JPMorgan, Citi, and Wells Fargo all reported earnings on Friday. Earnings could be the next catalyst for the market as traders await rate cuts.
US stocks were slightly higher on Friday as new inflation data dropped and big US banks kicked off second-quarter earnings season.
The producer price index, which measures wholesale inflation, rose 0.2% last month versus estimates of 0.1%. That comes a day after a soft June consumer inflation report, which showed inflation declining 0.1% month-to-month.
Commentators said the slightly hotter PPI print doesn’t alter the calculus for the Federal Reserve to start cutting rates in September, and pricing pressure is definitively easing despite the hotter June producer figures.
