JPMorgan and Wells Fargo get earnings season going in earnest while a wholesale inflation print is in focus after the CPI surprise.
US stocks gained ground on Friday as big US banks got earnings season underway and investors weighed the likely impact of a hot inflation print and unchanged wholesale inflation on Federal Reserve policy. The Dow Jones Industrial Average rose nearly 1% as big bank financial updates rolled in. The S&P 500 gained close to 0.6%, and the tech-heavy Nasdaq Composite increased about 0.4% after closing out Thursday with small losses.
All three gauges were on track to finish the first full trading week of October with overall weekly wins. Investors were combing through quarterly results from big Wall Street banks — the traditional starting gun for earnings season. In focus is the potential impact of the Fed's pivot to rate cuts on lending margins and, thus, on profits.
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