The Dow Jones Industrial Average reached a new high on Friday around noon amid earnings reports from major banks. The Dow increased by over 300 points, or 0.79%, to 40,045 points in the afternoon. The S&P 500 added 0.9% to exceed 5,600 once again, while the Nasdaq rose by 0.8%.
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Inflation data released on Friday showed mixed signals. The Producer Price Index (PPI) for June indicated an increase. According to the Bureau of Labor Statistics, the PPI for final demand in the US climbed by 2.6% year-over-year in June, surpassing the estimated 2.3%. This 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.
The 10-year yield remained steady at 4.2% on Friday.
The big bank earnings season started again on Friday, with JPMorgan Chase, Citigroup, BNY Mellon, and Wells Fargo releasing their second-quarter results before the market opened.
BNY Mellon was among the top performers on the S&P 500 in the afternoon, achieving 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. The company’s profit declined, and its earnings report showed a weak annual outlook. In the afternoon, Wells Fargo stock dropped more than 6% to $56.
Goldman Sachs is scheduled to report its earnings on Monday, followed by Morgan Stanley and Bank of America on Tuesday.