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US stocks slumped on Friday, giving up early gains and failing to build on the sharp rally that occurred in the previous session. 

Wall Street's major indexes locked in losses for the volatile week of trade that ended with mixed earnings results from top banks.

Meanwhile, the University of Michigan's consumer sentiment survey showed inflation expectations rose for the first time in seven months — despite a string of aggressive rate hikes from the Federal Reserve. The 10-year Treasury yield hit 4%, as a worsening inflation outlook likely keeps the Fed on its run of big and fast rate hikes. 

 S&P 500: 3,583.07, down 2.37%

Dow Jones Industrial Average: 29,634.83, down 1.34% (403.89 points)

Nasdaq Composite:  10,321.39, down 3.08%

Stocks initially rose after mixed results from investment banks. JPMorgan shares rose after the firm posted a third-quarter earnings beat. CEO Jamie Dimon, meanwhile, sounded off on risks of inflation and rising interest rates. Morgan Stanley shares fell as investment banking revenue slid by 55%. Wells Fargo shares rose after quarterly net interest income beat expectations. 

Meanwhile, retail sales in September were flat, missing an Econoday consensus estimate of 0.2% growth. 

Stocks on Thursday staged a stunning rally but that represented a bullish "bear hug" and not yet the start of a sustainable upswing in equities, said Bank of America researchers on Friday.

Here's what else is happening today:

There's less risk of a "lost decade" in equities going forward after this year's 25% decline in the stock market, Bank of America says. 

UK Chancellor of the Exchequer Kwasi Kwarteng has been fired from his job as Prime Minister Liz Truss waters down her tax-cutting proposals. 

"Dr. Doom" Nouriel Roubini predicted an imminent US recession and more pain for stocks.

Billionaire investor Mark Mobius said history shows that stocks can still make gains during Federal Reserve rate hikes.

A major US recession at this point is still avoidable, and this is not a "gloom and doom scenario," said Commerce Secretary Gina Raimondo.