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<p>Stocks traded right around the break-even line about an hour after Friday&#8217;s opening bell. Premarket earnings reports from five of the country&#8217;s largest banks and others weighed on investor enthusiasm. Coupled with a price cut of up to 20% on some Tesla models, the outlook for the current quarter is not exactly robust.</p>
<p>Before markets opened on Friday, Delta Air Lines posted results that beat estimates on both the top and bottom lines. Despite the earnings beat and the CEO&#8217;s assurance that the market for air travel remains strong, first-quarter guidance called for earnings per share (EPS) in a range of $0.15 to $0.40, far short of a consensus estimate for EPS of $0.59. Shares traded down 3.6%.</p>
<p>Wells Fargo missed estimates for both profits and revenues, and the shares were trading down by 1.7%.</p>
<p>BlackRock beat top-line and bottom-line estimates, but revenue was down 15% year over year, and fee income also fell. Assets under management rose to $8.6 trillion on stronger-than-expected inflows. Shares traded down 0.7%.</p>
<p>United HealthCare beat estimates on both the top and bottom lines. The country&#8217;s largest health insurer reaffirmed earnings guidance that was below the consensus estimate, while guiding revenue above the consensus. Shares traded up 1.8%.</p>
<p>Bank of America also beat both top-line and bottom-line estimates, taking advantage of higher interest rates to increase net interest income and market volatility to boost trading revenue. The bank salted away $1.1 billion to cover possible credit losses. The stock traded down by 1.5%.</p>
<p>JPMorgan Chase was another of the big banks to hammer estimate on both the top and bottom lines. The bank set aside $1.4 billion for loan losses, commenting that it now anticipates a mild recession ahead. In the fourth quarter of last year, the bank freed $1.6 billion of reserves. Shares traded up 0.24%.</p>
<p>Bank of New York Mellon missed the consensus revenue estimate but beat on earnings. Revenue was hit by lower fees and investment revenue. Higher interest rates drove net interest income up 56% year over year. The bank added $39 million to its loan-loss reserves. Shares traded up 1.3%.</p>
<p>Citigroup reported lower-than-expected EPS but topped the revenue estimate. The bank added $640 million to its loan-loss fund compared to a release last year of $1.4 billion. Shares traded down 0.5%.</p>
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<p>				ALSO READ: With Rates Still Rising, 7 Highest-Yielding Dividend Kings May Be the Best 2023 Stock Ideas<br />
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<p>U.S. markets are closed Monday to observe the birthday of Dr. Martin Luther King, Jr. From Taiwan, semiconductor wafer maker United Microelectronics is scheduled to report quarterly results.</p>
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Earnings Previews: Goldman Sachs, Morgan Stanley, Silvergate Capital
