Wall St drops as inflation worries persist - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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US stocks dropped on Friday as worsening inflation expectations kept intact worries that the Federal Reserve’s aggressive rate hike path could lead to an economic recession, while investors digested the early stages of earnings season.

The Dow was on track to close out the week with a gain while the S&P 500 and Nasdaq were poised for weekly declines.The Dow was on track to close out the week with a gain while the S&P 500 and Nasdaq were poised for weekly declines.

Corporate earnings season started to pick up steam, helping lift banks, up 0.16%, to be among the few bright spots on the session after quarterly results from JPMorgan Chase & Co, which gained 2.12%, Citigroup Inc, up 0.76%, and Wells Fargo & Co, which rose 2.65%. Analysts now expect third-quarter profits for S&P 500 companies to have risen just 3.6% from a year ago, much lower than an 11.1% increase expected at the start of July, according to Refinitiv data.

Tesla Inc slumped 6.18% following media reports that the electric vehicle maker has put on hold plans to launch battery cell production at its plant outside Berlin due to technical issues.

 

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