Stocks slumped Friday, giving up gains from earlier in the session a day after posting a historic turnaround rally as investors digested inflation expectations.
The Dow Jones Industrials capsized 299.35 points, or 1%, to 29,739.37
The S&P 500 fell back 69.42 points, or 1.9%, to 3,600.49
The NASDAQ Composite stumbled 257.78 points, or 2.4%, to 10,391.37.
Stocks fell to session lows after a consumer survey from the University of Michigan showed inflation expectations were increasing, sentiment that the Federal Reserve is likely watching closely.
Earlier in the session, bank stocks gained, leading the broader market, after four key earnings reports. Wells Fargo gained more than 2% after beating Wall Street's revenue expectations. JPMorgan jumped more than 1%, and Citigroup rose more than 2%.
The positive moves come amid a negative outlook for the earnings season. Profit for S&P 500 companies increased a measly 2.4% in the third quarter, according to the latest analyst estimates. That's the worst growth since the third quarter of 2020, the heart of the pandemic.
Treasury prices fell a bit, raising yields to 4.01% from Thursday's 3.96%. Treasury prices and yields move in opposite directions.
Oil prices stumbled $2.99 to $86.12 U.S. a barrel.
Gold prices let go of $24.50 to $1,652.50 U.S. an ounce.