• Dow Jones index drops for fourth session this week, on track to post nearly 4.5% reversal from late March highs near 40,000. 
• JPMorgan leads losses as quarterly earnings failed to meet expectations.
• News that China has told tech firms to phase out foreign chips hammers chipmakers. 

The Dow Jones Industrial Average (DJIA) is reversing Thursday’s gains on a negative session opening on Friday. The quarterly earnings of some of the largest US banks have failed to cheer investors, who are already feeling frail sentiment on lower hopes of monetary easing by the Federal Reserve (Fed).

JPMorgan (JPM) and Wells Fargo (WFC) have posted softer-than-expected results in the first quarter, which is weighing on the financial sector. Beyond that, mega-caps and chipmakers are suffering on the back of news reporting that China has told telecom firms to phase out foreign chips.

The NASDAQ is leading losses on Friday, down 1.1% to 16,258, the S&P 500 drops 0.96% to 5,149, and the Dow Jones trades with a 0.8% loss at  38,148 halfway through the North American morning session