Wall Street stocks slipped in morning trading at the end of a roller coaster week that dragged the S&P 500 to the edge of correction territory. Here’s what we’re watching in Friday’s trading:
- Apple reported record quarterly results even as supply shortages hindered sales, but Chief Executive Tim Cook said those constraints are improving.
- Robinhood Markets reported a bigger-than-expected loss of $423 million for the fourth quarter.
Robinhood shares were falling premarket.
Photo: Amir Hamja for The Wall Street Journal
- Visa reported higher earnings and revenue for the recent quarter as it saw growth in payments volume, cross-border volume and processed transactions.
- Western Digital released second-quarter financial results and said supply chain disruptions were a headwind to near-term results.
- Tesla shares were extending declines, a day after closing down 12%, highlighting the pressure on technology and growth stocks as investors prepare for the Fed to tighten monetary policy.
- Mondelez said higher prices for its snacks weren’t enough to make up for the rising ingredient and transportation costs it faced in the latest quarter.
- Caterpillar reported an earnings beat, as higher manufacturing and material costs offset price increases.
- Chevron had its most profitable year since 2014, reporting Friday that it earned $15.6 billion in net income in 2021, as commodity prices surged on the back of a global economic recovery.
- Colgate-Palmolive said it expects adjusted per-share earnings growth in the low- to mid-single digits.
Chart of the Day
- The Federal Reserve is about to end America’s era of easy money. That is prompting investors to reverse course on two years of investing strategies, kicking off this month’s broad market rout.
Write to James Willhite at james.willhite@wsj.com
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
