Posted 1/12/2024, 5:32:09 PM
Stocks Mostly Down as Airlines Sink on Oil Jump, Bank Earnings Mixed, and Tesla Cuts China Prices
- U.S. stocks were largely under pressure on Friday, with airlines and health insurers weighing on indexes after disappointing guidance and results.
- Oil prices jumped 3%, lifting the energy sector and rattling airline stocks. An accident involving a Boeing 737 Max on Friday also hit the Dow.
- Bank earnings were in focus, with mixed reactions to results from JPMorgan, Citi, BofA and Wells Fargo.
- Producer price inflation data came in cooler than expected, sending the 2-year Treasury yield sharply lower and boosting expectations for a March rate cut.
- Tesla shares fell 4% after the company cut prices on Shanghai-made vehicles.