US Stocks Dip Following Mixed Earnings

Wall Street stocks retreated again early Friday following mixed corporate earnings and data suggesting a moderation in inflation in December

New York, (UrduPoint / Pakistan Point News - 28th Jan, 2022 ) :Wall Street stocks retreated again early Friday following mixed corporate earnings and data suggesting a moderation in inflation in December.

Markets have been under pressure most of the week, with major indices near or in corrections as the Federal Reserve engineers a 180-degree shift in monetary policy to fight inflation after a highly accommodative stance throughout the pandemic.

Commerce Department data showed personal consumption prices rose 0.4 percent last month, in line with analysts' expectations and less than the month-on-month growth in the prior two months.

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.8 percent at 33,874.24.

The broad-based S&P 500 dropped 0.5 percent to 4,303.43, while the tech-rich Nasdaq Composite Index shed 0.3 percent to 13,315.61.

Apple gained 2.8 percent after reporting a record $124 billion quarterly revenue and higher hearings amid torrid demand for smartphones and other goods despite supply chain problems that pinched sales.

Among other companies reporting results, Caterpillar and Chevron both dropped more than four percent while visa shot up more than six percent.