Stocks rose Friday as investors digested bank earnings and bet inflation would ease in 2023. The Dow rose 0.33%. The S&P 500 gained 0.40%. The Nasdaq surged 0.71%.
Stocks rose Friday as investors digested bank earnings and bet inflation would ease in 2023.
"Financials weren't really quite expected to have a blockbuster quarter," he said. "It's just providing a bit of a sentiment wave, and since the banks lead earnings season they can kind of set the tone for how investors look at the broader picture." In economic data, the University of Michigan consumer sentiment survey showed the one-year inflation outlook down to 4%, the third straight monthly decrease and the lowest level since April 2021.
The company's posted strong same-store-sales growth, which Evercore ISI expects to come in above consensus expectations for the fourth quarter. However, expected growth in the breakfast markets is lagging the firm's previous estimates, he said. While Bank of America and JPMorgan warned of a likely recession on Friday, their fourth quarter results show that the U.S. consumer is still holding up despite inflation and Fed rate hikes.
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