TheStreet's JD Durkin brings the latest business headlines from the New York Stock Exchange as markets close for trading on Friday, January 12.
Full video transcript below:
JD DURKIN: This is JD Durkin reporting from the New York Stock Exchange. stocks closed mixed to close out today's session. The Dow Jones closed down 117 points, the Nasdaq closed slightly higher and the S&P also closed slightly higher.
This comes as investors analyze the first batch of fourth-quarter earnings. While the big banks mostly disappointed, Delta reported a strong quarter, although it cut its forecast for next year.
On the other hand, investors are digesting better-than-expected inflation data. Producer prices fell 0.1 percent in December, below expectations for a 0.1 percent increase. And this is sparking some optimism… Markets are currently pricing in a greater than 70 percent chance that the Federal Reserve will lower interest rates in March.
In other news, after disappointing fourth-quarter results, Citigroup is looking to cut costs. In its recent earnings report, the bank announced plans to lay off a total of 20,000 employees over the next two years.
This comes after Citi reported a $1.8 billion loss in its fourth quarter, its worst performance in more than 15 years. CEO Jane Fraser called the quarter “very disappointing” and expects 2024 to be a turning point for the bank.
This workforce reduction is expected to pay off for the company…eventually. Citi says the move will save the company $2.5 billion in the long run. But in the short term the company is expected to incur $1 billion in expenses related to severance and restructuring.
That will be enough for your daily report. From the New York Stock Exchange, I'm JD Durkin of TheStreet.
