Praveen Paramasivam and Bansari Mayur Kadar

(Reuters) – The Dow and JPMorgan were both set for a quiet open Monday, as JPMorgan shares fell after the company reported a decline in quarterly profits. However, fresh data showed that inflationary pressures are growing.

The largest U.S. bank by assets JPMorgan Chase & Co (NYSE:) was down 3% in premarket trading after reporting a 42% drop in quarterly profit as the Ukraine crisis and decades-high inflation stalled dealmaking activity.

Art Hogan is chief market strategist for National Securities, New York. “When you compare results with expectations, and a stock which was doing well in the early part of the year but now has a down year-to date, I believe a lot this news is baked-in,” he said.

The market is doing a great job in identifying the areas where there might be shortfalls when it comes to this earnings report.”

Wall Street banks will report sharply declining quarterly revenue from investment banking and lower earnings for the first quarter due to the companies’ decision to pause deals during turbulent equity markets.

Additional big banks Citigroup Inc (NYSE:), Wells Fargo (NYSE:) & Co, Goldman Sachs Group Inc (NYSE: Morgan Stanley (NYSE 🙂 and Bank of America Corp (NYSE :), both of which will be reporting later in this week and the next. The reports are between 1.0% to 1.9%.

BlackRock Inc. (NYSE:) gained 0.2%, after posting an unexpected profit. This was due to investors investing in the company’s active and index-traded funds.

Delta Air Lines Inc (NYSE:) jumped 5.2% after it forecast a return to profit in the current quarter as airline travel demand reaches record highs.

Others airlines like American Airlines (NASDAQ) Group Inc, United Airlines Holdings(NASDAQ:) Inc, and Southwest Airlines (NYSE) Co have experienced increases of between 3.4% to 4.5%.

At 08:52 AM. ET was down 19 points or 0.06%. They were up 0.75 or 0.02% and up 25 or 0.18%.

On Wednesday, data showed that producer prices rose more than anticipated in March due to a rise in services demand. This suggests inflation may remain high for some time.

According to data from the last session, consumer prices rose four times faster than normal in March. But, the Fed is still on track for an inflation rate rise of 50 basis points in May.