Wall St ends sharply lower on mixed earnings, sticky inflation, geopolitical fears

NEW YORK, April 12 - U.S. stocks sold off on Friday after major U.S. banks' results failed to impress, capping a week marked by market-moving inflation data, evolving expectations for U.S. Federal Reserve policy, and looming geopolitical tensions.

"It's a very real risk that we won't get any rate cuts this year," Dickson said, adding that while he does not expect a hike, the Fed would probably prefer to keep rates higher for longer. Austan Goolsbee, president of the Chicago Fed, said he remains focused on the Personal Consumption Expenditures report due on April 26 for a clearer picture of inflation's progress toward the central bank's target.

The CBOE Volatility Index , opens new tab, a measure of investor anxiety, hit its highest level since October 2023.

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