JPMorgan Chase & Co (NYSE:JPM) shares are trading lower Tuesday alongside several banks and financial services companies amid broader economic concerns as the market continues to assess the possibility of a recession.
The Federal Reserve is in the midst of what is expected to be its most aggressive tightening cycle in more than 40 years as the central bank attempts to tame runaway inflation. Investors continue to worry about rising inflation and the potential for higher rates to cause a recession.
U.S. household spending, measured by the personal consumption expenditures index, cooled off in May. Seasonally-adjusted spending was up just 0.2%, representing a slowdown from the revised 0.6% jump in April, according to Bureau of Economic Analysis data.
FOMC minutes from the latest Fed policy meeting are scheduled to be released on Wednesday.
JPMorgan is set to announce its second-quarter financial results before the market opens on July 14, according to data from Benzinga Pro.
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JPM Price Action: JPMorgan has traded between $172.96 and $110.93 over a 52-week period.
The stock was down 3.36% at $110.22 at time of publication.
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