JPMorgan Chase increased its loan loss provision in the latest quarter. Citigroup said investment banking revenues plunged 55%. Kroger agreed to acquire Albertsons.
In a stunning reversal, major averages rebounded from morning losses of 3% to close up above 2% on the hopes of peaking inflation. September inflation stayed near the recent highs, despite five rate hikes in the last seven months.
Applied Materials lowered its quarterly sales outlook on new China export restrictions. TSMC reported a surge in revenue, gross margin and profit. Victoria's Secret guided operating earnings towards the upper end of the guidance.
Major averages reversed 3% losses to jump as high as 1.4% on the hopes of peaking inflation despite the core consumer prices inching higher to a new four-decade high.
Wholesale inflation remained elevated as cost of services jumped and inflation seeped deeper in the economy. Consumer price increases are also expected to show wider reach of inflation in the economy on Thursday.
Benchmark indexes extend losses for the fifth day in a row ahead of the inflation report on Wednesday. Crude oil dropped 3% but lumber rebounded to a 3-week high. The British pound faces more headwinds.
Casino stocks dropped on China worries. Walgreens completed the purchase of its remaining stake in CareCentrix. Leggett & Platt lowered its annual outlook. Gig-worker centric companies after the proposed rule change by the Department of Labor.
Rate anxieties, elevated inflation and recession worries dominated stock trading. Treasury bond yields rose and traded near 14-year peak. The dollar continued its advance against all major currencies.
Major averages post weekly advance despite Friday's sell-off. The U.S. dollar gained and crude oil jumped 5% on stronger-than-expected September's jobs report. World markets brace for higher commodities and stronger dollar in the week ahead.
