US stock indices on Friday

The Dow Jones Industrial Average fell more than 178 points, or 0.5 per cent, while the S&P 500 and Nasdaq Composite fell 0.6 per cent and 0.3 per cent respectively.

Caterpillar shares fell after it noted that obstacles, including supply chain issues and costs, could cut profit in the current quarter. Fourth-quarter revenue of $13.8 billion did exceed estimates.

Chevron shares also fell after earnings of $2.65 per share came in below analysts' estimates of $3.12. However, despite the broader market decline, Apple is resisting the downtrend after quarterly results.

On Thursday, Apple reported the highest quarterly revenue growth in the company's history at $123.9 billion. GlobalNY.biz previously wrote about Apple's report today. To read that news click here.

Shares in Robinhood Markets fell after reporting a net loss of $423 million in the latest quarter along with slowing growth.

In commodities, oil fluctuated above the $88 a barrel level.

In the economic calendar, the Commerce Department reported that the annual change in core PCE, which is the Federal Reserve's preferred measure of inflation, jumped 4.9%, the highest in more than 38 years.

Personal income rose 0.3%, while falling spending fell 0.6% from the previous month, reversing November's 0.6% increase. Core personal consumption expenditure, which eliminates volatile food and energy prices, rose 0.5% from the previous month.

The employment value index rose by 1% compared to the previous quarter in the last three months of 2021.