Another winning week for Wall Street drifted to a quiet close following profit reports from several big US companies that topped expectations, per the AP.
- The S&P 500 fell 4 points, or 0.1%, to 4,505, coming off its highest close since April 2022 on Thursday. Still, the index marked its seventh winning week in the last nine.
- The Dow rose 113 points, or 0.3%, to 34,509.
- The Nasdaq slipped 24 points, or 0.2%, to 14,113.
Insurance giant UnitedHealth Group rallied 7.6% after it said profit growth during the spring was better than projected. It also raised the bottom end of its forecast for earnings for the full year. JPMorgan Chase rose 0.4% after it said its profit during the spring grew by more than expected thanks in part to its acquisition of the troubled First Republic Bank. Like its rival and the broader market, Wells Fargo began the morning with a gain before drifting lower later in the day. It fell 0.3% despite reporting stronger profit for the second quarter than expected.
Helping to drag down Wall Street was State Street, which fell 11.4% after reporting slightly weaker revenue than expected for the latest quarter, though its profit topped forecasts. The earnings reporting season is just getting underway, and Wall Street's expectations are low. Analysts are forecasting the worst drop in earnings per share for S&P 500 companies since the spring of 2020. If they're right, it would also mark a third straight quarter where profits sank.
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