US Stocks Edge Up on Earnings
US stocks were in the green on Wednesday, with the S&P 500 rising 0.3%, the Nasdaq ticking up 0.1%, and the Dow Jones gaining nearly 180 points, as investors welcomed a softer-than-expected PPI report while keeping an eye on the latest wave of corporate earnings.
Producer prices in the US were unchanged in June, defying expectations for a slight increase, with the decline largely driven by a drop in services costs. The data bolstered market expectations that the Fed could start cutting interest rates later this year.
Meanwhile on the corporate front, Bank of America shares rose 0.5% after the lender reported better-than-expected earnings, although revenue came in below forecasts. Goldman Sachs also added 0.2% after reporting a profit surge while Morgan Stanley lost 2.2% despite releasing stronger-than-expected second-quarter results. Elsewhere, Johnson & Johnson gained 4.7% after beating earnings expectations and raising its full-year outlook.
Source: Trading Economics
