Stocks dip Friday morning, financials react to bank earnings

Stock market indexes (^DJI, ^IXIC, ^GSPC) open Friday's session lower after a tumultuous trading week driven by March's inflation data.

Morning Brief anchors Seana Smith and Brad Smith examine the market action following the opening bell, taking a closer look at the financial sector (XLF) after major banks JPMorgan Chase & Co. (JPM), Citigroup (C), and Wells Fargo (WFC) reported first-quarter earnings this morning.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video transcript

- Taking a look at some of the moves out of the gate here. We're still down across the board right now, Seana.

- We are. We aren't seeing a huge move here at the open. A bit of a difference than what we've seen the last two days on the heels of the latest inflation prints. You've got the Dow just below the flat line. You've got the NASDAQ, though, off about 9/10 of a percent.

Let's take a look at the five-day chart. You can certainly see, we are well off the lows of the week. We certainly did get some excitement at yesterday. But we're not seeing too much movement here today. And then the S&P moving to the downside here, just at the open. Off just about 7/10 of a percent.

And flipping back to the Dow. Now, we're getting a little bit more movement with the Dow off just over 200 points. We got to talk about financials. At first, just the sector action, more broadly speaking, what we are seeing there. It is a lot of red on your screen.

You've got technology among the worst performers. But financials-- pull it back up. You got it. You got it. All right. Now, we're looking at the S&P. We're all over the place because everything's changing here at the moment.

But again, when you take a look at the financials, we're seeing a bit of pressure when it comes to JP Morgan, when it comes to Wells Fargo. A lot of that over concerns of net interest income and what exactly that could signal here going forward.