Casino stocks — Las Vegas Sands and Wynn Resorts saw their shares jump 14.1% and 8.6%, respectively, after the Macau government said the number of casinos allowed to operate there would remain limited at six. Licenses of the current operators – which include Wynn Macau, Sands China and MGM China – are set to expire this year. Shares of MGM Resorts slipped slightly.
JPMorgan Chase — Shares of the major bank fell 6.1%, dragging down the major equity averages. The sell-off came after the firm posted its smallest quarterly earnings beat in nearly two years and the lender’s chief financial officer lowered guidance on companywide returns. CFO Jeremy Barnum said on a conference call that management expected “headwinds” of higher expenses and moderating Wall Street revenue.
Wells Fargo — The bank stock jumped 3.6% after the company posted quarterly revenue that exceeded analysts’ expectations and a significant jump in profit. Results were helped by a $875 million reserve release that the bank had set aside during the pandemic to safeguard against widespread loan losses.
