: Bank of America trims CEO Moynihan’s pay by about 6% to $30 million

Bank of America Corp.

said in a filing late Friday that its board has approved a 6.3% cut on Chief Executive Officer Brian Moynihan’s pay in 2022. Moynihan receives $30 million, compared with a 2021 total compensation of $32 million, the bank said. The board “acknowledged the company’s continued success in 2022 and Mr. Moynihan’s leadership under this operating model particularly in this period of considerable economic uncertainty,” the bank said in a SEC filing. Bank of America notched a $27.5 billion profit in 2022, the third highest net-income performance in the company’s history, it said. Its stock fell 26% in the year, reflecting “weakened investor sentiment given geopolitical tensions and recessionary fears.” Last week, a similar filing from Goldman Sachs Group Inc.

revealed a 30% pay cut for Goldman’s Chief Executive David Solomon, and earlier last month JPMorgan Chase & Co

said it cut special awards paid to Chief Executive Jamie Dimon but kept his pay the same as it was in 2021.

U.S. stocks finish lower, but Nasdaq Composite, S&P 500 book consecutive weekly advance

U.S. stock indexes finished lower on Friday after an unexpectedly strong surge in January nonfarm payrolls reversed the Wall Street’s perception that the end of the Fed’s rate increases is near. The Dow Jones Industrial Average

was off 128 points, or 0.4%, to end at 33,925, while the S&P 500

declined by 1% and the Nasdaq Composite

dropped 1.6%. For the week, the S&P 500 booked a weekly gain of 1.6%. The Nasdaq rose 3.3%, booking its fifth consecutive weekly advance and the longest winning streak in over a year, thanks to strong earnings from some major tech companies. The Dow industrials erased its earlier gain and slipped 0.3% this week, according to Dow Jones Market Data.

Growth stocks lag heading toward closing bell Friday

Value stocks are faring better than growth equities in Friday’s slump, in a choppy trading session following a stronger-than-forecast jobs report and a jump in Treasury yields. The Russell 1000 Value index

was off 0.9% in late afternoon trading, while the Russell 1000 Growth index

dropped 1.4%, according to FactSet data, at last check. Meanwhile, the yield on the 10-year Treasury note increased 13.5 basis points to 3.531% Friday, its biggest daily rise since Oct. 5 based on 3 p.m. Eastern time levels, according to Dow Jones Market Data. U.S. stocks were down heading toward the closing bell Friday, with losses led by the technology-laden Nasdaq Composite. The Dow Jones Industrial Average

was down 0.6%, while the S&P 500

fell 1.2% and the Nasdaq

dropped 1.7%, FactSet show, at last check.

: Oil futures fall for the session, with U.S prices at lowest in a month

U.S. oil futures settled lower on Friday, hitting their lowest in a month. It was another rough week for oil as “cooling optimism over the demand outlook and rising U.S. stockpiles kept bears in a position of power,” said Lukman Otunuga, manager, market analysis at FXTM. The European Union is set to enforce sanctions on imports of Russian oil products on Feb. 5. “It will be interesting to see how this may impact global oil prices in the medium to longer term,” said Otunuga. U.S. benchmark West Texas Intermediate crude for March delivery clh23 fell $2.49, or 3.3%, to settle at $73.39 a barrel on the New York Mercantile Exchange. Front-month contract prices settled at their lowest since Jan. 4, down 7.9% for the week, according to Dow Jones Market Data.

: Carvana ‘meme’-like stock bounces back sharply, putting it on track for longest win streak in 19 months

Shares of Carvana Co.

pulled a sharp U-turn to trade higher in afternoon trading Friday, putting them on track to stretch their “meme”-like win streak to seven sessions. The online used car marketplace’s stock was down as much as 9.1% at the intraday low of $12.95, but was up 0.2% at $14.28 in recent trading. If the stock closes up Friday, it would mark the longest win streak since the eight-day stretch that ended July 12, 2021. The stock has now rocketed 122.1% the past seven sessions. The stock had shown “meme”-like tendencies earlier this month, amid a relatively high short-interest position in the stock, and the company also adopted a shareholder rights plan (“poison pill”) to block investors for taking advantage of the stock’s weakness to buy up a large stake. Short-interest, or bearish bets on the stock, represented 59.7% of the public float, according to the latest exchange data, or shares available for public trading. That compares with that of the original “meme” stocks, with short-interest as a percentage of public float at 23.5% for GameStop Corp.

and AMC Entertainment Holdings Inc.

at 22.6%.

: Gold futures settle at a more than 3-week low

Gold futures settled Friday at their lowest in more than three weeks, down 2.7% from last Friday’s finish. Gold took a hit because “the positive surprise on the jobs number is a strong indication that the [Federal Reserve] has more than a single rate hike left in it,” said Brien Lundin, editor of Gold Newsletter. Gold was hit harder than equities because “it’s been outperforming stocks over the last few months,” he said. “Profits are being taken by those who have enjoyed that ride.” Gold for April delivery

fell $54.20, or 2.8%, to settle at $1,876.60 an ounce on Comex.

: Commerce Bancshares raises dividend, but implied yield is still below its peers and the S&P 500

Shares of Commerce Bancshares Inc.

slipped 0.1% in afternoon trading Friday, after the Missouri-based bank raised its quarterly dividend by 6.9%, to 27 cents a share from 25.25 cents a share. Based on current stock prices, the new annual dividend rate increases the implied dividend yield to 1.61% from 1.50%. The new yield compares with the yield for the SPDR S&P Regional Banking exchange-traded fund

of 2.28% and the implied yield for the S&P 500 index

of 1.64%. Commerce Bancshares’s stock has gained 1.6% over the past three months, while the regional bank ETF has advanced 4.1% and the S&P 500 has rallied 11.2%.

: Baker Hughes data show a third weekly decline in active U.S. oil-drilling rigs

Baker Hughes

on Friday reported that the number of active U.S. rigs drilling for oil fell by 10 to 599 this week. That followed declines in each of the two previous weeks. The total active U.S. rig count, which includes those drilling for natural gas, fell by 12 to 759, according to Baker Hughes. Oil prices continued to trade lower, with the March West Texas Intermediate crude contract

down $1.98, or 2.6%, at $73.90 a barrel on the New York Mercantile Exchange, weighed down in part by a sharp rise in the U.S. dollar.

U.S. considered shooting down Chinese spy balloon: ‘That was an option,’ Pentagon says

The Pentagon said the U.S. military considered shooting down the Chinese spy balloon that’s over the continental U.S. “That was an option,” said a Pentagon spokesman, U.S. Air Force Brig. Gen. Patrick Ryder, during a press briefing Friday. “Because we assess that it currently does not pose a physical or military risk to people on the ground, for now we’re continuing to monitor and review options.” Some Republican lawmakers have called for shooting down the balloon. When asked about Canadian claims about a second potential incident, Ryder said the U.S. is “tracking one balloon,” so “in regards to statements by Canada, I’d refer you back to them.” Earlier in the briefing, he said the surveillance balloon is over the center of the continental U.S. and moving eastward.

Pentagon: Chinese spy balloon is over center of continental U.S. and moving east

The Pentagon’s press secretary declined to give many details on the Chinese spy balloon that is over the U.S. during a press briefing Friday. “I can tell you that the balloon continues to move eastward and is currently over the center of the continental United States,” said the spokesman, U.S. Air Force Brig. Gen. Patrick Ryder. When asked about shooting down the balloon, as some Republican lawmakers have suggested, Ryder would only say officials are reviewing options. When asked about China’s assertion that it’s a weather balloon, he said, “The fact is, we know that it’s a surveillance balloon.”