The Dow Jones Industrial Average fell Friday, but notched a positive week, as investors assessed a weak retail sales report that dented enthusiasm around a stronger-than-expected start to corporate earnings.

The 30-stock Dow dropped 143.22 points, or about 0.42%, to 33,886.47. The S&P 500 fell 0.21% to 4,137.64. Meanwhile, the Nasdaq Composite slid 0.35% to 12,123.47.

The Dow, however, notched its fourth-straight positive week, rising 1.2%. The S&P 500 and the Nasdaq, meanwhile, nabbed their fourth positive week in five. The broad-market index added 0.79% for the week, while the Nasdaq ticked higher by 0.29%.

Advance retail sales in March showed consumer spending fell twice as much as expected. Retail sales declined by 1% last month, more than the 0.5% drop expected by economists polled by Dow Jones, in part because consumers paid less for fuel.

"Retail sales came in weaker than expected, but a lot of the miss had to do with lower gas prices, which all things being equal is a slight positive for spending," wrote Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.

"Inflation has been coming down as gas prices have been coming down, but that can reverse in an instant, which would drive the headline numbers higher. What is more concerning is that core (which excludes food and gas prices) has been stubbornly high – and where we believe the risks to higher-rates-for-longer lie," Zaccarelli added.

The disappointing retail sales data offset excitement around strong corporate earnings. JPMorgan Chase reported record revenue that beat analysts' expectations, with the stock rising more than 7%. Wells Fargo shares briefly rose as much as 2.1% after the bank reported growing profits, before closing about flat. These were the first bank earnings since the collapse of Silicon Valley Bank and Signature Bank last month.

Elsewhere, UnitedHealth, which has the biggest weighting in the Dow, fell 2.7% after what Mizuho described as a "modest beat and raise." The action came after UnitedHealth said it's spending more for new diabetes and weight loss drugs from Novo Nordisk and Eli Lilly.

Meanwhile, Boeing closed lower by more than 5%. On Thursday, the aircraft maker warned of delivery delays for some of its 737 Max planes.

Expectations for this earnings season are downbeat. Analysts polled by Refinitiv expect S&P 500 earnings fell more than 5% in the first quarter. That forecast comes as companies deal with persistent inflation and higher rates.

"The bar has never been set lower," said Art Hogan, chief market strategist at B. Riley Financial. "My guess is with consensus expectations for the S&P 500 to show earnings that are down some 5%, that may well be overstating what we actually find out." 

"I think that what's going to be super important is the kind of guidance we get, and how confident that corporations will be in guiding for the next three quarters in the face of what likely will be a slower economy."

Investors also assessed two back-to-back reports this week signaling cooling inflation. The March producer price index, a measure of prices paid by companies, declined 0.5% from the prior month, even as economists polled by Dow Jones expected prices to stay the same. Excluding food and energy, the index shed 0.1% from the prior month, while economists estimated a 0.2% month-to-month increase.

The PPI, which is considered a leading indicator of consumer inflation, bolstered a trend of easing inflation seen in the March consumer price index report released Wednesday. Consumer prices grew 5% on an annual basis, which was the smallest year-over-year increase in nearly two years.

Lea la cobertura del mercado de hoy en español aquí.

Stocks close lower Friday

Stocks closed lower Friday, but the Dow Jones Industrial Average notched its fourth straight positive week.

The 30-stock Dow dropped 143.22 points, or about 0.42%, to 33,886.47. The S&P 500 fell 0.21% to 4,137.64. Meanwhile, the Nasdaq Composite slid 0.35% to 12,123.47.

— Sarah Min

Next week opens the floodgates for first quarter earnings reports

Almost six times as many companies in the S&P 500 report latest quarter earnings next week as released results in the week just ended (10).

Although bank and financial companies results are sprinkled throughout the week (including a lot of regional banks, from MTB to CFG to CMA), the first of the big technology numbers are released next Wednesday LRCX TSLA FFIV IBM).

Earnings next week:

Monday SCHW STT JBHT MTB

Tuesday LMT BK JNJ GS PLD UAL NFLX OMC

Wednesday CFG GL USB ELV SYF TRV BKR NDAQ ABT MS DFS EFX LRCX LVS TSLA ZION FFIV KMI IBM CCI STLD

Thursday CMA T TFC ALK DHI FITB KEY SNA GPC AXP HBAN MMC PM POOL UNP NUE PPG STX CSX WRB ISRG

Friday FCX RF PG SLB

— Scott Schnipper

Market is experiencing 'push through failure,' says BTIG's Krinsky

The seesaw action earlier today in S&P e-minis could be a sign of a "push through failure," according to BTIG's Jonathan Krinsky.

"That type of reversal, should they remain weak today, is certainly a day to take notice as a push through failure above the highs of the last two weeks," the chief market technician wrote in a note to clients Friday.

Krinsky added that he's bracing for trading weakness Friday and more volatility as earnings season gains steam into next week.

"Our view from the last couple days remains the same, namely we have the set-up for an 'inverse October' where CPI day essentially marks the inflection of the move (yes we made a marginal new high today)," he wrote.

Given this setup, he views 4,180 to 4,190 as a key resistance level for S&P e-minis and a "inflection point."

"There is initial downside risk back to 4140, and then would be watching yesterday's lows in the 4110-4120 range," Krinsky wrote. "While it would be a big move and low odds at this point, a close below 4110 would leave a pretty significant negative outside day."

— Samantha Subin

Stocks could 'hold up' this earnings season, advisor says

Stocks could 'hold up' this first quarter earnings season given low expectations, according to Gina Bolvin, president of Bolvin Wealth Management Group.

"While we don't think earnings season will bring much in the way of good news, expectations are low enough that we may see stocks hold up again after results just as they generally did during fourth quarter earnings season in late January through mid-February," Bolvin wrote.

Of particular interest for Wall Street will be regional banks that "may not be perceived as too big to fail" following the collapse of Silicon Valley Bank and Signature Bank last month.

— Sarah Min

Stocks making the biggest midday moves

Here are some of the names making moves during midday trading:

• BlackRock — The stock rose 2.7% after the investment management company reported first-quarter adjusted earnings per share of $7.93, topping the $7.76 expected by analysts by Refinitiv. Revenue was in line with expectations.
• Hello Group — Shares of the Chinese entertainment rallied 5% after JPMorgan upgraded the stock to overweight from neutral. The firm said the company could benefit from improvements in live streaming in China.
• Catalent — The stock dropped 26% after the biotech company warned that productivity issues and higher-than-expected costs at three of its facilities will materially impact its fiscal third-quarter earnings results.

To see more companies moving during the midday, read the full story here.

— Michelle Fox

Citi CEO says there was "notable softening" in consumer spending during the first quarter

Citigroup CEO Jane Fraser was cautious about the direction of the U.S. economy while discussing the bank's first-quarter results on an investor call Friday.

"We did see a notable softening in consumer spending growth over the course of the quarter. Travel and entertainment continued to grow in March, but essentials were flat and almost all other spend categories were down," Fraser said.

The CEO also said the regional banking crisis in March made it more likely the U.S. would enter a mild recession later this year.

Citigroup kept its full-year guidance steady despite a stronger than expected first quarter, with CEO Mark Mason citing uncertainty about the economy and the path of interest rates as a reason for that decision.

Shares of Citi were up more than 4% in afternoon trading.

— Jesse Pound

Chicago Fed President: Latest economic data shows inflation moving in 'right direction,' but there's still ways to go

While the latest batch of economic data shows positive developments on the inflation front, Chicago Federal Reserve President Austan Goolsbee said the central bank's job is not over just yet.

"When you see the producer prices coming in as big negative numbers and you see these negatives on retail sales, you don't want to overreact to short-run news, but it feels like that's moving in the right direction," he said on CNBC's "Squawk Box" Friday to Steve Liesman.

Goolsbee, who succeeded Charles Evans in the president role earlier this year, is a member of the Federal Open Market Committee, which sets the federal funds rate.

— Alex Harring

This is why the market gains faded, Vital Knowledge says

Stocks got off to a solid start Friday, boosted by stronger-than-expected quarterly results. Those gains, however, didn't last.

The Dow was last down 207 points, or 0.6%. The S&P 500 slid 0.5%, and the Nasdaq Composite pulled back by 0.7%.

"Part of the dip is simply a function of what's come before, with the major indices up a lot on Thursday," wrote Adam Crisafulli of Vital Knowledge. "In addition, three hawkish headlines are weighing on sentiment, including the Bostic/Fed interview with Reuters (where he calls for a final 25bp hike in May), the ECB/Reuters article about a potential acceleration in the central bank's QT process, and the Michigan sentiment survey for April (which revealed a sharp jump in 1-year inflation expectations)."

— Fred Imbert, Michael Bloom

PNC Financial Services Group trades at lows not seen since November 2020

PNC Financial Services Group traded at lows not seen since November 2020, dropping more than 1% during Friday trading after the regional bank reported a slight revenue miss in its latest quarterly results. Otherwise, PNC beat earnings estimates in its first quarter.

Meanwhile, other S&P 500 stocks hit new 52-week highs. Here are their names:

• AutoZone trading at all-time high levels back to its IPO in April, 1991
• McDonald's trading at all-time highs back to its IPO in 1965
• O'Reilly Auto trading at all-time high levels back to its IPO in Apr, 1993
• YUM Brands trading at levels not seen since Jan, 2022
• Visa trading at levels not seen since Feb, 2022
• Boston Scientific trading at all-time high levels back to its IPO in May, 1992
• GE Healthcare Technologies trading at all-time highs back to its spinoff from GE in Dec, 2022
• Merck & Co. trading at all-time high levels back through our history to 1978
• Vertex Pharma trading at all-time highs back to its IPO in July, 1991
• Copart trading at levels not seen since Nov, 2021
• Motorola Solutions trading at all-time highs back to its when it began trading as a separate entity post the Motorola Mobility split

— Sarah Min, Chris Hayes

Financials is the only S&P 500 sector trading in positive territory

Financials stocks outperformed on Friday, with the S&P 500 sector the only one trading in positive territory. The sector was up more than 1% during morning trading.

JPMorgan Chase shares led gains in the sector, up more than 7% after the major bank reported strong quarterly earnings results. Other notable gainers included BlackRock and Citigroup, which added more than 3% each.

— Sarah Min

Consumer sentiment improves, but 1-year inflation expectations rise

Consumer sentiment is improving in April, according to a University of Michigan survey, but Americans are also expecting high inflation over the next year.

The Index for Consumer Sentiment came in at 63.5 for its preliminary April reading, above the 62.0 reading for last month. Economists surveyed by Dow Jones expected the index to stay the same.

But on the negative side, 1-year inflation expectations rose to 4.6% in April from 3.6% in March.

"Uncertainty over short-run inflation expectations continues to be notably elevated, indicating that the recent volatility in expected year-ahead inflation is likely to continue. The bumpiness in inflation expectations is limited to the short run as long-run inflation expectations remained remarkably stable," Survey of Consumers director Joanne Hsu said in a press release.

— Jesse Pound

Stocks open lower Friday

The Dow Jones Industrial Average dipped Friday as investors assessed stronger-than-expected corporate earnings, as well as a weak retail sales report.

The 30-stock Dow fell 18 points, or 0.05%. The S&P 500 pulled back by 0.1%, and the Nasdaq Composite lost 0.4%.

— Sarah Min

Retail sales decline more than expected

Advanced retail sales data signaled that consumer spending slowed in March as shoppers faced mounting recession fears and turmoil in the banking sector.

An advanced reading of retail sales showed a decline by 1% in March, greater than the 0.5% fall expected by economists surveyed by Dow Jones.

The figure marked the weakest month-over-month reading since November.

Retail sales excluding autos fell 0.8% versus the 0.4% expected by analysts.

— Samantha Subin

See the stocks making premarket moves

These are some of the stocks making the biggest premarket moves:

• Express — Express jumped 18% on news that the apparel brand would buy e-commerce apparel company Bonobos with WHP Global from Walmart.
• Boeing — Shares fell 5.9% in the premarket after Boeing warned it will likely have to reduce deliveries of its 737 Max plane due to an issue with a part made by a supplier, Spirit AeroSystems. Shares of Spirit AeroSystems tumbled 14%.
• BlackRock — The investment management company added 1.6% after reporting first-quarter earnings. BlackRock reported $7.93 in adjusted earnings per share, higher than the estimate of $7.76 from analysts polled by Refinitiv. Meanwhile, revenue was in line with expectations at $4.24 billion.

To see the full list, including the big bank stocks moving on earnings, click here.

— Alex Harring

Investor bullishness toward stocks back to 'unusually low' level, AAII says

Bullish opinion on stocks over the next six months among individual investors fell to an "unusually low" 26.1% from 33.3% in the latest weekly survey, the American Association of Individual Investors said.

Most of the slide in bullishness switched over to "neutral" opinion, which climbed to 39.5% from 31.6% ("above 39% for only the 3rd time in the past ~12 months"), while bearish sentiment was little changed, falling to 34.5% from 35.0%.

The 52-week high reading in bullishness came as recently as early February, when it reached 37. 5%; the one year peak in neutral sentiment came in mid-February at 37.5%; and the recent peak in bearishness was last September at 60.9%.

The historical average across time, back to the 1980s, is bullishness at 37.5%, neutral opinion at 31.5% and bearish sentiment at 31%.

Sentiment surveys are contrarian indicators. More bullishness usually means more risk in stocks, while increased bearishness signals less risk.

— Scott Schnipper

Citigroup joins parade of bank results topping expectations

Citigroup shares gained more than 2% in premarket trading as it too appeared to top expectations from Wall Street on Friday.

The bank reported $21.45 billion in revenue versus $19.986 billion expected, according to analysts polled by Refinitiv.

The bank's $4.6 billion in net income for the period compares to $4.3 billion in the same period last year

Citigroup reported earnings of $2.19 per share for the quarter, while it was not clear how comparable that number is to estimates, it appeared to be a well above expectations.

JPMorgan, Wells Fargo and Citigroup are all up in the premarket after reporting generally better-than-expected results.

-John Melloy, Jesse Pound

Boeing shares slump on reduced 737 Max delivery fears

Boeing shares lost more than 6% before the bell after the aircraft maker warned of delivery delays for some of its 737 Max planes due to a parts issue with a supplier.

Spirit AeroSystems told the company that a "non-standard" manufacturing process was used on two fittings in aft fuselages, Boeing said Thursday. The issue could affect some 737 Max jets popular with customers such as American Airlines and Southwest Airlines.

Spirit AeroSystems shares tumbled nearly 14%.

— Samantha Subin, Sara Salinas

Ether extends its Shanghai rally, bringing its 2-day gain to 12%

Cryptocurrencies built on their post-Shanghai/Shapella gains Friday as investors put uncertainty about potentially negative aftereffects of Ethereum's latest tech upgrade behind them.

Ether rose another 5% Friday morning to $2,113.73, bringing its two-day gain to nearly 12%, according to Coin Metrics. It's on pace to end the week up 14%

The ETH rally lifted other cryptocurrencies, with bitcoin rising more than 1% to $30,795.99. It's set to post a 10% gain for the week.

Market participants say ether is poised to climb higher from this point. Read more about it here.

For more on Shanghai and what it means for investors check out our primer here.

— Tanaya Macheel

Wells Fargo's first-quarter profit and revenue top the Street

Wells Fargo shares rose more than 2% in premarket after the bank reported growing profits as the bank benefited from higher interest rates.

Here's how the bank did compared with Refinitiv estimates:

• Earnings per share: $1.23 per share GAAP versus 90 cents a year ago and $1.13 estimate.
• Revenue: $20.73 billion versus $20.08 billion expected

The bank did boost its loan loss reserves in the quarter. The bank set aside $1.2 billion for credit losses after reducing its provisions by $787 million a year ago. 

— Yun Li

PNC rises on earnings beat

Shares of PNC Financial rose more than 3% in premarket trading after the bank beat earnings estimates for the first quarter.

PNC reported $3.98 in earnings per share, beating the $3.67 expected by analysts. Revenue of $5.60 billion came in slightly below expectations of $5.61 billion.

The bank also a reported a slight increase in deposits, and its provision for credit losses was down from the previous quarter.

— Jesse Pound

JPMorgan Chase jumps 4% after beating on top and bottom line

JPMorgan Chase shares jumped in premarket trading after the bank reported record revenue for the first quarter that was above expectations. Earnings per share also beat Wall Street's estimates.

JPMorgan reported adjusted earnings of $4.32 per share for the first quarter vs. a $3.41 estimate from analysts polled by Refinitiv. Revenue for the first quarter was a record $39.34 billion vs. a $36.19 billion consensus estimate from Refinitiv.

"The U.S. economy continues to be on generally healthy footings—consumers are still spending and have strong balance sheets, and businesses are in good shape," stated CEO Jamie Dimon in the earnings filing. "However, the storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks."

-John Melloy, Hugh Son

Dow member UnitedHealth pops on strong earnings

Shares of UnitedHealth popped 2% in the premarket on the back o f better-than-expected quarterly results.

The insurance giant reported adjusted earnings of $6.26 per share on revenue of $91.93 billion for the first quarter. Analysts expected earnings per share of $6.13 on revenue of $89.78 billion, according to Refinitiv. Additionally, the company slightly raised its guidance.

UnitedHealth has the biggest weighting on the Dow, given the benchmark is price weighted. In other words, names with a higher share price will have a greater impact.

— Fred Imbert

Markets 'in limbo' on next central bank moves, Nordea says

Dane Cekov, senior strategist at Nordea, said in a note Friday that global markets are in no-man's land right now.

"The data over the past two weeks has not surprised, yet financial markets are still in limbo when it comes to central bank's actions ahead," he wrote.

"Overall, the incoming US data show that price and production pressures are slowing but are still too high for comfort," he added. "But the Fed's hopes for a soft landing is still a possibility as banking-related stress seems to have alleviated for now."

Cekov's comments come after the U.S. government released the latest readings on the consumer and producer price indexes — both of which showed inflation is trending lower. Meanwhile, the minutes from the Federal Reserve's March meeting showed the central bank expects the banking crisis to cause a recession this year.

"While the release of the Fed's minutes show a central bank that was uncertain in light of the recent banking turmoil, in light of the incoming data markets now expect above 50% chance for a 25bp rate hike in May and around three 25bp rate cuts after the summer," Cekov noted.

— Fred Imbert

European equity markets open marginally higher

European markets opened marginally higher Friday as traders continue to digest U.S. data. Cooling inflation raised expectations that the Federal Reserve will pause its current rate-hiking cycle.

The pan-European Stoxx 600 index was up 0.2% at the start of the session, with most sectors trading in positive territory. Household goods and auto stocks led minor gains, both up 0.6%, while insurance stocks dropped 0.5% to lead losses.

— Hannah Ward-Glenton

European markets: The opening calls

European stock markets are set to open higher, according to IG data. The FTSE will rise to 7,855.7 with a 10.7-point gain, Germany's DAX will be up 41.5 points to reach 15,766.2, and France's CAC index will reach 7,499.9, thanks to a 15.6-point increase

— Hannah Ward-Glenton

Lucid shares fall on underwhelming production and delivery data

Luxury electric vehicle maker Lucid slid more than 5% in extended trading after reporting it delivered fewer of the Air sedans to customers than were produced.

The company produced 2,314 of its Air sedans in the first quarter, while delivering 1,406 Airs to customers during the same period. The mismatch between production and deliveries can be taken as a sign that demand was weaker than anticipated in the quarter.

And that delivery figure underwhelmed Wall Street. Analysts polled by FactSet expected the company would deliver about 2,000 Airs in the quarter.

— John Rosevear, Alex Harring

Indexes on pace to post winning weeks

With just Friday's session left in the trading week, the three major indexes were are slated to end up.

As of Thursday's close, the Dow led the way with a week-to-date advance of 1.6%. The S&P 500 was poised for a 1% gain for the week, while the Nasdaq Composite was on track to add 0.7%.

— Alex Harring

Hartford Financial tumbles 3% after issuing weak earnings guidance

Hartford Financial dropped more than 3% in after-hour trading after the company warned its first-quarter earnings could be worse than anticipated.

The insurance company issued preliminary guidance of $1.68 in adjusted earnings per share for the quarter, below the $1.99 consensus estimate of analysts polled by FactSet.

Catastrophic losses from winter storms and recent tornado, wind and hail events across the country are among the driving forces for the performance in the quarter, the company said in a release. The catastrophic losses totaled $185 million before tax in the first quarter.

— Alex Harring, Robert Hum

Wells Fargo dips in extended trading as investors look to Friday's bank earnings

Wells Fargo slipped 1% in extended trading as investors readied for a batch of earnings reports from major banks.

The bank is set to report earnings before the bell Friday along with JPMorgan and Citi. JPMorgan was down 0.2% after hours, while Citi was up 0.2%.

— Alex Harring

Options point to bullish positioning into earnings, RBC's derivatives strategist says

RBC Capital's equity derivatives strategist Amy Wu Silverman said options positioning suggests that investors are more bullish than bearish on financials headed into their earnings.

Options on the SPDR S&P Regional Banking ETF as well as the Financial Select Sector SPDR Fund are leaning towards the call side right now, Wu said. Call options bet on underlying securities to rise in prices.

"Short term, I do see these opportunities. For instance, let's say financials," Wu said on CNBC's "Closing Bell Overtime". "Those option prices are relatively inexpensive for an earning season, especially one that's this critical, and so short term, you can still own some calls."

— Yun Li

Stock futures trade lower

The three major future indexes were slightly down as extended trading kicked off.

Futures tied to the Dow and Nasdaq 100 were each 0.2% lower. S&P 500 futures, meanwhile, shed 0.1%.

— Alex Harring