S&P 500 Rebound Leaves Big Banks Out on Earnings: Markets Wrap
- Consumer sentiment falls to eight-month low, inflation eases
- Producer prices rise slightly more than forecast on margins
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The stock market saw another week of gains and Treasuries erased their losses for the year after the latest economic data reinforced bets the Federal Reserve will cut rates in September.
About 80% of the shares in the S&P 500 gained on Friday as the measure reclaimed its 5,600 mark after a previous session slide. Smaller firms once again outperformed the megacap space to notch their best week in 2024. In the last 30 minutes of Wall Street trading, stocks pared their advance. Banks got hit at the start of the US earnings season, with results from Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. failing to fuel industry momentum.