US Stocks slide amid market volatility

Stocks retreated on Friday, and generally gave up earlier gains during the session one day after posting a historic turnaround rally as investors digested inflation expectations.

The Dow Jones Industrial Average fell 283 points, or 0.94%. The S&P 500 shed 1.82%, and the Nasdaq Composite slipped 2.32%.

Stocks fell to session lows after a consumer survey from the University of Michigan showed inflation expectations were increasing, sentiment that the Federal Reserve is likely watching closely.

Earlier in the session, bank stocks gained, leading the broader market, after four key earnings reports. Wells Fargo gained more than 2% after beating Wall Street’s revenue expectations. JPMorgan jumped more than 1%, and Citigroup rose more than 2%.

The positive moves from some bank stocks came amid a negative outlook for the earnings season. Profit for S&P 500 companies increased a measly 2.4% in the third quarter, according to the latest analyst estimates collected by FactSet. That’s the worst growth since the third quarter of 2020, the heart of the pandemic.