KEY TAKEAWAYS
- The major U.S. equities indexes edged higher at midday Friday after wavering between losses and gains earlier in the session, as investors digested a slew of bank earnings and China hiked tariffs on U.S. goods.
- Shares of Newmont other gold miners surged as the precious metal hit new highs.
- JPMorgan Chase shares also climbed after the bank reported better-than-expected quarterly results.
The major U.S. equities indexes edged higher at midday Friday after wavering between losses and gains earlier in the session, as investors digested a slew of bank earnings and China hiked tariffs on U.S. goods.
Shares of Newmont (NEM), which led gains on the S&P 500, and other gold miners surged as the precious metal hit new highs.
JPMorgan Chase (JPM) shares also climbed after the bank kicked off the new earnings season with better-than-expected quarterly results. Morgan Stanley (MS) shares also rose after the company reported record stock-trading revenue.
Wells Fargo (WFC), in contrast, saw its shares slide as the bank’s quarterly net interest income decline offset better-than-estimated earnings.
Shares of Texas Instruments (TXN) and Intel (INTC), which manufacture chips in the U.S., tumbled after China indicated chips manufactured outside America would be exempt from China’s steep tariffs on U.S. goods. Shares of Nvidia (NVDA), which outsources manufacturing to TSMC (TSM) in Taiwan, gained along with shares of TSMC.
The yield on the 10-year Treasury note rose. The U.S. dollar lost ground against the euro, yen and pound. Prices for major cryptocurrencies gained. (Read Investopedia’s live coverage of today’s market action here.)
Leave a Reply