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Stock market news live updates: Stocks gain after retail sales, Citi earnings to...

 2 years ago
source link: https://finance.yahoo.com/news/stock-market-news-live-updates-july-15-2022-115142953.html
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Stock market news live updates: Stocks gain after retail sales, Citi earnings top estimates

Sat, July 16, 2022, 1:54 AM·3 min read
In this article:
  • +14.43%
  • ^IXIC
    +1.65%
  • +1.99%
  • +6.88%
  • WFC-PD
    +0.61%
  • +5.40%
  • ^GSPC
    +1.79%
  • +5.46%
  • MS-PO
    +0.49%
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U.S. stocks rallied Friday as Wall Street attempted to shake off this week’s losses. Sentiment was buoyed by better-than-expected retail sales data and a strong earnings report from Citigroup (C).

The S&P 500 surged 1.6%, while the Dow Jones Industrial Average added 540 points, or roughly 1.8%. The tech-heavy Nasdaq climbed 1.4%.

Blowout second-quarter results from Citi lifted shares of banking industry peers to post the best intraday rally for the sector since May, according to Bloomberg data. The mega bank reported an 11% jump in revenue for the period to $19.64 billion, one day after traders mulled a set of disappointing financials from JPMorgan (JPM) and Morgan Stanley (MS). Shares of Citi surged more than 10%. Wells Fargo (WFC) and Bank of America (BAC) each gained at least 5%.

“In a challenging macro and geopolitical environment, our team delivered solid results and we are in a strong position to weather uncertain times, given our liquidity, credit quality and reserve levels,” Citigroup Chief Executive Officer Jane Fraser said in the earnings statement.

Meanwhile on Thursday, JPMorgan boss Jamie Dimon cautioned in post-earnings remarks that risks to the U.S. economy appear “nearer than they were before" and said “never-before-seen quantitative tightening” is expected to have negative consequences, just one day after another red-hot inflation report spurred speculation among strategists that the Federal Reserve may go as far as to hike rates a full percentage point later this month.

Federal Reserve Board of Governors member Christopher Waller said Thursday he would be open to backing an increase of 100 basis points if upcoming economic releases point to strong consumer spending.

NEW YORK, NEW YORK - JULY 12: People make their way near to The New York Stock Exchange, on July 12, 2022 in New York. Wall Street is back to falling amid recession, the S&P 500 closed 1.2% lower while tech stocks pushed the Nasdaq down 2.3%. (Photo by John Smith/VIEWpress)
NEW YORK, NEW YORK - JULY 12: People make their way near to The New York Stock Exchange, on July 12, 2022 in New York. Wall Street is back to falling amid recession, the S&P 500 closed 1.2% lower while tech stocks pushed the Nasdaq down 2.3%. (Photo by John Smith/VIEWpress)

“I'm simply saying, there's a range of potential outcomes from a soft landing to a hard landing, driven by how much interest rates go up, the effectiveness of quantitative tightening, and defective, volatile markets,” Dimon said in a call with Wall Street analysts Thursday.


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