Stocks Cut Losses After Inflation Spike; Big Banks Top Views

Major indexes retreated Thursday on hotter-than-expected inflation data, but pared losses into the close. Dow futures rose slightly Friday after big bank earnings.

UnitedHealth, JPMorgan, Citigroup and Wells Fargo beat Q3 views. BlackRock met EPS views. Big techs like Apple nudged higher.

The 10-year Treasury yield surged 11 basis points Thursday to 4.7%, but pulled back Friday. Crude oil futures jumped over 4% as the U.S. tightened Russian oil sanctions.

The Nasdaq fell back below its 50-day line. The S&P 500 dipped below its 21-day average intraday before paring losses by the close.

Investors should be ready to pare exposure if indexes definitively break near-term support levels. But stocks could rebound, offering new buying opportunities.