Shares of PNC Financial (PNC) tumbled 6% after the bank's quarterly results showed a $408 million credit loss provision — or rainy day funds in the event an economic downturn sees consumers unable to repay loans.
United Airlines (UAL) stock fell 5% after climbing earlier in the session, even as the company reported better-than-expected earnings for the last three months of 2022 and an upbeat outlook for the new year.
Shares of International Business Machines Corporation (IBM) fell 3.3% following a downgrade from Morgan Stanley to Equal-Weight from Overweight.
Moderna (MRNA) shares rose more than 3% after the biotech company said results from a late-stage clinical trial for its vaccine against RSV was effective and that it would seek approval for the shot from the Food and Drug Administration by the middle of the year.
Investors are approaching the thick of what's likely to be a challenging fourth-quarter earnings season. Analysts have been downwardly revising their forecasts for earnings growth. The S&P 500 is projected to report a year-over-year decline in earnings of 3.9% for the fourth quarter, according to data from FactSet Research — the first year-over-year decline in earnings reported by the index since late 2020 if realized.
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