PARIS (Reuters) – The New York Stock Exchange opened modestly higher on Friday, under pressure from stronger-than-expected producer price indicators in June and as initial second-quarter results failed to impress.
In early trading, the Dow Jones index gained 83.54 points, or 0.21%, to 39,837.29 points, and the broader Standard & Poor’s 500 gained 0.12% to 5,591.09 points. The Nasdaq Composite gained 0.13%, or 24.28 points, to 18,307.682.
Producer prices rose more than expected in June, while May data was revised up, raising concerns that Thursday’s strong consumer inflation numbers masked continued price pressures in the rest of the economy.
Moreover, neither the results of Wells Fargo nor those of JPMorgan, two of the leading American banks, have excited investors who are punishing the groups at the opening.
In the stock market, JPMorgan dropped 2% after announcing that it would increase its provisions for non-performing loans.
Wells Fargo declined 6.4% as it spent more to hold onto deposits amid intense competition.
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(Written by Corentin Chappron, edited by Sophie Louet)
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