Stocks closed broadly lower on Friday as investors weighed the latest updates on inflation expectations, consumer spending, and corporate earnings. A report showing US consumers raised their expectations for future inflation hurt markets worldwide, offering another signal the Federal Reserve may have to continue aggressively hiking interest rates to temper stubbornly hot inflation, per the AP. The strategy raises the risk of a recession. The Dow fell 403 points, or 1.3%, to 29,634; the S&P 500 fell 86 points, or 2.3%, to 3,583; and the Nasdaq fell 327 points, or 3%, to 10,321.
Trading has been unsettled all week and was especially volatile on Thursday after a government report showed that inflation remains very hot. Major US indexes staged their biggest comeback in years on Thursday in a reversal from steep morning losses. “I don’t think that (the rally) technically or fundamentally means anything because a whole lot hasn’t changed,” said Sylvia Jablonski, chief investment officer at Defiance ETFs. “I don't think we're likely to see any sense of direction or stability in the near term.”
Several big banks were bright spots in the market. JPMorgan Chase rose 2.2% after reporting earnings and revenue that topped Wall Street forecasts. Wells Fargo rose 2.8% after it reported strong revenue. UnitedHealth Group rose 0.7% after raising its profit forecast for the year. Technology stocks were biggest weights on the market. Chipmaker Nvidia fell 5.5%.
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