U.S. Stocks Flat Despite JPMorgan, Wells Fargo Earnings As Investors Weigh Consumer Sentiment [VIDEO]

Wall Street struggled for direction at the open Friday, after the Dow and S&P 500 closed at new highs in the previous session despite upbeat earnings reports from JPMorgan Chase & Co (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC). 

J.P. Morgan Chase & Co. (NYSE: JPM) second-quarter earnings rose 31 percent as the company reported net income of $6.5 billion, or $1.60 a share, versus $4.96 billion, or $1.21 a share, a year earlier. Revenue increased 13 percent to $26 billion, beating the estimates of analysts polled by Thomson Reuters.

Wells Fargo said second-quarter earnings per share rose 20 percent as the bank said it earned $5.52 billion, or 98 cents a share, compared with $5.17 billion, or 82 cents, in the same quarter last year.

Data Thursday revealed consumer sentiment slipped in early July as the University of Michigan's preliminary reading on the overall index on consumer sentiment edged down to 83.9 from 84.1 in June.

Separate data showed producer prices rose more than expected in June as the Labor Department said on Friday its seasonally adjusted producer price index increased 0.8 percent last month.

Major averages are poised to close sharply higher for the week as U.S. stock futures edged up on Friday, after JPMorgan Chase & Co (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC) beat earnings forecasts. 

As of 10:15 a.m. eastern, the Dow Jones industrial average rose 13.16 points, or 0.09 percent, to 15,474.08, the S&P 500 lost 0.19 points, or 0.01 percent, to 1,674.83 and the Nasdaq Composite added 3.90 points or 0.11 percent, to 3,582.21.

Share this article

More News from IBT MEDIA