Wall Street Sharply Lower on Mixed Earnings, Inflation

U.S. stocks sold off 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. All three major indexes fell more than 1%, and registered losses on the week.

Wells Fargo & Co.'s stock fell modestly after profits dropped 7% as net interest income dropped on weak borrowing demand.Economic data this week, particularly Wednesday's hotter-than-expected CPI report, has suggested that inflation could be stickier than previously thought, prompting investors to reset expectations about the timing and extent of the U.S. Federal Reserve's rate cuts this year.

"There's just no data point that you can actually look at right now that says the Fed should cut rates." 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.

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