Dow Falls As Earnings Roll In

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The Dow Jones slipped over 100 points on Friday afternoon, while the S&P 500 and the Nasdaq were swinging between gains and losses, as investors were assessing the first batch of corporate quarterly results and softer-than-expected PPI data. On the earnings front, Bank of America (-0.2%) and Wells Fargo (-2.9%) declined after their results fell short of estimates. JPMorgan was up 0.2% after posting upbeat results. UnitedHealth declined 3.5% even after posting results above estimates. Delta Airlines sank about 8.1% as the airline reduced the 2024 earnings forecast. Tesla lost 4% 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 saw a 1.8% gain despite planning a 10% cut in its workforce and experiencing a decline in revenue. On the week, all the three major averages are poised to book gains, with the S&P up 1.5%, the Nasdaq gaining 2.2% and the Dow rising 0.8%.

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