On Friday, the Dow Jones Industrial Average experienced a decline as traders analyzed the initial round of fourth-quarter earnings and processed the second of two significant inflation reports of the week.
The Dow fell by 118.04 points, equivalent to a 0.31% decrease. However, the S&P 500 managed to finish the day with a slight increase of 0.08%, while the Nasdaq Composite saw a minimal uptick of 0.02%.
UnitedHealth played a role in dragging down the Dow as its stock plummeted by 3.4%, despite the company’s announcement of earnings and revenue for the fourth quarter surpassing expectations. Delta Air Lines also experienced a significant drop of nearly 9%, even though it outperformed quarterly earnings projections.
Furthermore, numerous prominent banks reported their earnings on Friday. Bank of America saw a 1% decrease after revealing a decline in its fourth-quarter profit. Wells Fargo, on the other hand, witnessed a 3.3% drop in its shares, despite posting higher profits for the same quarterly period. JPMorgan Chase also experienced a decline of 0.7% in its shares, despite a 15% decrease in earnings compared to the previous year.
In contrast, Citigroup saw a 1% increase in its share value after declaring its plans to reduce its workforce by 10%. Earlier in the day, the company reported a quarterly loss of $1.8 billion following the accrual of several substantial charges.
Source (CNBC)
