On Friday, the major banks JPMorgan Chase, Citigroup and Wells Fargo will release results, as will the major asset manager BlackRock and health insurer UnitedHealth. This really kicks off the earnings season on Wall Street.
The Dow Jones index closed 0.1 percent higher at 34,395.14 points. The broad S&P 500 advanced 0.9 percent to 4510.04 points and the technology gauge Nasdaq rose 1.6 percent to 14,138.57 points.
Surprising inflation rate
On Wednesday, a better-than-expected inflation figure came out of the US and on Thursday it was announced that US producer prices rose less than expected. This gives the Fed more room to slow down when it comes to raising interest rates. The Fed had taken a break from raising interest rates, but indicated that interest rates will almost certainly be raised further this month.
PepsiCo was set 2.4 percent higher. The company behind brands such as Pepsi, Lay’s chips and Quaker granola raised its full-year expectations after better-than-expected results in the second quarter.
Microsoft
Delta Air Lines fell 0.5 percent. The airline posted a record profit in the last quarter thanks to the strong recovery in ticket demand and cheaper fuel prices. The company also increased its profit expectation, but investors were still not completely satisfied.
Microsoft rose 1.6 percent and Activision Blizzard fell 0.5 percent. The FTC is appealing a decision by a California federal judge. It recently ruled that software group Microsoft may continue with the acquisition of game company Activision Blizzard for a value of 69 billion dollars. However, the regulator fears that the takeover will give Microsoft an excessively dominant position in the game market.
The euro was worth $1.1226, against $1.1193 at the close of European stock exchange trading. A barrel of US oil became 2 percent more expensive at $ 77.29 and Brent also rose 2 percent, to $ 81.71 a barrel.
2023-07-13 20:22:49
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