The Dow Jones Industrial Average reached a new high on Friday around noon, driven by earnings reports from major banks. The Dow rose by more than 300 points, or 0.79%, to 40,045 points in the afternoon. The S&P 500 increased by 0.9%, breaking past 5,600 again, while the Nasdaq gained 0.8%.
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Inflation data released on Friday presented mixed signals. The Producer Price Index (PPI) indicated an increase in June, with a 2.6% rise on a yearly basis according to the Bureau of Labor Statistics. This exceeded the 2.3% estimate, contradicting Thursday’s lower-than-expected consumer price pressure reading. This development suggests that the Federal Reserve may need more time to consider lowering interest rates.
The 10-year yield remained steady at 4.2% on Friday.
The earnings season for major banks commenced on Friday with JPMorgan Chase, Citigroup, BNY Mellon, and Wells Fargo reporting their second-quarter results.
BNY Mellon emerged as one of the top performers on the S&P 500 on Friday afternoon, reaching a new 52-week high with a nearly 5% increase, trading at $64.
Conversely, Wells Fargo was the worst performer on the S&P 500 as its profit fell and the earnings report revealed a weak annual outlook. By the afternoon, the stock had dropped over 6%, trading at $56.
Goldman Sachs is scheduled to report on Monday, followed by Morgan Stanley and Bank of America on Tuesday.