All three major U.S. equity averages ended lower a second consecutive week amidst mixed earnings and job report jitters. A pair of Magnificent Seven tech giants beat on quarterly results while disappointing on weakerthan-expected forward revenue guidance. Meanwhile, the University of Michigan’s preliminary consumer sentiment reading for February fell to its lowest since July as future inflation expectations climbed to their highest since November 2023. Also importantly, tariff uncertainties and still resilient jobs growth will likely keep Fed policymakers on the sidelines regarding interest rates.