![]() ![]() Novartis AG ( NVS): Shares climbed as much as 3.5% pre-market after the Swiss drugmaker raised its full-year outlook and announced a $15 billion share repurchase program.( PINS): The social media company's shares rose 4% before markets opened after being upgraded by Evercore ISI analysts, citing an improving ad environment. Teladoc Health ( TDOC): Shares of telehealth provider Teladoc rose 6% in pre-market trading after the company said it was expanding its partnership with Microsoft ( MSFT) to bring AI and additional clinical documentation technology to its platform.As of June, that figure is down 3.9% at a seasonally adjusted annual rate. banks has fallen for five consecutive months, to $2.76 trillion from a peak of $2.85 trillion in January, according to the Federal Reserve. The value of commercial and industrial loans issued by U.S. The results paint a different picture than the current nationwide credit landscape would suggest. Wells Fargo reported average loans outstanding on the company’s balance sheet rose 2.1% from a year ago to $945.9 billion. At Bank of America, average loans and leases rose $17 billion, or 6% from the same quarter last year to $307 billion. McDonald's ( MCD), Coca-Cola ( KO), and Walmart ( WMT) all dropped between 0.4% and 0.2%.Įarnings at some of America’s biggest banks, including JPMorgan Chase ( JPM), Bank of America ( BAC), and Wells Fargo ( WFC), were buoyed by rising loan balances, even as loan applications fell nationwide.Īt JPMorgan Chase, America’s biggest bank by assets, average loans rose 13% in the fiscal second quarter, including a 19% gain in the Consumer and Community Banking (CCB) division. Visa ( V) dipped 1.3% after it was hit with an antitrust suit over its credit card fees.Ĭonsumer staples stocks dipped after the Department of Commerce reported lower-than-expected retail sales figures. Honeywell ( HON) was the worst-performing stock of the Dow 30, falling 1.4% after a report identified vulnerabilities in the company's Experion distributed control systems platform. Shares of Verizon ( VZ) rose 2.6% to recover slightly from yesterday’s selloff, sparked by reports of possible lead contamination from decades-old cables. American Express ( AXP) also moved higher by 1.5%. Investors will learn tomorrow whether Goldman has been “ sandbagging” over the past few days, as executives at the firm have reportedly been lowering expectations, despite the string of recent positive earnings reports from other institutions. Next up for bank earnings is Dow component Goldman Sachs ( GS), which rose 3.1% ahead of its report tomorrow morning. UnitedHealth Group ( UNH) shares moved 3.2% higher, gaining again after last week’s earnings beat and raised outlook.īank stocks were the day's big winners after earnings beats from firms including Bank of America ( BAC) and Morgan Stanley ( MS). The stock closed at an all-time high of $359.73. The company also announced expanded AI partnerships with Meta Platforms ( META) and Teladoc Health ( TDOC). Microsoft ( MSFT) was the Dow’s best performer, moving up 4% after the software giant put a $30-per-user price tag on its artificial intelligence-powered Microsoft 365 package. The index posted its seventh consecutive session Tuesday, rising on optimism in the financial sector and strong performance from tech stocks. The Dow Jones Industrial Average rose 1.1% Tuesday to 34,953, its highest level since April 2022. The numbers, which are not adjusted to account for June's inflation rate of 0.2%, suggest real spending was effectively flat last month. ![]() Shares of Novartis jumped 4.5%, while Lockheed rose pre-market before plummeting to end the day down 3%.Ĭensus Bureau data, released Tuesday morning, showed retail sales rising just 0.2% in June, well below the 0.5% increase economists expected. Novartis ( NVS) and Lockheed Martin ( LMT) also beat expectations. Morgan Stanley stock rose more than 6%, and Bank of America gained almost 5%. Schwab stock jumped more than 12%, making it the best-performing stock in the S&P 500. Bank of America ( BAC), Morgan Stanley ( MS), Charles Schwab ( SCHW), and Bank of New York Mellon ( BK) all beat analyst estimates with their reports this morning. The S&P 500 climbed 0.7% and the Nasdaq gained 0.8%.īanks dominated earnings today. The Dow Jones Industrial Average led the major indexes, rising 1.1% to close at a fresh 52-week high. Stocks rose again Tuesday, lifted by better-than-expected bank earnings. ![]()
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