Stocks stabilize after tech rout, PPI exceeds expectations, bank earnings in focus

From Yahoo Finance: 2024-07-12 09:02:03

Stocks stabilized after a tech rout, with traders balancing mixed inflation data as banks began reporting earnings. US producer prices rose slightly above expectations, but components used to calculate the PCE price index were more favorable. Wells Fargo shares dropped 5% after cost cut warnings, while JPMorgan reported record profit but missed on some metrics. Citigroup climbed 2.5% with strong equity trading. Investors await bank assessments on the US economy and election impact. AT&T suffers a massive hack, Boeing wins 737 Max order, Lufthansa cuts profit outlook, and Samsung union calls for a strike. Treasury yields dipped, and markets remained steady.



Read more at Yahoo Finance: Stocks Edge Up as PPI ‘A Lot Better’ Than It looks: Markets Wrap