By Sruthi Shankar
(Reuters) - Banks led a slide in U.S. stocks on Friday, as results from big lenders including JPMorgan failed to enthuse investors keeping a wary eye on Russia's plan to consider banning some U.S. imports.
Shares of the biggest U.S. bank by assets dropped 2.6 percent, overturning an initial gain in premarket trading when the bank reported a record quarterly profit that fell slightly short of expectations.
Analysts cast the losses as driven in part by a bullish 10 days for the lenders, whose shares have generally been shakier in 2018 after doubling in value in a little over 18 months.
"But we did see the banks ramp up, over the last couple of days into these reports, sort of buy the rumour sell on the news is not unusual for the group."
At 11:11 a.m. ET, the Dow Jones Industrial Average was down 87 points, or 0.36 percent, at 24,396.05, the S&P 500 6.39 points, or 0.29 percent, at 2,657.6 and the Nasdaq Composite 29.07 points, or 0.41 percent, at 7,111.18.
The bank results blow the starting whistle on U.S. earnings season, with Thomson Reuters data predicting profits at S&P 500 companies increased by 18.4 percent from a year ago, their biggest rise in seven years.
While the U.S. economy is performing well, geopolitical issues are weighing this year on stock markets after almost a decade of uninterrupted gains.
Senior lawmakers said on Friday that Russia's lower house of parliament would consider draft legislation giving the Kremlin powers to ban or restrict a list of U.S. imports, reacting to new U.S. sanctions on Russian tycoons and officials.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)