Wall St climbs after moderate rise in PPI, mixed bank results
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US producer prices rise marginally in June
JPMorgan profit jumps; shares dip
Wells Fargo drops after profit falls on deposit costs
Citi posts Q2 profit beat
BNY up after Q2 profit rises
Indexes up: Dow 0.21%, S&P 0.45%, Nasdaq 0.69%
Updated at 10:06 a.m. ET
By Medha Singh and Ankika Biswas
July 12 (Reuters) - Wall Street's main indexes rose on Friday as slightly hotter-than-expected producer price numbers did little to change bets around a U.S. Federal Reserve interest-rate cut in September, while investors also parsed a mixed bag of big bank results.
JPMorgan Chase's JPM.N second-quarter profit increased on a boost from rising investment banking fees and an $8 billion accounting gain from a share exchange deal with Visa V.N. However, shares of the world's largest bank fell1.9%.
Wells Fargo WFC.Nslid 6.9% as the lender missed estimates forquarterly interest income, while Citigroup C.N fell 2.8% even after it posted a surge ininvestment banking revenue and gains in its services division.
The S&P 500 Financials Index .SPSY shed0.2%, while the banks index .SPXBK lost2.2%, on track for its biggest single-day slump in nearly two months.
It was previously expected that some of the largest U.S. banks would report weaker second-quarter profits due to lower interest payments and higher provisions for deteriorating loans.
As the S&P 500 and the Nasdaqscale fresh peaks, investors are hoping for strong profit growth from companies beyond tech heavyweightssuch as Nvidia NVDA.O, so that the U.S. stocks rally can broaden out.
"Big bank earnings, big tech earnings and consumer company earnings will be the most important to watch, as these companies are highly levered to the strength of the economy," said Clark Bellin, president and chief investment officer, Bellwether Wealth.
Analysts expect second-quarter earnings for S&P 500 firms to grow by 9.6%, from a decline of 2.8% in the same period in 2023, according to LSEG IBES data. Financial firms are likely to post a profit growth of 7.3%.
After data released on Thursday showed asurprise fall in U.S. consumer prices,producer prices increased moderately in June, confirming the inflation downtrend.
"The Fed's really focused more on the CPI and PCE because even if producer prices are increasing, there's no guarantee that those price increases are going to be passed on to consumers," said Brian Jacobsen, chief economist at Annex Wealth Management.
Traders seea 96% chance of a September ratecut, up from 77.7% a week ago, according to CMEGroup's FedWatch.
In a mixed session for megacap stocks, Apple AAPL.O rose 1.5%, while Meta Platforms META.O shed 2%.
At 10:06 a.m. ET, the Dow Jones Industrial Average .DJI was up 81.85 points, or 0.21%, at 39,835.60, the S&P 500 .SPX was up 25.29 points, or 0.45%, at 5,609.83, and the Nasdaq Composite .IXIC was up 125.94 points, or 0.69%, at 18,409.35.
The S&P 500 and the Nasdaq logged their worst sessions in more than two months on Thursday, on a rotation out ofhigh-flying large-cap stocks in favor of small-cap shares, which have lagged this year. This also set the blue-chip Dow .DJI on track for its best week in four.
BNY BK.Nclimbed 4.1% after the U.S. bank posted a 10% rise insecond-quarter net profit.
Advancing issues outnumbered decliners by a 3.68-to-1 ratio on the NYSE, andby a 3.30-to-1 ratio on the Nasdaq.
The S&P index recorded 33 new 52-week highs, while the Nasdaq recorded 105 new highs and 11 new lows.
Reporting by Medha Singh and Ankika Biswas in Bengaluru; Editing by Saumyadeb Chakrabarty and Pooja Desai
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