US stock indices were mixed on Friday morning as weak retail sales data for March suggested the economy is losing steam, although encouraging earnings from a trio of big banks helped ease fears of further tensions in the US market. sector.
JPMorgan Chase & Co.Citigroup and Wells Fargo & Co. they beat analyst estimates for first-quarter earnings, indicating their resilience after the March banking crisis. Its shares were up between 1.2% and 6.2 percent.
The banks index S&P 500 It rose 3.3% to a one-month high, while the KBW regional banking index gained 0.8 percent.
“JPM is one of the biggest names in a sector we were most concerned about and is posting better-than-expected earnings, which certainly boosts stocks and the market,” said Art Hogan, chief market strategist at B Riley Wealth in Boston. .
But data showed retail sales fell more than expected in March as consumers cut back on purchases of cars and other high-value items, raising fears of an economic slowdown.
“Retail sales are a bit disappointing,” said Robert Pavlik, a portfolio manager at Dakota Wealth. “The report indicates that the economy may slow down further to the point that we have to start worrying about a recession rather than inflation.”
The Industrial Average Dow Jones It was up 7.95 points, or 0.02%, at 34,037.64, while the S&P 500 added 3.06 points, or 0.07%, at 4,149.28. The Nasdaq Composite was down 22.83 points, or 0.19%, at 12,143.45.
The S&P 500 and Dow closed at near two-month highs on Thursday after data showed cooling inflation and easing labor markets, fueling optimism the Federal Reserve may be nearing the end of its aggressive cycle. of hikes interest rates.
Following Friday’s retail sales data, traders held on to bets that the US central bank will raise rates another 25 basis points in May.
