Yahoo Finance Daily
Dow gains after bank earnings as stocks finish winning week
Fri Jul 14 2023Description
Stocks finished mixed on Friday but ended the week up as upbeat results from JP Morgan and Wells Fargo lifted those big bank stocks. New survey data showed Americans are becoming increasingly confident in the economy. The actor's strike is pressuring major media companies as Hollywood's production pipeline grinds to a complete halt.
Insights
Positive Bank Results Boost Stocks
Upbeat results from JP Morgan and Wells Fargo lifted big bank stocks and contributed to the overall weekly gains in the stock market.
Increasing Confidence in the Economy
New survey data and the University of Michigan's latest reading on consumer sentiment indicate that Americans are becoming more confident in the economy.
Actor's Strike Impacts Major Media Companies
The ongoing actor's strike has put pressure on major media companies, leading to a complete halt in Hollywood's production pipeline. Disney CEO Bob Iger has hinted at potential strategic options for traditional TV assets.
Chapters
- Stocks Finish Mixed, but Weekly Gains on Upbeat Bank Results
- Increasing Confidence in the Economy
- Actor's Strike Pressures Major Media Companies
Stocks Finish Mixed, but Weekly Gains on Upbeat Bank Results
00:00 - 04:20
- Stocks finished mixed on Friday but ended the week up as upbeat results from JP Morgan and Wells Fargo lifted those big bank stocks.
- Banks helped lift the Dow Jones Industrial Average, which added about 0.3% as quarterly earnings from Wall Street names started rolling in.
- The S&P 500 and NASDAQ both finished slightly below the flat line.
- JP Morgan and Wells Fargo shares were on the rise after they both reported a surge in profits in the second quarter.
- BlackRock stock slipped after its revenue fell year over year.
- All the major benchmarks look on track for weekly wins after signs that inflation is cooling and that the labor market is robust, have lifted hopes that a strong economy can give stocks momentum to run higher after a stellar start to the year.
Increasing Confidence in the Economy
00:00 - 04:20
- New survey data showed Americans are becoming increasingly confident in the economy.
- US consumers haven't felt this good about the economy in almost two years, according to the University of Michigan's latest reading on consumer sentiment.
- The University of Michigan Consumer Sentiment Index for July came in at a reading of 72.6 up from 64.4 last month and 51.5 in July 2022.
- Friday's reading showed a slight uptick in consumer inflation expectations, with prices expected to rise by 3.4% over the next five to ten years.
Actor's Strike Pressures Major Media Companies
00:00 - 04:20
- The actor's strike is pressuring major media companies as Hollywood's production pipeline grinds to a complete halt.
- SAG-AFTRA joined writers on the picket line after failing to negotiate a deal with major studios including Disney, Netflix, Amazon, Apple, and Warner Bros.
- Disney CEO Bob Iger signaled potential strategic options for traditional TV assets, including a sale, as the current distribution model is broken.
- Disney shares are down about 2% on the year and have fallen nearly 5% compared to this point last year.