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Wells Fargo ( WFC ) falls after Q1 profit drop

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JPMorgan Chase ( JPM ) down after NII forecast miss

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Indexes down: Dow 0.63%, S&P 0.69%, Nasdaq 0.83%

(Updated at 10:04 a.m. ET/ 1404 GMT)

By Shashwat Chauhan and Shristi Achar A

April 12 (Reuters) - Wall Street's main stock indexes

fell on Friday as some big banks dipped after reporting dour

quarterly results and most megacap growth stocks and chipmakers

receded.

JPMorgan Chase & Co ( JPM ) was down 4.8% after the bank's

forecast for its income from interest payments came in below

analysts' expectations.

Wells Fargo ( WFC ) edged lower 0.1% after reporting a more

than 7% fall in first-quarter profit, as it earned less from

customer interest payments. Citigroup ( C/PN ) lost 0.5% as its

first-quarter profit fell.

"Most indicators are that the growth has been fairly

persistent in the last couple of quarters," said Hugh Anderson,

managing director at HighTower Advisors.

"I would expect that the banks are going to show some decent

earnings, but they also might show some cracks in the other

parts of the reports, such as delinquencies, defaults and the

like, because there is some evidence of that in the market."

The S&P 500 banks index fell 2.4% to hit its lowest

level in nearly a month.

Falling megacap growth stocks weighed on indexes, with

Nvidia ( NVDA ), Tesla and Meta Platforms ( META ) down

between 1.1% and 1.4%.

Advanced Micro Devices ( AMD ) and Intel ( INTC ) lost

over 3.5% each after a report that Chinese officials had told

the country's largest telecom firm earlier this year to phase

out foreign chips that are key to their networks by 2027.

Information technology stocks were among the top

sectoral losers, down 0.9%.

The Dow and the S&P 500 eyed weekly losses as

sentiment was roiled this week following a

hotter-than-anticipated inflation reading that pushed traders to

scale back enthusiasm around the U.S. central bank cutting

interest rates. The tech-heavy Nasdaq, however, was on

track for its first weekly gain in three.

The Nasdaq and the S&P 500 closed higher in the previous

session as fresh economic data rekindled hopes that inflation

remained in a cooling trend.

Money market participants see an about 56% chance of the Fed

bringing in the first interest-rate cut in July, according to

the CME FedWatch Tool.

Meanwhile, Boston Fed President Susan Collins is eyeing a

couple of interest-rate cuts this year, amid expectations that

it could take some time for inflation to return to its targeted

level.

Focus now turns to comments from Kansas City Fed President

Jeffrey Schmid and his Atlanta counterpart Raphael Bostic later

in the day, for hints on the central bank's rate outlook.

A preliminary reading of the University of Michigan's

overall Consumer Sentiment Index for April came in at 77.9.

Economists polled by Reuters had forecast a preliminary reading

of 79.0.

At 10:04 a.m. ET, the Dow Jones Industrial Average

was down 241.86 points, or 0.63%, at 38,217.22, the S&P 500

was down 36.13 points, or 0.69%, at 5,162.93, and the

Nasdaq Composite was down 136.66 points, or 0.83%, at

16,305.54.

Energy stocks bucked the trend to gain 1.0%,

tracking higher crude prices on heightened tensions in the

Middle East.

Declining issues outnumbered advancers for a 2.08-to-1

ratio on the NYSE and for a 2.51-to-1 ratio on the Nasdaq.

The S&P index recorded 12 new 52-week highs and five new

lows, while the Nasdaq recorded 28 new highs and 77 new lows.