#stocks #inflation #YahooFinance #recession #bitcoin #Biden #Stockmarket #coronavirus #memestocks #Fed #YahooFinance #investing #stockmarket #crypto
For the latest market updates, visit finance.yahoo.com.
Stocks ended the day on a mixed note on Friday, giving up earlier gains as disappointing results from major banks dampened hopes for a strong quarterly earnings season. However, the S&P managed to close the week with a slight uptick after a turbulent start to 2024.
The Dow Jones Industrial Average (^DJI) dropped 0.3%, or over 100 points. The S&P 500 (^GSPC) edged up by 0.1%, whereas the tech-heavy Nasdaq Composite (^IXIC) finished just slightly above the break-even point.
Wall Street banks kicked off fourth quarter earnings, which are seen as critical for the stock market’s recovery from the year’s earlier losses. JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC) reported respectable earnings on Friday. However, shares of the latter two declined as they failed to ease concerns about possible challenges ahead.
Airline stocks faced significant sell-offs as the week came to a close. United Airlines (UAL) saw its stock plunge by more than 10%, while American Airlines (AAL) and Delta (DAL) dropped nearly 9%. Although Delta announced earnings that exceeded expectations, it also revised its 2024 earnings forecast downward. In a separate development, Meta (META) nearly finished its remarkable recovery, achieving a 52-week high in intra-day trading, having rebounded from a steep decline in its stock price in 2022. The social media giant is now just 2% shy of its all-time high.
Additionally, oil prices surged by over 1% following airstrikes by the US and its allies against Houthi rebels in Yemen, which prompted threats of retaliation from the Iran-backed group involved in attacks on shipping in the Red Sea. Brent crude futures (BZ=F) hovered around $80 per barrel, while West Texas Intermediate futures (CL=F) traded just under $73.
Investors are seeking further clarity regarding price pressures after the December CPI figures came in higher than anticipated on Thursday. In an unexpected twist, the Producer Price Index showed a decline in prices last month, raising hopes that inflation may continue to ease in the forthcoming months.
For additional information on this article, please visit:
