⚠️BREAKING: *STOCKS ON WALL STREET OPEN LOWER AS BANKS SINK AFTER EARNINGS - $DIA $SPY $QQQ $IWM 🇺🇸🇺🇸
and the Nasdaq pared losses on Friday on the back of easing inflation expectations and better-than-feared results from some U.S. banks, while gains in UnitedHealth kept the Dow afloat.
The University of Michigan's survey on Friday showed an improvement in U.S. consumer sentiment, with one-year inflation outlook falling in January to the lowest level since the spring of 2021. This comes a day after U.S. consumer prices fell for the first time in more than 2-1/2 years in December, fueling hopes that a sustained downward trend in price pressures could give the Federal Reserve cover to scale down the size of its interest rate hikes.
Money market participants see a 91.6% chance the Fed will hike the benchmark rate by 25 basis points in February, but see the terminal rate at 4.9% by June. On the earnings front, major U.S. banks stockpiled more rainy-day funds to prepare for a possible recession and reported weak investment banking results, but said consumers remained healthy and higher rates boosted profits.
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S&P 500, Dow Jones open higher after December inflation data By Reuters⚠️BREAKING: *U.S. STOCKS OPEN HIGHER AFTER CPI DATA SHOWS INFLATION DECLINED IN DECEMBER - $DIA $SPY $QQQ 🇺🇸🇺🇸
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