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- US stocks were mixed on Friday but closed higher for the week as investors cheered a cooler June inflation report.
- Second-quarter earnings kicked off on Friday with JPMorgan, Wells Fargo, and BlackRock all beating analyst estimates.
- Investors are expecting the latest earnings season to represent a trough for corporate profits.
US stocks were mixed on Friday but traded solidly higher for the week as investors got their first taste of second-quarter earnings results and cheered an upbeat June inflation report.
The S&P 500 rose 2.5% for the week while the tech-heavy Nasdaq 100 jumped more than 3%. The cooler June CPI report recalibrated futures expectations, with investors now pricing in just one more interest rate hike from the Federal Reserve this year.
Results from JPMorgan and Wells Fargo beat analyst estimates, while Citigroup posted mixed results that were weighed down by a disappointment in its investment banking division. Results from all the large-cap banks, as well as asset management giant BlackRock, showed no signs that the economy is on the verge of entering a recession, as some economists expect.
Investors expect second-quarter earnings results to represent a trough for corporate profits before they begin to rebound.
Here’s where US indexes stood at the 4:00 p.m. ET close on Friday:
Here’s what else is happening today:
In commodities, bonds and crypto:
- West Texas Intermediate crude oil fell 2.02% to $75.34 per barrel. Brent crude, oil’s international benchmark, dropped 1.95% to $79.77.
- Gold fell 0.12% to $1,961.50 per ounce.
- The yield on the 10-year Treasury rose 5 basis points to 3.82%.
- Bitcoin fell 4.32% to $30,114, while ether dropped 4.44% to $1,915.
