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Topline
Fourth-quarter earnings season kicked off Friday morning with a slew of big banks reporting a mixed bag of results—with some doing better than expected while others saw profits cut in half amid the market turmoil in recent months—but one theme remained clear across the releases: The U.S. still faces a potential recession this year, and unemployment is likely to rise even if the economy ultimately avoids one.
Key Facts
Among the hardest hit stocks Friday morning, shares of Wells Fargo fell as much as 4% after the bank reported profits collapsed 50% to $2.9 billion in the fourth quarter as earnings from its home-lending business tanked 57%, with higher interest rates driving down demand in the housing market and resulting in lower mortgage originations.
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