US stocks were mostly lower on Wednesday, with the S&P 500 down 0.5%, the Nasdaq slipping 0.8%, while the Dow Jones traded near the flatline, as investors assessed a fresh batch of bank earnings alongside key economic data that did little to shift expectations for Federal Reserve rate cuts this year. Wells Fargo shares fell 3.9% after missing earnings and profit estimates. Bank of America slid 3.6% despite beating expectations, while Citigroup edged down 0.3% after posting stronger-than-expected earnings and revenue. JPMorgan declined 0.3%, extending its 4.1% drop from the previous session after disappointing quarterly results. On the data front, US producer inflation rose slightly in November amid higher energy costs, while retail sales increased more than expected. Sector-wise, tech stocks underperformed, while energy shares outperformed amid rising oil prices. Investors also continued to monitor developments in Iran, while the US Supreme Court could issue a ruling on tariffs today.
