© Reuters. Detail of the entrance to the New York Stock Exchange on Wall Street. REUTERS/Lucas Jackso/
(Reuters) – The US stock market is trading higher thanks to a new, softer-than-expected data on inflation (producer prices) which fuels hopes of an imminent start of interest rate cuts, while the indications coming from the quarterly reports from the main credit institutions.
The has surpassed its all-time closing high of 4,796.56 for the second consecutive day and is now less than 1% from its all-time high of 4,818.62 points. All three major indexes are on track to gain on a weekly basis.
Bank of America (NYSE:) slipped 1.4% after fourth-quarter profit fell due to $3.7 billion in extraordinary charges.
Wells Fargo (NYSE:) beat profit expectations thanks to cost cuts, but warnings that net interest income for 2024 could be 7-9% lower than a year earlier sent its shares lower. ‘1.6%.
JPMorgan Chase rose 1.3% after reporting its best annual profit ever and forecasting higher-than-expected net interest income for 2024.
Citigroup gained 0.5%, even after a loss of $1.8 billion in the fourth quarter. The lender also plans to further reduce its staff.
UnitedHealth loses 4.2% on higher-than-expected medical costs. The health insurance company, however, reported a better-than-expected profit in the fourth quarter.
Delta Air Lines fell 8.1% after the carrier cut its annual profit outlook.
Tesla (NASDAQ:) fell 2.3% after cutting prices on some new models for China and planning to temporarily suspend most car production at its factory near Berlin amid tensions on Red Sea routes .
(Translated by Laura Contemori, editing Claudia Cristoferi)