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Dow Jones retreated on Friday, January 14, dragged down by the decline in some heavyweight financial stocks after reporting their quarterly earnings results, while gains in the technology stocks fuelled gains in Nasdaq and S&P 500 index.
Meanwhile, the retail sales plunged in December, indicating the shortages of goods and the impact of the outbreak of the Omicron variant of Covid-19 on the economy.
The S&P 500 was up 0.08% to 4,662.82. The Dow Jones Industrial Average decreased by 0.56% to 35,911.22. The NASDAQ Composite Index rose 0.59% to 14,893.75, and the small-cap Russell 2000 was down 0.08% to 2,157.64.
The sales at retail stores, online, and restaurants decreased by 1.9% in December, the Commerce Department reported on Friday. Meanwhile, the decline in December also marked an end of record level retail sales that was started in October with a surge of 1.8% from its prior month.
The investors seemed concerned after the gloomy economic data have suggested that the pace of the economic recovery is gradually decreasing. In addition, earlier this week, the inflation data also showed that inflation is at its peak.
The energy and technology sectors led gains in the S&P 500 index on Friday. Seven of the eleven critical sectors of the S&P 500 index stayed in the negative territory with the real estate and financial sector as the bottom movers.
The shares of JP Morgan Chase & Co. (JPM) fell 6.33% in the intraday session on January 14, despite reporting strong fourth-quarter fiscal 2021 earnings results that topped the analysts' expectations. Its revenue surged 1% YoY to US$30.3 billion, while its net income came in at US$10.4 billion, or US$3.33 per diluted share.
The shares of Wells Fargo & Company (WFC) gained 2.28% after the company has reported strong fourth-quarter fiscal 2021 results on Friday, before the opening bell. The company's revenue came in at US$20.85 billion in Q4, FY21, as compared to US$18.48 billion in the year-ago quarter. Its net income was US$5.75 billion.
The shares of BlackRock, Inc. (BLK) tumbled 3.32% in the intraday trading on Friday, after reporting its fourth-quarter fiscal 2021 results that missed the analysts' revenue expectations. Meanwhile, the company's net income came in at US$1.63 billion on revenue of US$5.10 billion in Q4, FY21.
In the energy sector, Exxon Mobil Corporation (XOM) increased by 1.42%, Chevron Corporation (CVX) gained 1.36%, and Royal Dutch Shell plc (RDS-A) rose 1.13%. TotalEnergies SE (TTE) and ConocoPhillips (COP) soared 2.67%, respectively.
In financial stocks, Bank of America Corporation (BAC) decreased by 2.37%, PayPal Holdings, Inc. (PYPL) fell 2.44%, and Morgan Stanley (MS) declined 4.32%. Citigroup Inc. (C) plummeted 2.12% while The Charles Schwab Corporation (SCHW) surged 1.42%.
In the real-estate sector, American Tower Corporation (AMT) plunged 2.89%, Prologis, Inc. (PLD) tumbled 1.31%, and Crown Castle International Corp. (CCI) shrunk 2.77%. Equinix, Inc. (EQIX) and Public Storage (PSA) ticked down 2.21% and 1.49%, respectively.
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Futures & Commodities
Gold futures were down 0.25% to US$1,816.85 per ounce. Silver decreased by 0.80% to US$22.977 per ounce, while copper fell 2.34% to US$4.4398.
Brent oil futures increased by 2.34% to US$86.45 per barrel and WTI crude was up 2.57% to US$84.23.
Bond Market
The 30-year Treasury bond yields were up 3.56% to 2.127, while the 10-year bond yields rose 4.39% to 1.784.
US Dollar Futures Index increased by 0.41% to US$95.160.
