More than one third of the 32 stocks making new 52-week highs in the S&P 500 Friday are also trading at all-time records. So it's a pretty good backdrop for risk assets," said Ladner. "The Goldilocks scenario is alive and well, in terms of declining inflation pressures and still fairly robust economic growth. Investors are now considering whether a strong economy illustrated by the recent data could push stocks higher by the end of the year.
The latest producer price index report showed inflation rose less than anticipated and built on trader optimism from the June consumer price index data, which came out Wednesday. Investors' sentiment has been lifted by soft inflation reports this week. That would mark the worst earnings season since the second quarter of 2020, when S&P 500 profits dropped 31.6%. So that's a good sign for consumers and the economy," Ladner added.Įxpectations for this season are downbeat, with analysts forecasting a roughly 7% year-over-year drop in S&P 500 earnings, according to FactSet. "We're seeing right now default rates are still historically incredibly low and not showing signs of skyrocketing higher. "What we've seen out of big bank earnings, especially JPMorgan, is pretty resilient," said Scott Ladner, chief investment officer at Horizon Investments. Wells Fargo inched down 0.3%, even though the bank posted better-than-expected results. The bank was boosted by higher interest rates and rising interest income. JPMorgan Chase rose 0.6% after its second-quarter earnings topped expectations. UnitedHealth was also the biggest gainer in the S&P 500's health-care sector, which advanced 1.5%. The company also raised the lower end of its full-year adjusted earnings guidance. The insurance giant jumped more than 7% after it reported better-than-expected adjusted earnings and revenue. UnitedHealth shares lifted the blue-chip index Friday as its top performer. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower
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