US stocks ended slightly higher on Friday and posted a second straight week of gains, with JPMorgan Chase and other banks rising after their fourth-quarter results, which kicked off earnings season.
But concerns about the results and direction of companies in the coming weeks kept investors cautious. Year-over-year earnings for S&P 500 companies are expected to have declined 2.2% in the quarter, according to Refinitiv data.
“This has put the focus back on earnings,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
“Although the results were basically good, people are taking a step back, and you’ll see a wait-and-see attitude with stocks” as investors hear more from company executives, he added.
JPMorgan Chase & Co reported $1.4 billion in provisions in anticipation of a mild recession, even after beating quarterly earnings estimates.
The bank’s chief executive, Jamie Dimon, listed a number of uncertainties facing the economy, including geopolitical tensions and persistently high inflation.
Bank of America reported better-than-expected earnings. CEO Brian Moynihan also acknowledged a “slowing economic environment.”
Wells Fargo & Co y Citigroup Inc missed quarterly earnings estimates.
While, Tesla Inc fell after cutting prices for its electric vehicles in the United States and Europe by as much as 20% after missing delivery estimates for 2022.
The University of Michigan survey on Friday showed an improvement in US consumer confidence, with the one-year inflation outlook falling in January to the lowest level since spring 2021.
According to the preliminary closing data, the Dow Jones Industrial Average rose 0.32%, to 34,299.58 units; while the S&P 500 gained 0.39% to 3,998.71 units, and the Nasdaq Composite added 0.71% to 11,079.09 units.
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