Wall Street falls due to the fall in profits of the big banks in Q3

US stocks fell on Friday as corporate earnings season began with a slump in profits at big banks, and major indices quickly reversed an initial rebound after Russia signaled an end to its military mobilization.

At 15:00 GMT, the Industrial Average Dow Jones it fell 32.96 points, or 0.12%, to 29,995.19 units; the index S&P 500 it lost 47.10 points, or 1.28%, to 3,622.81 units; and the Nasdaq Composite left 181.89 points, or 1.74%, at 10,460.93 units.

JPMorgan Chase & Co, Morgan Stanley, Citigroup and Wells Fargo reported falling net profit as market turmoil hurt investment banking activity and lenders set aside more funds to cover loan defaults.

Still, JPMorgan beat market expectations for earnings and, along with UnitedHealth Group, which raised its full-year earnings forecast, limited the Dow’s declines. The investment bank advanced 2.87% and UnitedHealth, 2.95%.

Analysts now expect earnings of S&P 500 companies to have risen just 3.6% from a year earlier, well below the 11.1% rise forecast in early July, according to Refinitiv data.

Market participants are closely watching the earnings season for any impact on corporate earnings from higher prices and aggressive rate hikes from the Federal Reserve.

Meanwhile, the tension surrounding the invasion of Ukraine eased somewhat after the Russian president, Vladimir Putinsaid the “partial mobilization” announced last month would end in two weeks.

The energy sector index fell 2%, in line with the collapse in crude oil prices.