Dow Jones down 143 (-0.43%) with the S&P 500 down 0.21% and the NASDAQ -0.35%. The S&P 500 is up 6.5% year to date. The European STOXX index hit a one-year high. Good results from the bank sector were offset by a weaker-than-expected retail sales number on Friday (March retail sales fell 1.0% v consensus of -0.4%, February was revised down, Core retail sales -0.3%).

Manufacturing production fell 0.5%. The 10 year bond yield was up 6.4bp with a two year bond yield up 12.2bp. The US dollar rose 0.54%. The copper price dropped, the nickel price was up 4.62%. The oil price was up a touch. BHP was down 1.79% in the US with RIO down 1.9%. The VIX volatility index fell 4%. Gold lost $35 as it pulled back from its one year high, not helped by the rise in the US dollar.

JPMorgan saw a 52% rise in profits in the last three months despite loan loss provisions up 56%. Net interest income was up 49%. Wells Fargo net interest income was up 45%. The Bank of America, Goldman Sachs and Morgan Stanley report Tuesday and Wednesday.

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