not our model.” The decision came as regulators have taken a more aggressive approach in trying to block Big Tech companies from further expansion.
A worker prepares to park a Tesla electric car at a Tesla dealership on January 16, 2024 in Burbank, California.
Mario Tama | Getty Images News | Getty Images
A rise in auto insurance costs contributed to higher inflation in March as expenses for vehicle owners continued to skyrocket. Car insurance prices as part of the consumer price index rose by an unadjusted 2.7% in March and 22.2% year over year, according to data released Wednesday. Auto insurance costs have only been on the rise since December 2021. “There’s not a single factor, but I think the biggest factor is a combination of new cars and more expensive, so if you total your car the replacement cost is really high and a fender bender is very expensive right now,” said Sean Tucker, senior editor at vehicle valuation and automotive research company Kelley Blue Book. “The technology in the cars, it’s a very specific problem.”
A Buffalo Wild Wings restaurant is seen on November 28, 2017 in Miami, Florida.
Joe Raedle | Getty Images News | Getty Images
Buffalo Wild Wings on Wednesday opened its 100th Go location, which is a smaller, takeout-focused spinoff of the sports bar chain. BWW Go sells the restaurant’s iconic chicken wings and other menu items as the chain aims to build its brand in the takeout category. Though Buffalo Wild Wings’ revenue fell 1% in 2023, a fast-growing spinoff like Go can bolster the company’s image to potential public market investors. BWW is part of Inspire Brands, which is reportedly considering going public in late 2024 or 2025, seeking a valuation of $20 billion. The chain plans to open another 50 Go locations by the end of the year.
— CNBC’s Hakyung Kim, Hugh Son, Yun Li, Annie Palmer, Michael Wayland and Amelia Lucas contributed to this report.
— Follow broader market action like a pro on CNBC Pro.
Source: 5 things to know before the stock market opens Friday