Quarterly reports released on Friday showed that even the largest banks are facing challenges from higher interest rates. In the first quarter, net interest income (NII), the key indicators of JPMorgan Chase, Wells Fargo and Citigroup, fell 4%, 4% and 2% respectively from the previous quarter. JPMorgan Chase's NII was slightly lower than expected, ending seven consecutive quarters of record-setting trends. NII guidance excluding market operations was still lower than expected after a $1 billion increase in NII guidance. CEO Dimon warned that persistent inflationary pressure will affect the economy, saying he remains vigilant about "a variety of major uncertainties." JPMorgan Chase's stock price plummeted, falling 6% intraday for the first time since the collapse of Silicon Valley Bank last year.

Most of the technology giants that strongly supported the market fell back on Thursday. Only Apple maintained its gains in early trading and continued to rise after news that it was planning to use AI-powered M4 chips across all Macs. After the media reported that Chinese telecom operators would replace core network components with domestically produced chips, chip stocks took the lead in suppressing the market. AMD and Intel fell by more than 5% and 4% respectively.

According to foreign media reports, US intelligence shows that Iran may launch an attack on Israeli territory in the next 24 to 48 hours. In addition, the White House stated on Friday that Iran's retaliatory strikes against Israel are a "real" and "credible" threat, and the United States is paying close attention to it. The geopolitical situation has raised the risk of supply disruption, and international crude oil has rebounded strongly, with U.S. oil rising by more than 3% at one point. Gold hit a record intraday high for the second consecutive day. New York gold futures once rose by more than 3%, and spot gold once rose by nearly 2.5%. However, it has since fallen back. Gold futures have given up more than half of their gains, and spot gold has turned slightly lower.