The Dow Jones Industrial Average surged to a new high on Friday around noon amid earnings reports from major banks. The Dow added more than 300 points, or 0.79%, reaching 40,045 points in the afternoon. The S&P 500 gained 0.9%, surpassing 5,600 once again, while the Nasdaq increased by 0.8%.
The latest inflation data released on Friday presented mixed signals. The Producer Price Index (PPI) showed an increase in June. According to the Bureau of Labor Statistics, the PPI for final demand in the US rose 2.6% year-over-year in June, exceeding the 2.3% estimate. This PPI data contrasts with Thursday’s lower-than-expected consumer price pressure reading, suggesting that the Federal Reserve might need more time to reduce interest rates.
Meanwhile, the 10-year yield held steady at 4.2% on Friday.
Bank earnings season started once again on Friday, with JPMorgan Chase, Citigroup, BNY Mellon, and Wells Fargo reporting their second-quarter results before the market opened.
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BNY Mellon was one of the top performers on the S&P 500 on Friday afternoon, reaching a new 52-week high with a nearly 5% jump, trading at $64.
Conversely, Wells Fargo was the worst performer on the S&P 500. Its profit declined, and its earnings report indicated a weak annual outlook. By the afternoon, the stock had dropped over 6%, trading at $56.
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Goldman Sachs is set to report its earnings on Monday, with Morgan Stanley and Bank of America following on Tuesday.
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