The Dow Jones Industrial Average surged to a new high on Friday around noon, driven by earnings reports from major banks. The Dow climbed over 300 points, or 0.79%, reaching 40,045 points in the afternoon. The S&P 500 rose 0.9%, surpassing 5,600 again, while the Nasdaq gained 0.8%.
Inflation data released on Friday gave mixed results. The Producer Price Index (PPI) showed an increase for June. According to the Bureau of Labor Statistics, the PPI for final demand in the US rose 2.6% annually in June, exceeding the 2.3% estimate. This PPI data contrasts with Thursday’s lower-than-expected consumer price index, signaling that the Federal Reserve may need more time to consider reducing interest rates.
The 10-year yield held steady at 4.2% on Friday.
The big bank earnings season began 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 emerged as one of the top performers on the S&P 500 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 was down over 6%, trading at $56.
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Goldman Sachs is expected to report on Monday, followed by Morgan Stanley and Bank of America on Tuesday.
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