S&P 500 Gains and Losses Today: Wells Fargo Slips on Net Interest Income Miss – Yahoo Finance

Key Takeaways

• On Friday, July 12, 2024, the S&P 500 rose 0.6% as the technology sector recovered and earnings season got into full swing with earnings reports from a number of major banking companies.

• Enphase Energy shares rose after the company launched new solar power equipment that can help U.S. customers qualify for federal tax credits.

• Wells Fargo Bank shares plummeted after the bank reported a decline in net interest income.

Major U.S. stock indexes surged on Friday after briefly braking gains on Thursday.

The selloff in tech stocks was short-lived, as the sector rebounded in the final session of the week, also helped by a range of positive earnings reports from several of the nation’s largest financial institutions on Friday morning.

The S&P 500 rose 0.6%, partially recovering from Thursday’s decline to close just below Wednesday’s record high. The Nasdaq also rose 0.6%, closing just below Wednesday’s record high. The Dow rose 0.6%, closing above 40,000 after hitting an intraday high. For the second time in history After first hitting this milestone in mid-May.

Enphase Energy (EnfuShares of Solar Power Co. Inc. rose on Friday after the company said its customers would be eligible for federal tax credits for installing new residential and commercial solar power equipment made in the U.S. Solar projects that meet certain requirements qualify for the federal tax credit. Inflation Control LawEnphase, up 6.9%, was the top performer among the S&P 500 stocks on Friday.

While other banks’ stock prices fell following their earnings announcements, Bank of New York MellonBK) rose 5.2 percent to a record high. The investment bank Better-than-expected revenues and profits In the second quarter, due to an increase in fee income, Net interest income While this was down from a year earlier, reflecting changes in the composition of banks’ balance sheets, the key indicators beat expectations.

Ford (debtFord shares rose 4.2% after the company reportedly launched a 0% financing offer on leases of two popular electric vehicles, the Mack E and the F-150 Lightning. Ford’s announcement comes just as Tesla (TSLAAs the two companies battle it out for position in the EV market, Toyota unveiled the Model Y in May.

Wells Fargo shares (World Economic Forum) plunged 6.1%, the biggest loss among S&P 500 stocks. Decrease in net interest incomeThat appeared to mask better-than-expected revenue and earnings per share (EPS) results.Net interest income has been under pressure across the banking industry due to rising deposit rates and competition for customer funds following the 2023 regional banking crisis.

The story continues

Delta Airlines (Dal) shares fell 3.1%, extending the decline recorded in the previous trading day. Second-quarter profit falls short of expectationsThe increase in capacity has led to price restrictions and rising costs. Delta Air Lines’ outlook also raises questions about the summer travel season.

Read the original article Investopedia.