U.S. stocks erased gains Friday as Wall Street’s biggest banks reported earnings and investors digested more inflation expectations.
The S&P 500 (^GSPC) fell 1.7%, while the Dow Jones Industrial Average (^DJI) was down nearly 1%. The technology-heavy Nasdaq Composite (^IXIC) fell by 2%.
Stocks turned sharply lower as a consumer survey from the University of Michigan showed inflation expectations increasing, marking the highest level in six months.
“The uptick in inflation expectations probably…
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