S&P 500 Ends at Highest in Month, Indexes Gain for Week as Earnings Kick Off

- JPMorgan, Wells Fargo shares jump
- U.S. consumers' inflation expectations ease - survey
- Tesla falls after price cuts on electric vehicles
- Indexes: $Dow Jones Industrial Average(.DJI.US)$ up 0.3%, $S&P 500 Index(.SPX.US)$ up 0.4%, $Nasdaq Composite Index(.IXIC.US)$ up 0.7%

The S&P 500 and Nasdaq finished at their highest levels in a month on Friday, with shares of JPMorgan Chase and other banks rising following their quarterly results, which kicked off the earnings season.
All three major indexes also registered strong gains for the week, leaving the S&P 500 up 4.2% so far in 2023, and the Cboe Volatility index - Wall Street's fear gauge - closed at a one-year low.
On Friday, financials were among sectors that gave the S&P 500 the most support.
$JPMorgan(JPM.US)$ and $Bank of America(BAC.US)$ beat quarterly earnings estimates, while $Wells Fargo & Co(WFC.US)$ and $Citigroup(C.US)$ fell short of quarterly profit estimates.
But shares of all four firms rose, along with the S&P 500 banks index, which ended up 1.6%. JPMorgan shares climbed 2.5%.
Still, Wall Street's biggest banks stockpiled more rainy-day funds to prepare for a possible recession and reported weak investment banking results while showing caution about forecasting income growth. They said higher rates helped to boost profits.
Strategists said investors will be watching for further guidance from company executives in the coming weeks.
Year-over-year earnings from S&P 500 companies are expected to have declined 2.2% for the quarter, according to Refinitiv data.
Also giving some support to the market Friday, the University of Michigan's survey showed an improvement in U.S. consumer sentiment, with the one-year inflation outlook falling in January to the lowest level since the spring of 2021.
The S&P 500 closed at its highest level since Dec. 13, while the Nasdaq closed at its highest level since Dec. 14.
For the week, the S&P 500 gained 2.7% and the Dow rose 2%. The Nasdaq increased 4.8% in its biggest weekly percentage gain since Nov. 11.
The U.S. stock market will be closed Monday for the Martin Luther King Jr. Day holiday.
Thursday's Consumer Price Index and other recent data have bolstered hopes that a sustained downward trend in inflation could give the Federal Reserve room to dial back on its interest rate hikes.
Money market participants now see a 91.6% chance the Fed will hike the benchmark rate by 25 basis points in February.
Among the day's decliners, $Tesla(TSLA.US)$ shares fell 0.9% after it slashed prices on its electric vehicles in the United States and Europe by as much as 20% after missing 2022 deliveries estimates.
In other earnings news, $UnitedHealth(UNH.US)$ shares rose after it beat Wall Street expectations for fourth-quarter profit but the stock ended down on the day.
Shares of $Delta Air Lines(DAL.US)$ dropped 3.5% as the company forecast first-quarter profit below expectations. $SPDR S&P 500 ETF(SPY.US)$ $Invesco QQQ Trust(QQQ.US)$