Dow Closes Lower

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The Dow Jones closed 115 points lower on Friday, while the S&P 500 and the Nasdaq finished mostly muted, as investors weighed the first batch of corporate quarterly results and softer-than-expected PPI data. On the earnings front, Bank of America (-1%) and Wells Fargo (-3.3%) declined after their results fell short of estimates, while JPMorgan lost 0.7% despite posting upbeat results. UnitedHealth fell 3.5% even after its results came above estimates. Delta Airlines sank 9% as the airline reduced the 2024 earnings forecast. Tesla lost 3.6% after the announcement that it would halt production in its Berlin plant due to conflicts in the Red Sea and the associated shifts in transport routes. In contrast, Citigroup gained 1% after planning to cut its workforce by 10%, amid posting a decline for its revenue. On the week, the S&P added 1.5%, the Nasdaq gained 2.1% and the Dow rose 0.7%. Wall Street will be closed on Monday in observance of Martin Luther King Day.

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