Wall Street ended the week on a positive note, with gains across all major indices. Fresh economic data reinforced bets that the Fed will cut rates in September, and banks kicked off the start of the US reporting season. The Dow traded higher all session, topping 40,000, narrowly missing a fresh all-time high, up 247 points (+0.62%). Dow up 503 points at best. The S&P 500 gained 0.55%, to 5,615, a fresh record high. NASDAQ rose 0.63%, rebounding from its worst day since April, led by Nvidia +1.4% and Tesla +3.0% a day after tumbling over 8%. On the economic front, US Consumer sentiment fell for a fourth consecutive month, and Producer prices rose more than expected in June, up 0.2% MonM. Results raised bets of a September rate cut to 88.1%, according to CME FedWatch tool. Treasury yields slumped. 2Y yield fell 6bps and 10Y dipped 2.7bps. USD index slid, while Bitcoin edged up 0.35%.
Wall Street banks kick off reporting season with mixed results. JPMorgan (-1.21%) reported record profits for Q2, driven by a 46% rise in investment banking revenue and strong trading performance. Citigroup surpassed profit expectations, driven by a 60% jump in investment banking fees, but shares fell 1.81% due to concerns over expenses and market share. Wells Fargo missed analysts' interest income estimates, with NII decreasing 9%, causing shares to drop over 6%, despite a 38% rise in investment banking revenue.
ASX up 54 points
COMMODITIES
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Wall Street ended the week on a positive note, with gains across all major indices. Fresh economic data reinforced bets that the Fed will cut rates in September, and banks kicked off the start of the US reporting season. The Dow traded higher all session, topping 40,000, narrowly missing a fresh all-time high, up 247 points (+0.62%). Dow up 503 points at best. The S&P 500 gained 0.55%, to 5,615, a fresh record high. NASDAQ rose 0.63%, rebounding from its worst day since April, led by Nvidia +1.4% and Tesla +3.0% a day after tumbling over 8%. On the economic front, US Consumer sentiment fell for a fourth consecutive month, and Producer prices rose more than expected in June, up 0.2% MonM. Results raised bets of a September rate cut to 88.1%, according to CME FedWatch tool. Treasury yields slumped. 2Y yield fell 6bps and 10Y dipped 2.7bps. USD index slid, while Bitcoin edged up 0.35%.
Wall Street banks kick off reporting season with mixed results. JPMorgan (-1.21%) reported record profits for Q2, driven by a 46% rise in investment banking revenue and strong trading performance. Citigroup surpassed profit expectations, driven by a 60% jump in investment banking fees, but shares fell 1.81% due to concerns over expenses and market share. Wells Fargo missed analysts' interest income estimates, with NII decreasing 9%, causing shares to drop over 6%, despite a 38% rise in investment banking revenue.
ASX up 54 points
COMMODITIES
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Ready to invest in yourself? Join the Marcus Today community.