Illustration of Dow Jones Surges as Banks Unveil Earnings - Inflation Data Revealed!

Dow Jones Surges as Banks Unveil Earnings – Inflation Data Revealed!

The Dow Jones Industrial Average soared to a new high on Friday around noon amid 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 saw a 0.9% increase, surpassing 5,600 again, while the Nasdaq rose by 0.8%.

Inflation data released on Friday presented mixed signals. The Producer Price Index (PPI) for June showed an increase, with the US Bureau of Labor Statistics reporting a 2.6% rise annually, surpassing the 2.3% estimate. This contrasts with Thursday’s lower-than-expected consumer price pressure reading, suggesting the Federal Reserve may need more time to lower interest rates.

Meanwhile, the 10-year yield remained steady at 4.2% on Friday.

The earnings season for major banks started once more on Friday, with JPMorgan Chase, Citigroup, BNY Mellon, and Wells Fargo revealing their second-quarter results before the opening bell.

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% jump, trading at $64.

Conversely, Wells Fargo was the worst performer on the S&P 500. Its profits declined, and the earnings report provided a weak annual outlook. By the afternoon, the stock had fallen over 6%, trading at $56.

Goldman Sachs is scheduled to report on Monday, with Morgan Stanley and Bank of America following on Tuesday.

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