© Reuters
Investing.com – US stock indices rose during these trading moments, on Friday, on the impact of the announcement of strong earnings results from some of the largest banks and companies on Wall Street.
It rose 68 points, or 0.2%. While the “500” index rose by less than 0.1%, and advanced by 0.2%.
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The top moves on Wall Street right now
Wall Street is emerging from its fourth consecutive day of gains, as the Nasdaq and S&P 500 indices reached their highest levels since April 2022.
JPMorgan Chase & Co. (NYSE: ) rose 1% after its second-quarter earnings beat expectations. Wells Fargo & Co. (NYSE:) rose more than 3% after it reported better-than-expected earnings as well.
Shares of United Health Group Inc (NYSE:) jumped 7.3% after the insurance giant reported better-than-expected earnings and revenue.
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Markets were further supported this week by fresh economic data indicating that inflation may decline. On a weekly basis, the three major averages are on their way to gains. The S&P 500 was up 2.5% for the week, while the Dow Jones was up 1.9% through Thursday’s close. The Composite was the outperformer, jumping 3.5% and on track for its best week since March 17th.
The latest Producer Price Index report showed that inflation rose less than expected, following the pace of June CPI data released on Wednesday. Investors are now considering whether the strong economy indicated by the latest data could push stocks higher by the end of the year.
Among the large companies, Microsoft Group (NASDAQ:) rose 1.2%.
Active Vision (NASDAQ: ) added 1.3% as the gaming company and Microsoft consider giving up some control of the UK cloud gaming business to appease regulators, according to a report.
AT&T (NYSE:) fell 3.4% after JPMorgan downgraded its rating to “neutral”.
NVIDIA Group (NASDAQ:) stock rose, heading for a new record high, after analysts raised a price target for a company that has become one of the main beneficiaries of the momentum around artificial intelligence. It now rises by 2.6% to $471.74.
Lucid Motors (NASDAQ:) shares fell 4.16% to $6.8. While Tesla (NASDAQ:) rose 0.26% to $278.5. Shares of Alibaba Group Holding Ltd. ADR (NYSE:) fell 1.2% to $95.35.
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Bank profits
It fell by about 36% in the second quarter of this year, with corporate spending slowing down, and in light of concerns about the possibility of a recession in the United States.
The US bank’s net income fell to $2.9 billion in the second quarter from $4.5 billion recorded in the same period last year, and revenue fell 1% to $19.4 billion.
Revenue from Personal Banking and Wealth Management increased by 6% during the second quarter to $6.4 billion, driven by strong growth in loans.
On the other hand, it recorded a 67% increase in second-quarter earnings, with an increase in interest income from borrowers.
During the three months ending in June, the profits of the largest US banks rose to 14.47 billion dollars, or 4.75 dollars per share, compared to 8.65 billion dollars in the same period last year, and revenues reached 42.4 billion dollars, up 34%.
Meanwhile, assets under management rose to $9.4 trillion as the stock market soared and investors poured money into ETFs.
Total net inflows to all of the company’s funds reached $80 billion during the second quarter of this year, according to the largest asset management company in its statement issued Friday.
Adjusted net income rose 25% year-over-year in the second quarter to $1.4 billion, or $9.28 per share, beating expectations of $8.45 per share.
While revenues declined by 1% at $4.5 billion, and operating income declined by 3%, which reflects that the assets under management of the company have not fully recovered from the decline in stock and bond markets in the past year.
markets now
It settles at the level of 1964 dollars an ounce.
While spot contracts fell by 0.05% to 1959 dollars an ounce.
On the other hand, it rose by 0.05% to 99,500 points.
Brent crude fell 1.7% to $80 a barrel.
While Texas crude fell by 1.85% to $75.4 a barrel.
2023-07-14 15:21:00
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