The Dow closed lower on Friday with the big obstacle of financial stocks as investors were disappointed with the results of the fourth quarter of the Big U.S. bank, which casts a shadow on the earnings season kick-off.

Nasdaq and S & P regain lost ground in afternoon trading to close higher. Meanwhile consumer discretionary stocks put pressure on the index throughout the morning session after data showed a decline in retail sales and consumer sentiment source.

JPMorgan Chase & Co. fell after reporting weaker performance on the arms trade. Bellwether lender also warned that soaring inflation, a looming threat of Omicron and trading revenues will challenge the industry’s growth in the coming months. Read more

Together with JPMorgan, a big drop in the Dow included putting pressure on financial stocks Goldman Sachs, American Express and Home Improvement Retail Home Depot.

Shares of Citigroup Inc. fell after reporting a 26% drop in fourth-quarter profit, while the asset manager Blackrock Inc. (BLK.N) fell 2.2% after quarterly revenue missed expectations. Read more

Subsector banks S & P 500, which hit an intraday high in the previous session, closed down 1.7%. The sector has outperformed the S & P recently as investors bet the Federal Reserve interest rate hike is expected to increase bank profits.

“The bar was very high. At the result. On the surface it was nice but, under the hood, not so much,” said Michael James, director of equity trading at Wedbush Securities in Los Angeles. In the interest rate hiking cycle is expected this year “very crowded position on the long side” go into earnings season.

For the weakness of consumer stocks, James refers to retail sales “clearly disappointing”, which fell 1.9% last month due to shortages of goods and explosion Covid-19 infection. Read more Separate data showed inflation soared to U.S. consumer sentiment In January, pushing it to the second lowest level in a decade. Read more

Retail sales and the growth of bank loans to collect doubts about the economic outlook for the current quarter and 2022 for Keith Buchanan, Portfolio Manager at Global in Atlanta.

“The question is, whether the economy has enough strength to pass through Omicron risk taken as a refuge of fiscal and monetary stimulus,” said Buchanan.

Industrial average Dow Jones fell 201.81 points, or 0.56%, to 35911.81, the S & P 500 rose 3.82 points, or 0.08%, to 4662.85 and the NASDAQ composite added 86.93 %, to 14893.75.

For the week, the S & P 500 fell 0.3% while the Dow fell 0.9% and the NASDAQ down 0.3%.

At the end of the session, four of the eleven sectors of the S & P rose ground with energy leading gains.

An afternoon rally pushed the Nasdaq and S & P to cover the increase with the help of sensitive technology growth sector with technology that shuts 0.89% and 0.53% added communications services.

“Clearly there is some bargain hunting going on in technology today,” said Wedbush’s James.

Analysts see earnings of S & P 500 companies rose 23.1% in the fourth quarter, according to data from refinitiv Ibes.

However, one bright spot in the bank sector on Friday, however, is Wells Fargo & Co., which rose after posting a larger increase than expected fourth quarter earnings. Read more

Las Vegas Sands rose 14.2% while 16.6% Melco advanced Resorts and Wynn resort closed up 8.6% after the Macau government shut down the number of new casino operators are allowed to operate into a six-year operation period of up to 10 years. Read more

U.S. stock market will remain closed on Monday for a public holiday to honor Martin Luther King Jr.

Declining issues outnumber advancing on the NYSE by a ratio of 1.63-to-1; On the Nasdaq, the ratio of 1.19-to-1 preferred Dekliner.

S & P 500 posted the highest 38 to 52 weeks and three new lows; NASDAQ Composite recorded 71 new highs and 570 new lows.

In U.S. exchanges, 10.74 billion shares changed hands compared with an average 10.34 billion for the 20 sessions.