Wall Street closes higher on bets for Fed rate cut
hitting intraday record highs, on bets that the U.S. Federal Reserve will cut interest rates in September, while big banks fell after reporting mixed results.Wells Fargo tumbled 6% after the lender missed estimates for quarterly interest income, while Citigroup fell 1.8% despite reporting a surge in investment banking revenue.rallied for a third straight day, gaining 1.1% and reaching its highest since 2022, while the S&P 400 Mid Cap index rose 0.9%.
Analysts expect second-quarter earnings for S&P 500 firms to jump 9.6%, with strong growth from technology companies but declining earnings in real estate, industrials and materials, LSEG IBES data showed. Data showed producer prices were slightly hotter-than-expected in June but that did little to change bets on the first rate cut in September. The report follows data showing a surprise fall in U.S. consumer prices on Thursday.
Volume on U.S. exchanges was relatively light, with 11.3 billion shares traded, compared to an average of 11.6 billion shares over the previous 20 sessions.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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