The Dow Jones Industrial Average soared to a new high on Friday around noon, driven by earnings reports from major banks. The Dow surged 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 advanced 0.8%.
Spotify has introduced a new feature allowing listeners to comment on podcasts.
Inflation data released on Friday presented mixed signals. The Producer Price Index (PPI) showed an increase in June, with the Bureau of Labor Statistics reporting that the PPI for final demand in the US rose 2.6% annually in June, surpassing the 2.3% estimate. This contrasts with Thursday’s report of lower-than-expected consumer price pressure, suggesting that the Federal Reserve may need more time to consider reducing interest rates.
The 10-year yield remained stable at 4.2% on Friday.
The earnings season for major banks began on Friday, with JPMorgan Chase, Citigroup, BNY Mellon, and Wells Fargo releasing their second-quarter results before the market opened.
BNY Mellon emerged as one of the top performers 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, as its profit fell and its earnings report indicated a weak annual outlook. In the afternoon, the stock dropped over 6%, trading at $56.
Goldman Sachs is set to report on Monday, followed by Morgan Stanley and Bank of America on Tuesday.