US Stocks Swing, Earnings and PPI in Focus

US stocks swung between gains and losses on Friday as traders digest recent earnings reports and lower-than-expected producer inflation data. Both the S&P 500 and the Nasdaq were around the flatline while the Dow Jones lost nearly 190 points. On the corporate front, UnitedHealth declined about 3.6% after beating earnings expectations but reported a higher-than-expected utilization of medical services. Bank of America was down 0.8% after a profit fall and Wells Fargo declined 3% despite a profit rise. Delta Airlines sank about 8% as the airline reduced the 2024 earnings forecast. Meanwhile, Tesla lost more than 3.5% 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, JPMorgan gained nearly 0.3% after its revenue topped forecasts, although profit declined after a regulatory fee from regional banking rescues.

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