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BUSINESS Saturday 14 april 2018
A25

This April 5, 2018, photo shows part of the trading floor of the New
York Stock Exchange. The U.S. stock market opens at 9:30 a.m.
EDT on Friday, April 13.
Associated Press

Tumbling banks hold

back S&P 500 as In this June 19, 2017, file photo, President Donald Trump, left, and Satya Nadella, Chief Executive

earnings season launches Officer of Microsoft, center, listen as Jeff Bezos, Chief Executive Officer of Amazon, speaks dur-
ing an American Technology Council roundtable in the State Dinning Room of the White House in
Washington.
Associated Press
By STAN CHOE 122.91, or 0.5 percent, to
NEW YORK (AP) — Bank 24,360.14, and the Nasdaq Q&A: Trump, the post
stocks buckled on Friday, composite lost 33.60, or 0.5
even after several reported percent, to 7,106.65.
fatter profits than analysts As a group, financial stocks
expected, and the sharp in the S&P 500 fell 1.6 per- office and Amazon
declines overshadowed cent, more than double
gains elsewhere in the mar- the loss for any of the other
ket to drag the S&P 500 10 sectors that make up
lower. JPMorgan Chase the index. By JOSEPH PISANI will be led by Treasury Sec- on the responsibilities we
and several other financial PNC Financial Services NEW YORK (AP) — A task retary Steven Mnuchin, to have."
titans marked the unofficial Group had one of the big- force will study the U.S. offer recommendations Q: Is the U.S. Postal Service
start of the earnings report- gest losses in the S&P 500 Postal Service under an and possible changes. "The losing money?
ing season, and expecta- after reporting first-quarter executive order from Presi- USPS is on an unsustainable A: Yes, the post office has
tions were high for them, results that fell short of some dent Donald Trump, who financial path and must be been losing money every
as they are for most major analysts' expectations. It has spent weeks criticizing restructured," Trump said in year for more than a de-
companies. Wall Street is dropped 4.1 percent to online retailer Amazon and the order. cade, adding up to $65
forecasting the strongest $145.46. accused it of not paying Q: Is this task force related billion in losses, as Trump's
growth in seven years for Wells Fargo fell 3.4 percent enough in shipping costs. to Amazon? executive order states. In its
S&P 500 companies, and to $50.89, and Citigroup The order doesn't men- A: Amazon is not named, most recent year, its losses
the hope has been that dropped 1.6 percent to tion Amazon by name, but Trump has said he narrowed to $2.7 billion
healthy profit reports in $71.01 even though both but Trump has tweeted wants the company to pay from the year before as it
coming weeks will steady reported profits that beat that the company should more in shipping costs. In a paid less in retiree health
the market following a expectations. The possibil- pay the post office more tweet last month, for exam- benefits during that time; its
rough couple of months. ity of a big settlement with for shipping its packages. ple, Trump wrote, "This Post losses in the previous year
But high expectations can federal regulators hung "Only fools, or worse, are Office scam must stop. Am- were more than double
be as much a burden as over Wells Fargo's results. saying that our money los- azon must pay real costs." that number.
cause for optimism. JPMor- After weeks where fears ing Post Office makes mon- Q: What does Amazon pay Q: Is the post office losing
gan Chase reported its big- about a possible trade ey with Amazon. THEY LOSE the U.S. Postal Service? money because of Ama-
gest-ever profit and topped war dominated the mar- A FORTUNE, and this will A: The details of its contract zon?
analysts' expectations. But ket, many analysts along be changed," he tweeted are not publicly known, A: The U.S. Postal Service's
investors were already an- Wall Street were expect- earlier this month. The U.S. and both Amazon and the finances have mainly been
ticipating the good news ing strong profit reports to Postal Service has indeed post office have declined hurt by high pension and
that it delivered, such as divert investors' attention. lost money for years, but to comment. Amazon ex- health care costs for its
healthier trading revenue, Over the long term, stock package delivery has ac- ecutive Jay Carney said workers, as well as declines
and took note of things like prices tend to track the tually been a bright spot. this week at a Yale Uni- in revenue from first-class
an increase in charge-offs progress of corporate prof- Here's what you need to versity event open to the letters and other mail. Rev-
for credit cards. JPMorgan its.Expectations for profit know about Trump's order, public that the company's enue from shipping and
Chase's shares fell 2.7 per- growth this year may have Amazon and the post of- contract is profitable for package services, which
cent to $110.30 to lop off climbed so high, particu- fice: the post office and that it includes boxes from Ama-
most of the big gains it had larly following Washington's Q: What does the execu- is renewed and reviewed zon and other e-commerce
made earlier in the week. recent overhaul of the tax tive order do? every year. Carney, who companies, rose 12 per-
The S&P 500 fell 7.69 points, code, that they may be A: It creates a task force to oversees Amazon's public cent to $19.5 billion in fiscal
or 0.3 percent, to 2,656.30. setting the stage for fu- look into the post office's and government relations, year 2017 compared with
The loss pared the index's ture disappointment, said finances and costs, includ- didn't comment on Trump's the previous year. First-class
gain for the week to 2 per- Matthew Watson, portfolio ing its pricing in the pack- tweets, saying: "We're fo- mail revenue fell 7 percent
cent. The Dow Jones in- manager at James Invest- age delivery market. Trump cused on what we do ev- to $25.6 billion in the same
dustrial average dropped ment Research.q asks the task force, which ery day, on our customers, period.q