Wall Street is under pressure from falling profits from major banks

US equities fell on Friday as the financial data period began with a decline in profits from major banks, as more bleak inflation expectations raised fears that a sharp rise in interest rates by the US central bank will push the economy in a recession.

At 12:15 PM EDT, the Dow Jones Industrial Average fell 320.10 points, or 1.07%, to 29718.62.

The Standard & Poor’s 500 Index fell 71.73 points, or 1.95%, to 3,598.18.

As for the Nasdaq Composite Index, it was the most loser, after losing 266.16 points, or 2.50%, to 10,382.99.