A drop for Tesla's stock, though, weighed on Wall Street. It fell 0.9% after slashing prices dramatically on several versions of its electric vehicles.
If the economy does fall into a recession, as many investors expect, sharper drops for profits may be set for 2023. That's why the forecasts for upcoming earnings that CEOs give this reporting season may be even more important than their latest results.
Treasury yields rose. The yield on the 10-year Treasury rose to 3.50% from 3.45% late Thursday. That yield helps set rates for mortgages and other loans that are crucial for wide swaths of the economy. The two-year yield, which tends to move more on expectations for the Fed, rose to 4.21% from 4.15%.
Stocks closed higher on Wall Street Friday to give the S&P 500 its best week in two months as earnings reporting season gets underway and CEOs begin to show how well or poorly they're navigating high inflation and a slowing economy. 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. Friday marked the first big day for companies in the the S&P 500 to show how they fared during the final three months of 2022, with a bevy of banks at the head of the line.
"Banks are telling the story of the broader economy and giving us a sense of where the economy is and where it may be headed," said Quincy Krosby, chief global strategist for LPL Financial.
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