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Stocks stumbled on Friday as techs lost their winning ways, and as investors reeled from the banking sector’s mixed results to kick off earnings season.
The tech-heavy Nasdaq Composite (^IXIC) slid 1.7%, while the S&P 500 (^GSPC) shed 1.6%. The Dow Jones Industrial Average (^DJI) fell 1.3%, or more than 500 points.
Stocks are falling after "Magnificent Seven" tech names led a run higher on Thursday, propelled again by AI tailwinds. Investors also took comfort from a lower-than-expected gain in wholesale inflation after getting spooked by a surprisingly hot consumer price print.
Investors are scrutinizing quarterly results from Wall Street’s big banks to assess the potential impact if interest rates remain higher than expected this year.
JPMorgan’s (JPM) shares fell after its profit beat targets as CEO Jamie Dimon flagged "inflationary pressures" and Federal Reserve policy as concerns. The start to earnings season flattened hopes that corporate updates could revive the early-year rally in stocks. Wells Fargo (WFC) Citigroup (C), and BlackRock (BLK), the world’s biggest asset manager, all fell into the red after their reports.
Meanwhile, precious metals gave up some of their shine: Gold (GC=F) rallied above $2,400 to hit another fresh record, but settled around$ 2,300 Friday afternoon, while silver (SI=F) traded at its highest since early 2021. Demand is seen as driven by investors seeking safety amid heightening Middle East tensions but shunning US government bonds in the face of inflation concerns.
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