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The major stock indexes opened along the flat line on Friday after some of the largest U.S. banks reported mixed quarterly results.
The Dow Jones Industrials gained 22.95 points to start Friday at 24,947.84, with 3M outperforming and McDonald's lagging.
The S&P 500 faded 0.58 points to 2,797.71, as financials and telecom lagged
The NASDAQ added 4.85 points to Thursday’s all-time high at 7,828.67
J.P. Morgan Chase posted better-than-expected earnings and sales, as its trading revenue rose 13% in the second quarter on a year-over-year basis. Citigroup, meanwhile, posted a stronger-than-expected profit but its revenue for the quarter missed. J.P. Morgan Chase rose slightly, while Citigroup dropped more than 1%.
Wells Fargo’s earnings and revenue both missed as its fake-account scandal is still taking a toll on the company. The bank also said a tax hit of $481 million also pressured the results. Shares of Wells Fargo fell 3%.
Just over 5% of S&P 500 companies have reported second-quarter results thus far. These companies have posted earnings growth of 16.4%. However, analysts expect second-quarter earnings to have grown by 20%.
Stocks are on track to post strong weekly gains, with the Dow, S&P 500 and NASDAQ all up more than 1% in the time period.
Prices for the benchmark for the 10-year U.S. Treasury eased up, lowering yields to 2.84% from Thursday’s 2.85%. Treasury prices and yields move in opposite directions.
Oil prices gained 21 cents to $70.54 U.S. a barrel.
Gold prices slipped $4.90 to $1,241.70 U.S. an ounce.
