US Equity Markets Fall Amid Disappointing Bank Earnings, Mixed Economic Data

04:36 PM EST, 01/14/2026 (MT Newswires) -- Major US equity indexes closed lower Wednesday amid disappointing bank earnings, mixed wholesale price inflation, and escalating geopolitical turmoil.

* The US producer price index rose 0.2% in November, matching expectations and following a 0.1% gain in October. Core PPI, which excludes food and energy, was unchanged, coming in below forecasts for a 0.2% increase after a 0.3% rise the prior month. On an annual basis, both headline and core PPI were up 3% in November.

* US retail sales rose 0.6% in November, outpacing the 0.5% increase forecast in a Bloomberg survey and rebounding from a 0.1% drop in October. Excluding motor vehicles and a 1.4% jump in gasoline-station sales, core retail sales climbed 0.4%, matching the prior month and meeting expectations.

* Iran has begun carrying out summary executions of protesters rallying against worsening economic conditions and soaring inflation, while US President Donald Trump has threatened military action to support the demonstrators, The Guardian reported.

* Trump also said the US needs Greenland for national security.

* February West Texas Intermediate crude oil fell $0.94 to settle at $60.21 per barrel, while March Brent crude, the global benchmark, was last seen down $0.84 at $64.58.

* Wells Fargo (WFC) shares fell 4.6% after the company reported Q4 adjusted earnings above market expectations, though revenue fell short of estimates amid weakness in investment banking.

* Bank of America (BAC) shares fell 3.8%, and Citigroup (C) dropped 3.3% after both banks reported Q4 results.

* EPAM Systems (EPAM) shares rose 4.4% after Wells Fargo (WFC) boosted its price target on the stock to $247 from $185 and maintained its overweight rating.

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