This post was originally published on this site
https://i-invdn-com.investing.com/news/LYNXMPEB4R0SV_M.jpg
The S&P 500 rose 0.1%, the Dow Jones Industrial Average rose 0.50%, or 171 points, and the Nasdaq was up 0.1%.
JPMorgan Chase & Co (NYSE:JPM) and Wells Fargo (NYSE:WFC) reported quarterly results that beat on the top and bottom lines, though both shares retreated from session highs after both banks increased the bad loan provisions and expected that customer deposits were likely to decline further.
Citigroup Inc (NYSE:C), meanwhile, fell more than 3% after its earnings fell short of Wall Street estimates, pressured by weakness in its investment banking business.
“The long-awaited rebound in Investment Banking has yet to materialize, making for a disappointing quarter,” Citigroup chief executive Jane Fraser said.
State Street (NYSE:STT) plunged more than 10% after its quarterly revenue fell short of Wall Street estimates following a drop in net interest income as deposits fell.
Morgan Stanley (NYSE:MS), Bank of America (NYSE:BAC), and Goldman Sachs Group (NYSE:GS) are set to report quarterly results this week.
UnitedHealth Group (NYSE:UNH) surged more than 7% after the health insurer lifted its outlook on full-year profit following second-quarter results that topped Wall Street estimates, driven by cost cuts.
The company said it now expects adjusted EPS of $24.70 to $25.00, compared with a prior range of o $24.50 to $25.00.
Eli Lilly (NYSE:LLY), meanwhile, said it had agreed to acquire obesity drug maker Versanis for up to $1.9 billion as the drugmaker looks to increase share in the weight-loss drug market.
DR Horton (NYSE:DHI), PulteGroup (NYSE:PHM), and Lennar Corporation (NYSE:LEN) were among the biggest consumer stocks gainers as some on Wall Street touted optimism on the sector on expectations that a pick-up in homebuilding activity will likely continue.
“Our channel checks and commentary from public homebuilders indicate the inflection in single-family housing starts that began in 2Q23 will continue into 2H23 due to ongoing strength in new home demand,” Bank of America said in a note.
Amazon.com Inc (NASDAQ:AMZN) and Tesla Inc (NASDAQ:TSLA), are both up more than 1%, also lifting consumer stocks higher.
Microsoft Corporation (NASDAQ:MSFT) up more than 1%, sidestepped the weakness in tech after UBS0 upgraded its rating on the stock to Buy from Hold amid expectations for a boost from AI and an improving cloud demand backdrop.
“With the steep Azure growth deceleration now poised to moderate, AI catalysts ahead and recent stock underperformance, a more positive stance seems warranted,” UBS said.
