JPMorgan Chase reported a dip in profits on higher costs Friday while still topping expectations as executives described US consumers as healthy and the economy as poised to avoid recession.

U.S. stocks were mixed as bank earnings kicked off. The S&P 500 and Dow industrials rose, while the Nasdaq Composite edged down.

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JPMorgan Chase is leveraging strong earnings and diversified business sectors to navigate challenges posed by declining interest rates. Read more on JPM here.

CEO Jamie Dimon acknowledged the bank was "over-earning" on net interest income and "below normal" credit costs that will both normalize over time.