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Earnings season kicks off as expected—with a fizzle, not a bang

The second-quarter earnings season kicked off Friday as expected with big banks JPMorgan Chase & Co. and Citigroup Inc. beating expectations and Wells Fargo falling short, but all three stocks fizzled in early trade as the numbers failed to inspire investors.

Wells Fargo shares WFC, -1.20% were down 2.2% in midday trade, while Citi C, -2.20% was down 2.7%. JPMorgan JPM, -0.46% was down 0.2%, while the Dow Jones Industrial Average DJIA, +0.38% rose 0.2% and the S&P 500 index SPX, +0.11% was flat.

Analysts were expecting the numbers to be strong and for economic growth to support lending and volatile markets to support trading.

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