Indexes Eke Out Weekly Gains

• US stocks were mixed Friday as earnings season began, but indexes notched weekly wins after last week’s losses.
• Wholesale inflation data was subdued, reinforcing hopes for Fed rate cuts.
• Bitcoin sank almost 5%, while Red Sea tensions pushed oil prices up.

US stocks finished mixed on Friday as fourth-quarter earnings began rolling out, but indexes still notched weekly gains.

JPMorgan booked a bigger annual profit than any US bank in history, while Citigroup, Bank of America and Wells Fargo also reported results.

Meanwhile, the producer price index came in cooler than expected, deepening rate cut convictions. Traders are pricing in a 74% chance that the Fed will cut rates in March, according to the CME FedWatch Tool.

“On the one hand, until more progress is made on rental inflation, it is hard to argue that inflation is on a sustainable path back down to the Fed’s target,” analysts from Deutsche Bank said in a Friday note. “On the other, core PCE, which is what the Fed targets, seems to be normalizing faster than expected and could argue for bringing forward rate cuts in order to prevent real rates from becoming more restrictive.”

Bitcoin tanked almost 5% to dip below $44,000. Oil prices continued to edge up as US and UK airstrikes on Houthi targets added more volatility to the region.

Here’s where US indexes stood at the 4 p.m. closing bell on Friday: 

Here’s what else is going on:

In commodities, bonds, and crypto: