The major US stock indices are liking the earnings from some major financials as well as the CPI data. The combination of the CPI and PPI has number crunchers thinking the core PCE will be just below the 0.2% level at 0.19% when it is released later this month. The three and six-month averages of the MoM for that key inflation gauge is right at 0.2%. It isn’t 2.0% YoY but it is on this side of the 2% to 3% bracket.
A summary of the earnings released today shows:
- Citigroup (C) Q4 2024: EPS $1.34 (BEAT; exp. $1.22), Revenue $19.58B (BEAT; exp. $19.49B). Announces $20B stock buyback.
- Goldman Sachs (GS) Q4 2024: EPS $11.95 (BEAT; exp. $8.22), Revenue $13.87B (BEAT; exp. $12.39B).
- JPMorgan Chase & Co (JPM) Q4 2024: EPS $4.81 (BEAT; exp. $4.11), Revenue $43.74B (MET; exp. $41.73B).
- Wells Fargo & Co (WFC) Q4 2024: EPS $1.43 (BEAT; exp. $1.35), Revenue $20.378B (MISS; exp. $20.58B).
- BlackRock (BLK) Q4 2024: EPS $11.93 (MISS; exp. $11.21), Revenue $5.67B (BEAT; exp. $5.53B).
A snapshot of the price action is showing solid gains for each:
looking at the major indices:
- Dow industrial average up 709 points or 1.67% at 43230.44
- S&P index up 96.75 points or 1.66% at 5939.
- NASDAQ index up 384 points or 2.02% at 19429.50.
Looking at the Magnificent Seven:
- Tesla (TSLA): Price $415.68, Change +$19.32, Change +4.87%.
- Meta Platforms (META): Price $612.24, Change +$17.99, Change +3.03%.
- Amazon.com (AMZN): Price $222.70, Change +$4.94, Change +2.27%.
- Microsoft (MSFT): Price $423.81, Change +$8.14, Change +1.96%.
- Alphabet A (GOOGL): Price $193.07, Change +$3.41, Change +1.80%.
- Apple (AAPL): Price $237.29, Change +$4.01, Change +1.72%.
- NVIDIA (NVDA): Price $133.61, Change +$1.85, Change +1.40%.