S&P 500, Dow close lower after bank earnings

STORY: U.S. stocks pared early losses to close mixed Thursday.

The Dow and S&P 500 fell modestly, while the Nasdaq ended in the green but basically flat.

This after the biggest bank in the country kicked off second-quarter earnings season on a sour note.

Shares of JPMorgan Chase fell 3.5% after reporting a bigger-than-expected fall in quarterly profit and CEO Jamie Dimon warned of an impending economic slowdown.

Morgan Stanley also reported slumping profits on Thursday, sending its shares down slightly.

Payne Capital Management's president, Ryan Payne.

"It's just a disappointing day with the kick off earnings season and the banks have come in with disappointing earnings, JPMorgan saying that they're going to increase their reserves. They saw their revenue down... higher than was less than expectations. We had earnings down less than expectations. So, this is one of the bigger concerns that we've had here as we go into earnings seasons where analysts' expectations are too high and the banks are confirming that they were too high as bank earnings have come in disappointing. So that's adding to fuel for the fire here. And that's why you're seeing a market sell off here."

It was a mixed bag for growth stocks, with Meta Platforms and Alphabet notching losses, but Microsoft and Tesla gained as well as Apple, which rose a full 2%.

U.S.-listed shares of Taiwan Semiconductor Manufacturing rose about 3% following the chip maker's upbeat revenue guidance.

But shares of Conagra Brands tumbled more than 7% after the more-than-a-century-old company issued an annual earnings forecast that came in below estimates.

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