Stock Market Today: Big Bank Earnings Fail to Lift Stocks

The major indexes closed lower Friday on hawkish Fed speak and dismal retail sales data.

JPMorgan Chase logo outside of brick building in New York City
(Image credit: NurPhoto/Getty Images)

Stocks started the day modestly higher after several big banks, including JPMorgan Chase (JPM) and Citigroup (C), kicked off first-quarter earnings season on a high note. However, the major indexes quickly turned lower after one Fed official suggested the central bank has more work to do to bring down inflation. 

The selling pressure continued throughout the session, though all three main benchmarks managed to hang on to weekly gains. 

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Karee Venema
Senior Investing Editor,

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.