Stocks slipped early Wednesday, after more bank earnings rolled in.

By Ed Ballard

Bank of America posted a 12% rise in quarterly profit, boosted by consumer spending. But its stock dropped, as did shares in Wells Fargo, which posted disappointing earnings per share. Citi's quarterly profit fell after the bank took a $1.2 billion loss from selling its Russia operations.

Gold and silver futures both hit intraday record highs, boosted by geopolitical tensions, as did copper contracts in New York. Oil futures extended gains made Tuesday, which came after President Trump appeared to hint at the U.S. intervening in Iran's upheaval.

Rulings due Wednesday from the Supreme Court could include a decision on the legality of President Trump's sweeping tariffs. However, the court doesn't say ahead of time which specific decisions it plans to announce.

New data showed retail sales grew 0.6% in November, an unexpectedly sharp jump, while wholesale inflation was cooler than expected for that month, at 0.2%.

In Asia, the Nikkei 225 set another record high, and bond yields continued to rise. The country's prime minister has called a snap election. South Korea's Kospi composite also hit an all-time peak.

Write to Ed Ballard at ed.ballard@wsj.com

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

January 14, 2026 09:40 ET (14:40 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.