- US stocks experienced a volatile day on Friday, as concerns over conflict in the Middle East clashed with hopes for strong profits from major American companies. Ultimately, the markets ended with mixed results.
The Dow increased by 28 points, or 0.08%, to reach 33,659.
The S&P 500 fell by 21 points, or 0.5%, ending at 4,327. However, it still finished the week with a positive performance for the second consecutive week, according to CNBC.
The tech-heavy Nasdaq declined by 166 points, or 1.2%, closing at 13,407.
Following Israel’s military ordering the evacuation of northern Gaza in anticipation of a ground invasion, oil prices surged and Treasury yields dropped. However, several major US banks announced better-than-anticipated profits during the summer, instilling hope on Wall Street for an earning reporting season that could mark the first growth in a year.
Among the most notable developments occurred in the oil market, where benchmark US crude oil prices rose by 5% to $87.09 per barrel. Meanwhile, Brent crude, the international standard, experienced a 5% increase, reaching $90.27 per barrel. JPMorgan Chase, Citigroup, and Wells Fargo helped support Wall Street.
JPMorgan Chase saw a 35% year-on-year increase in its third-quarter profit, causing its stock to rise by 2.2%. While the bank benefited from rising interest rates, its CEO, Jamie Dimon, cautioned that “this may be the most dangerous time the world has seen in decades.” Citigroup and Wells Fargo also exceeded analysts’ expectations, resulting in respective stock increases of 0.8% and 3%. UnitedHealth Group surpassed expectations as well, leading to a 2.2% increase in its stock. Dollar General recorded one of the largest gains in the S&P 500, jumping by 9.6%, after announcing the return of Todd Vasos as CEO. Conversely, travel-related companies experienced losses, with Norwegian Cruise Line falling by 3.3% and Delta Air Lines sinking by 2.4%.
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