"Tech and Bank Stocks Drive S&P 500 and Dow Lower, Inflation Data Delays Fed Rate Cuts"

The S&P 500 and Dow are poised for weekly losses as megacap growth stocks, chipmakers, and banks, including JPMorgan Chase, Wells Fargo, and Citigroup, reported disappointing quarterly earnings. Falling megacap growth stocks and chipmakers, such as Nvidia, Tesla, and Meta Platforms, contributed to the decline. The market sentiment was affected by a hotter-than-expected inflation reading, leading to speculation about potential interest rate cuts by the U.S. central bank. Additionally, U.S. consumer sentiment decreased in April, while inflation expectations for the next 12 months and beyond increased.