ALSO READDonald Trump suggests armed deputy at Florida school was a 'coward' Trump plays down trade war rhetoric; says talks with China going very well Not in trade war with China, says Trump after Beijing hits with new tariffs Change ridiculous immigration laws: Trump's latest tweetstorm at Congress Trump does a U-turn on Paris climate accord, says US could rejoin deal
Wall Street major indexes fell on Friday morning, erasing all their gains coming out of the opening bell as JPMorgan led a sharp reversal in financial stocks.
Citigroup also reversed course to trade 1.8 percent lower after its results.
The S&P 500 banks index was down 1.98 percent.
"This has not been the typical pre-earnings season where you're talking down expectations. There is some potential for disappointment at the same time there is also lot of hope that these numbers are going to meet expectations."
At 10:29 a.m. ET, the Dow Jones Industrial Average was down 51.36 points, or 0.21 percent, at 24,431.69, the S&P 500 was down 5.47 points, or 0.21 percent, at 2,658.52 and the Nasdaq Composite was down 29.39 points, or 0.41 percent, at 7,110.86.
Stocks got a boost on Thursday after U.S. President Donald Trump cast doubt over the timing of his threatened strike on Syria, easing the risk of clashes between Western powers and Russia in Syria over an alleged chemical attack.
Tesla jumped 2 percent after its founder Elon Musk said the electric car maker will not need to raise any money this year as it will have positive cash flow and be profitable in the third and fourth quarter.