Why JPMorgan Chase Stock Tumbled Today
Hump Day proved to be too much of an obstacle for JPMorgan Chase (NYSE: JPM) stock to overcome.
The Federal Reserve's (Fed) Open Market Committee elected to keep its key interest rates unchanged, so Chase and other American banks won't see a sudden boost in their interest income. That discouraged investors enough to trade the shares down by almost 3% over Wednesday's trading session.
The equity of Chase and other banks didn't decline more on that news because many market players, not to mention analysts and economists, were expecting it. Nevertheless, inflation continues to have a withering effect on both the U.S. and global economies, and at some point in the near future, it's almost a given that the Fed will hike rates again.
Source Fool.com
JPMorgan Chase & Co. Stock
The stock is one of the favorites of our community with 49 Buy predictions and 1 Sell predictions.
On the other hand, the target price of 302 € is below the current price of 305.15 € for JPMorgan Chase & Co., so the potential is actually -1.03%.
