America's biggest financial institutions, JPMorgan Chase & Co. (JPM), Citigroup (C), and Wells Fargo (WFC), announced their first-quarter earnings results, signaling the beginning of the earnings season for Big Banks. While all three banks exceeded earnings estimates, Citigroup was the only one to report better-than-expected net interest income, a crucial metric indicating the profits generated from higher interest rates in the current environment.

JP Morgan and Wells Fargo, on the other hand, experienced a dip in their stock prices following this news, highlighting investor concerns about the banks' ability to sustain profitability in the face of increasing interest rates. The market is closely watching how major banks navigate the "higher for longer" interest rate scenario.

Meanwhile, stock futures for the Dow Jones Industrial Average (^DJI), Nasdaq Composite (^IXIC), and S&P 500 (^GSPC) are indicating a lower market open on Friday, as the markets absorb this week's fluctuating inflation data. The rollercoaster ride in the markets was triggered by a hotter-than-expected Consumer Price Index (CPI) report, leading investors to reevaluate their expectations of Federal Reserve policy.

This shift in market sentiment has also impacted the technology sector, which had been enjoying a winning streak until recently. Tech stocks have now lost their momentum from the previous day's close.

In another development, the Wall Street Journal reports that Chinese officials have issued warnings to telecom providers to move away from using semiconductors made in America. The directive states that Chinese carriers should discontinue the use of American chips by 2027. This news has had a direct impact on chip manufacturers Intel and AMD, with both companies seeing their shares decline by over 2%.

As the market reacts to these ongoing developments, there is a sense of uncertainty among investors. The mixed earnings results from the big banks, combined with the rollercoaster ride of inflation data and concerns over semiconductor chip usage, have contributed to an uncertain market outlook.

Investors will be closely watching how these factors play out in the coming weeks, as more companies report their earnings and economic indicators provide further insights into the direction of interest rates.