The Dow Jones Industrial Average surged to a new high on Friday around noon due to earnings reports from major banking corporations. The Dow increased by over 300 points, or 0.79%, reaching 40,045 points in the afternoon. The S&P 500 climbed 0.9% to surpass 5,600 once again, while the Nasdaq rose 0.8%.
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The inflation data released on Friday presented mixed signals. The Producer Price Index (PPI) for June showed an unexpected rise. According to the Bureau of Labor Statistics, the PPI for final demand in the U.S. increased by 2.6% annually in June, exceeding the expected 2.3%. This data contrasts with Thursday’s lower-than-anticipated consumer price reading, suggesting that the Federal Reserve might need more time before reducing interest rates.
Meanwhile, the 10-year Treasury yield remained steady at 4.2% on Friday.
The big bank earnings season kicked off again on Friday, with JPMorgan Chase, Citigroup, BNY Mellon, and Wells Fargo reporting their second-quarter results before the market opened.
BNY Mellon was one of the top-performing stocks on the S&P 500 on Friday afternoon, hitting a new 52-week high with a nearly 5% increase, trading at $64.
Conversely, Wells Fargo was the worst-performing stock on the S&P 500. Its profit declined, and the earnings report indicated a weak annual outlook. By the afternoon, the stock had fallen more than 6%, trading at $56.
Goldman Sachs is scheduled to report earnings on Monday, followed by Morgan Stanley and Bank of America on Tuesday.