5 things to know before the stock market opens Friday, Jan. 28

Here are the most important news, trends and analysis that investors need to start their trading day:

Volatility persisted Friday, with Dow futures swinging wildly. Dow stock Chevron fell more than 4% in the premarket, retreating from a record after an earnings miss. Apple, also a Dow component, was a bright spot in what’s shaping up to be another crazy day, rising nearly 3% in the premarket following strong earnings. Nasdaq futures were flipping between gains and losses.

The Nasdaq and S&P 500 gave up gains intraday Thursday and closed negative. They’re both now in correction territory, sitting 17.6% and 10.2% below their respective record highs. The S&P 500 is headed for its worst month since March 2020. The Dow closed slightly lower Thursday, giving up an over 600-point advance earlier in the session. The 30-stock average was 7% below its most recent record close.

The Federal Reserve’s favorite inflation gauge showed its biggest year-over-year increase since September 1983. December’s core PCE price index, excluding the food and energy sectors, jumped 4.9% from a year ago. November’s number increased 4.7% year over year. Following the Fed’s two-day January meeting earlier this week, central bankers signaled the first Covid-era interest rate hike as soon as March to fight rising inflation.

Chevron shares on Friday were pulling back from an all-time high in the prior session. The energy giant before the bell reported lower-than-expected adjusted fourth-quarter earnings. Revenue of $48.13 billion beat expectations. The results come as oil stages a blistering recovery from its pandemic-era lows, with international crude prices and U.S. oil prices trading at more than seven-year highs.

Another Dow stock, Caterpillar, fell 4% in the premarket, contributing to the overall market malaise. Increased costs weighing on the company’s profit margins overshadowed better-than-expected earnings and revenue in the fourth quarter. The heavy equipment maker’s sales were up 23% from a year earlier despite supply chain constraints.

After the bell Thursday, Apple reported record revenue for its December quarter, despite supply chain disruptions cutting into sales. Apple beat analyst estimates…