JPMorgan (JPM) stock erases earlier gains after CEO Dimon's comments on buybacks

JPMorgan (NYSE: JPM) stock has erased earlier gains and is currently trading in the red after CEO Jamie Dimon said during the company's event that the bank is not looking "to buy back a lot of stock at these prices."

At 12:00 PM EST (16:00 GMT), JPMorgan shares were down 1.44%.

JPMorgan initially increased its 2024 net interest income (NII) forecast to $91 billion, excluding the markets division, which sent its shares higher in premarket Monday.

In April, JPMorgan raised its NII forecast to $89 billion from $88 billion, excluding the markets division. Including trading, the bank kept its NII forecast unchanged at $90 billion.

In previous months, JPMorgan's Chief Financial Officer Jeremy Barnum had played down NII expectations, stating that the current gains were not sustainable.

You May Also Be Interested In

• 3 E Network CEO outlines robotics strategy focused on edge AI chips
• This European car stock is "very oversold on China panic", Citi says
• Why does Barclays say it’s time to buy this Spanish stock?