Stocks on Wall Street finished a bit lower Friday, closing out the first week of corporate earnings season with markets hovering near record highs.
Major indexes showed similar wobbly movements throughout the week, influenced by bank profit reports and inflation updates. The S&P 500 dropped 4.46 points, or 0.1%, to 6,940.01, remaining just below Monday's record. The Dow Jones Industrial Average fell 83.11 points, or 0.2%, to 49,359.33. The Nasdaq composite declined 14.63 points, or 0.1%, to 23,515.39. Each index recorded weekly losses.
Smaller company stocks performed slightly better. The Russell 2000 edged up 0.1% and gained 2% for the week.
Technology stocks drove much of the market's activity during the day. Several large tech companies posted strong gains, helping to counter losses in other sectors.
Broadcom increased 2.5% and Micron Technology rose 7.8%. These semiconductor firms, part of a group of Big Tech companies with large valuations, often significantly influence market direction.
Several regional U.S. banks released earnings after mixed reports from larger institutions. Pittsburgh's PNC jumped 3.8% after exceeding Wall Street's fourth-quarter targets. Regions Financial fell 2.6% after reporting results below forecasts.
Outside banking, transport company J.B. Hunt Transport Services dropped 1% following mixed quarterly financial results.
The latest earnings updates may offer Wall Street clearer insights into consumer spending and business operations amid inflation and tariff concerns. Investors are closely watching technology sector results to assess whether high stock prices driven by artificial intelligence enthusiasm are warranted.
"Despite the strong start to 2026, we would not be surprised if markets experience volatility in the coming weeks as fourth quarter earnings progress and the threat of escalating geopolitical tensions remains," Wells Fargo Investment Institute global equity strategist Doug Beath wrote in a note to investors.
Next week will bring a broader range of earnings from airlines, industrial firms, and technology companies. United Airlines, 3M, and Intel are all scheduled to release quarterly results.
Crude oil prices rose after sharp declines Thursday. U.S. crude oil increased 0.4% to $59.44, while Brent crude, the international standard, rose 0.6% to $64.13. Oil prices have been volatile amid widespread protests in Iran against the country's leadership and President Donald Trump's warnings that the U.S. "will come to their rescue."
Gold prices, also volatile this week, fell. The precious metal, often seen as a safe haven during economic and geopolitical uncertainty, dropped 0.6% but remains up more than 5% for January.
Treasury yields moved higher in the bond market. The yield on the 10-year Treasury rose to 4.23% from 4.17% late Thursday. The two-year Treasury yield, which more closely tracks Federal Reserve expectations, increased to 3.60% from 3.57%.
The Fed's next policy meeting on interest rates is in two weeks, with Wall Street expecting it to maintain the current benchmark rate. The central bank is balancing a slowing jobs market with persistently high inflation. Recent inflation updates showed prices remain above the Fed's 2% target.
The U.S. central bank will receive another inflation update next week when the government releases the personal consumption expenditures price index, or PCE, the Fed's preferred inflation measure.
European markets fell, while Asian markets were mixed. Taiwan's benchmark index rose 1.9% after its government signed a trade deal with the U.S. China, which claims the self-governed island as its territory, protested the agreement.
The Taiwan deal occurs amid an ongoing U.S. trade war with much of the world. Tariff uncertainty has raised inflation and economic damage concerns due to higher costs for businesses and consumers.
Canada is the latest to adjust partnerships due to this uncertainty. It has agreed to cut its 100% tariff on Chinese electric cars in exchange for lower tariffs on Canadian farm products, marking a break with the U.S. Tesla fell 0.2% and Rivian dropped 2.3%.