Wall Street on Friday is giving back some of the gains from its strong start to the year, as earnings reporting season gets underway and CEOs show just how badly high inflation and a slowing economy are hurting them.
Slowing chunks of the economy and still-high inflation are dragging on profits for companies, which are one of the main levers that set stock prices. Stocks of banks and other financial companies were helping to lead Wall Street lower Friday after several of the industry’s biggest names reported their results for the last three months of the year.
Delta Air Lines sank 6.3% after it gave a forecast that also landed with a thud. Despite reporting stronger results for the end of 2022 than expected, its forecast for profits this quarter fell short of analysts’ expectations.
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