JPMorgan, Intel, Zoetis, and More

U.S. equities sank at midday amid concerns about inflation, bank earnings, and heightened tensions in the Middle East. The Dow, S&P 500, and Nasdaq all tumbled about 1%.

JPMorgan Chase (JPM) was the worst-performing stock in the Dow after the biggest U.S. bank beat estimates for earnings and revenue, but missed net interest income expectations and guided for little change in interest income this year. Shares of investment giant BlackRock (BLK) also lost ground despite beating earnings estimates and reporting assets under management swelled to a record $10.5 trillion.

State Street (STT) beat revenue estimates as it collected more in fees, and shares of the financial firm rose. 

Shares of Intel (INTC) and Advanced Micro Devices (AMD) dropped following a report that China was ordering its big telecom firms to stop using foreign-made chips.

Zoetis (ZTS) shares sank following a report that the pet drug maker’s arthritis medications may have sickened dogs. 

Worries about escalating tensions in the Middle East impacted commodity stocks. Shares of Newmont Corporation (NEM) and rival gold miners advanced as the price of gold surpassed $2,400 an ounce for the first time. Oil futures jumped more than 2%, sending shares of Occidental Petroleum (OXY) and other oil companies higher.

The yield on the 10-year Treasury note tumbled. The U.S. dollar gained on the euro and pound, but lost ground to the yen. Most major cryptocurrencies traded lower.