The S&P 500 and the Nasdaq pared losses on Friday on the back of easing inflation expectations and better-than-feared results from some U.S. banks, while gains in UnitedHealth kept the Dow afloat.
falling in January to the lowest level since the spring of 2021.for the first time in more than 2-1/2 years in December, fueling hopes that a sustained downward trend in price pressures could give the Federal Reserve cover to scale down the size of its interest rate hikes.
Money market participants see a 91.6% chance the Fed will hike the benchmark rate by 25 basis points in February, but see the terminal rate at 4.9% by June. On the earnings front, major U.S. banks stockpiled more rainy-day funds to prepare for a possible recession and reported weak investment banking results, but said consumers remained healthy and higher rates boosted profits.
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