Wall Street Wobbles Amid Earnings and Global Jitters

Major U.S. bank earnings were released as Wall Street encountered a slide amidst economic and geopolitical uncertainties. Despite better-than-expected retail and producer sales data, the markets dipped as investors anticipated changes in Federal Reserve policy. Precious metals surged while oil prices climbed due to global supply concerns.

Wall Street saw a downturn on Wednesday as major banks reported earnings, and investors watched economic and political tensions influence market movements. Precious metal and oil prices rose amidst an uncertain global scene.

The latest data revealed that U.S. retail sales rose more than expected in November, as did producer prices. Despite this, the consensus remained that the Federal Reserve would perform two interest rate cuts later in the year.

U.S. banks posted strong profits from lending and rising fees, yet stock prices fell. Meanwhile, market interest leaned towards growing oil prices, partially caused by looming Iranian supply concerns, and precious metals hit record highs, with gold and silver leading the surge.

(With inputs from agencies.)