Stocks Slump as Tech Drags on Mixed Bank Earnings and Inflation Worries
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Stocks fell on Friday, led by a slump in tech shares as investors reacted to mixed bank earnings from JPMorgan, Wells Fargo, and Citigroup.
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Inflation concerns persist as consumer sentiment slipped in April and inflation expectations rose.
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Big banks saw a drop in net interest income amid high interest rates.
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Oil prices surged to 2024 highs on escalating Middle East tensions between Israel and Iran.
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Apple stock rose after unveiling AI initiatives, adding $112 billion in market value.