Stocks were mixed on Friday as the start of the fourth-quarter earnings season and the release of another December inflation report left investors searching for direction. The Dow Jones Industrial Average dropped over 100 points, while the S&P 500 Index and Nasdaq Composite both closed slightly above a positive flatline.
Here's how the market settled to close out the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Making headlines, wholesale prices declined in December, the Labor Department reported on Friday, offering another sign that inflationary pressures are easing. The producer price index (PPI) fell 0.1% for the month and rose 1% year-over-year. The index had climbed 6.4% in 2022.
Excluding food and energy prices, core PPI was flat month-over-month, while excluding food, energy and trade services saw PPI rise 0.2% in December. For the full year, core PPI rose 2.5% compared to an increase of 4.7% in 2022.
On the earnings front, JPMorgan Chase
"The U.S. economy continues to be resilient, with consumer still spending, and markets currently expect a soft landing," CEO Jamie Dimon said in a release. However, Dimon cautioned that deficit spending and "an ongoing need for increased spending due to the green economy, the restructuring of global supply chains, higher military spending and rising healthcare costs," could "lead inflation to be stickier and rates to be higher than markets expect."
Bank of America
Wells Fargo
"As we look forward, our business performance remains sensitive to interest rates and the health of the U.S. economy, but we are confident that the actions we are taking will drive stronger returns over the cycle," said CEO Charlie Scharf in the earnings release. "We are closely monitoring credit and while we see modest deterioration, it remains consistent with our expectations."
Citigroup
Beyond big banks' earnings, shares of UnitedHealth Group
In single-stock news, Tesla
Looking ahead, market participants will continue to focus on fourth-quarter earnings, with Morgan Stanley