The stock market was little affected by Wednesday’s earnings release from the largest U.S. banks.

Futures linked to the Dow Jones Industrial Average fell by 0.04 percent. S&P 500 futures and Nasdaq 100 futures slipped 0.08% and 0.04%, respectively.

The Dow gained about 344 points or 1% in regular trading. The S&P 500 and Nasdaq Composite advanced 1% and 2%, respectively, each snapping a three-day losing streak as investors shrugged off the latest CPI report, which showed inflation levels not seen since 1981.

After a first batch of quarterly results by companies such as Delta, Fastenal, and BlackRock that came in higher than anticipated, the reversal occurred. Investors were eager to find out how the companies managed rising inflationary pressures.

JPMorgan’s shares fell more than 3 percent Wednesday, as the company took a $902million charge to build credit reserves in anticipation of loan losses. and $524 million in losses tied to Russia-linked market upheaval.

Despite Wednesday’s rally however, the majority of major averages are in the red for this week. The Dow and Nasdaq are down more than 0.4%, while the broad-market S&P is down nearly 0.1%.

“Given geopolitical crises of extreme proportions [and]Sharpest Fed pivot, market resilience,” stated Sylvia Jablonski (CEO and chief investment officer of Defiance ETFs). “Returns are going to be lower but there is still an argument to be made for investing in equities – there is almost nowhere else to go. We will have to see how earnings go – how much companies talk about inflation, supply chain issues impacting margin, and rest of year outlook.”

She said, “I believe earnings are going to surpass expectations yet again,” We could witness a reverse of the bearish daily trend if this occurs.”

Wells Fargo and Goldman Sachs will release their quarter-end earnings starting Thursday at 7:15 a.m. The quarter’s macro trends will be closely watched by investors, who will also monitor a flattening yield slope and how well banks fared.

JPMorgan’s experiences may not be good for them but they still have positive indicators for their Wall Street counterparts. Trading desks at the company were able to profit from volatile markets caused by the Ukraine conflict. The bank’s fixed-income and equities businesses generated $1.3 billion in more revenue than expected.

JPMorgan saw an increase in interest income due to loan growth and rising rates. This is good news for Wells Fargo, a rival consumer bank. Wells is a pick of analysts this year due to its increased sensitivity to rising rates.

Stephanie Lang (Homrich Berg chief investment officer) stated, “The bar has been set low for bank earnings. Expectations for Q1 earnings falling around 1%.” This low standard could be overcome and shares will rise. The bright spot is net interest income, which has risen as the interest rate moves higher.

U.S. Bancorp and PNC Financial, as well as Ally Financial will also report their earnings on Thursday.

Economic data: Retail sales, import price and jobless claims will all be released at 8:30 a.m.

— Hugh Son, CNBC Reporter, contributed reporting.