Stocks Slip as Inflation Fears, Middle East Tensions, and Rising Oil Prices Weigh on Tech; Banks Beat Estimates

U.S. stocks slipped Friday after a jump in consumers' inflation expectations in a sentiment survey, while rising oil prices and Middle East tensions weighed on tech stocks.

Earnings were in focus, with banks like JPMorgan, Citi and Wells Fargo beating forecasts, but the geopolitical tensions overshadowed the results.

Oil prices surged over 4% on potential disruptions from the Israel-Gaza tensions, boosting energy stocks but weighing on rate-sensitive sectors.

Tech stocks dropped as rising yields hurt the recent "safe haven" trade, though Microsoft was steady after UK approval of its Activision deal.

Haven assets like bonds, gold and the dollar rose amid the risk-off mood, while economic data showed inflation expectations at a 13-year high.