US close: Stocks mixed after slew of bank earnings

Wall Street’s main indices closed in a mixed state on Wednesday, as second-quarter earnings from some of the biggest banks in the country rolled in.

At the close, the Dow Jones Industrial Average was up 0.13% at 34,933.23 and the S&P 500 added 0.12% to 4,374.30, while the Nasdaq Composite slipped 0.22% to 14,644.95.

The Dow closed 44.44 points higher on Friday, reversing some of the losses recorded in the previous session as hotter-than-expected inflation numbers weighed on sentiment.

With inflationary fears taking somewhat of a backseat on Wednesday, the session's main focus was again on earnings, with several big names reporting prior to the open.

On the macro front, the number of Americans applying for home mortgages increased in the week ended 9 July, according to the Mortgage Bankers Association, with its seasonally adjusted market index rising 16.0% week-on-week.

The growth was a result of a 20.4% increase in applications to refinance existing loans and an 8.3% rise in applications to purchase a home.

Elsewhere, the producer price index spiked, rising 7.3% in the 12 months through June, the biggest year-on-year rise since November 2010.

Analysts had been expecting a rise closer to 6.8%.

In equities, Bank of America was down 2.51% after it posted second quarter revenues of $21.6bn, just shy of estimates for a print of $21.8bn, while earnings per share of 77 cents 77 per share were 108% higher year-on-year.

BlackRock lost 3.06% after reporting a second-quarter profit of $1.38bn on net income of $8.92 per share, topping Wall Street expectations.

Citigroup slipped 0.29% after its quarterly profits soared more than five-fold year-on-year, with earnings of $6.19bn, or $2.85 per share, helped by an improving US economy leading to fewer bad loans than expected being on its books.

Wells Fargo went the other way to its peers, rising 3.98% after reporting forecast-beating second-quarter earnings, with total revenue in the three months to 30 June of $20.27bn against $18.29bn a year previously, and $18.53bn in the first quarter, as the US lender slashed the amount it had put aside to cover bad debts.

Legacy carrier Delta Air Lines, meanwhile, descended 1.57% even after posting its first quarterly profit since the Covid-19 pandemic decimated the industry over a year ago, with second-quarter earnings of $652.0m.

However, without $1.5bn worth of federal pandemic relief and assorted one-time events, the airline would have delivered an adjusted loss of $678.0m, or $1.07 per share.

Dow Jones - Risers

Apple Inc. (AAPL) $149.15 2.41%
Coca-Cola Co. (KO) $56.26 2.25%
3M Co. (MMM) $202.83 1.62%
Visa Inc. (V) $245.99 1.50%
Cisco Systems Inc. (CSCO) $54.09 1.44%
Travelers Company Inc. (TRV) $154.53 1.01%
Procter & Gamble Co. (PG) $137.98 0.74%
Walmart Inc. (WMT) $141.55 0.69%
Home Depot Inc. (HD) $319.22 0.68%
Johnson & Johnson (JNJ) $170.42 0.68%

Dow Jones - Fallers

Chevron Corp. (CVX) $102.00 -1.89%
Caterpillar Inc. (CAT) $211.64 -1.65%
Boeing Co. (BA) $224.45 -1.64%
Walgreens Boots Alliance, Inc. (WBA) $46.88 -0.93%
Unitedhealth Group Inc. (UNH) $414.74 -0.91%
Salesforce.Com Inc. (CRM) $242.43 -0.65%
Intel Corp. (INTC) $56.52 -0.62%
Dow Chemical Co. (DOW) $62.32 -0.61%
Goldman Sachs Group Inc. (GS) $374.40 -0.42%
JP Morgan Chase & Co. (JPM) $155.12 -0.34%

S&P 500 - Risers

Jefferies Financial Group Inc. (JEF) $33.64 5.39%
Wells Fargo & Co. (WFC) $44.95 3.98%
Perrigo Company plc (PRGO) $47.44 3.11%
American Airlines Group (AAL) $20.62 3.00%
Apple Inc. (AAPL) $149.15 2.41%
Coca-Cola Co. (KO) $56.26 2.25%
CH Robinson Worldwide Inc (CHRW) $94.65 2.19%
Juniper Networks Inc. (JNPR) $28.05 2.19%
Kimco Realty Corp. (KIM) $21.39 2.00%
Citrix Systems Inc. (CTXS) $115.78 1.94%

S&P 500 - Fallers

Occidental Petroleum Corp. (OXY) $27.83 -7.48%
Cimarex Energy Co (XEC) $69.00 -6.20%
Diamondback Energy Inc. (FANG) $84.58 -6.06%
Devon Energy Corp. (DVN) $27.30 -5.76%
Apache Corp. (APA) $19.04 -5.60%
Cabot Oil & Gas Corp. (COG) $16.81 -4.97%
Illumina Inc. (ILMN) $460.92 -4.67%
Marathon Oil Corp. (MRO) $12.52 -4.57%
Hess Corp. (HES) $80.39 -4.19%
Valero Energy Corp. (VLO) $67.67 -3.97%

Nasdaq 100 - Risers

American Airlines Group (AAL) $20.62 3.00%
Apple Inc. (AAPL) $149.15 2.41%
Citrix Systems Inc. (CTXS) $115.78 1.94%
QUALCOMM Inc. (QCOM) $143.75 1.82%
Ross Stores Inc. (ROST) $124.89 1.81%
J.B. Hunt Transport Services Inc. (JBHT) $169.63 1.63%
Cisco Systems Inc. (CSCO) $54.09 1.44%
Asml Holdings N.V. (ASML) $716.51 1.43%
Netflix Inc. (NFLX) $547.95 1.34%
Seagate Technology Plc (STX) $89.62 1.27%

Nasdaq 100 - Fallers

Illumina Inc. (ILMN) $460.92 -4.67%
Liberty Global plc Series A (LBTYA) $25.60 -2.66%
Mercadolibre Inc. (MELI) $1,507.01 -2.66%
Liberty Global plc Series C (LBTYK) $25.65 -2.55%
Tesla Inc (TSLA) $653.38 -2.27%
Biomarin Pharmaceutical Inc. (BMRN) $79.68 -2.23%
Nvidia Corp. (NVDA) $793.66 -2.02%
Baidu Inc. (BIDU) $181.34 -1.76%
Hologic Inc. (HOLX) $67.56 -1.59%
JD.com, Inc. (JD) $75.45 -1.40%