Bank Earnings Propel Wall Street to New Highs

Wall Street has ended the week on a high note, driven by robust earnings from major banks like JPMorgan Chase and Wells Fargo. The S&P 500 and Dow Jones Industrial Average both reached new record highs, boosted by the financial sector's strong performance. Despite these gains, the Nasdaq lagged due to a significant drop in Tesla shares following the unveiling of its robotaxi, which failed to impress investors. Meanwhile, Uber and Lyft saw their stocks rise on the same news.

In the broader economic context, inflation data and consumer sentiment played pivotal roles in shaping expectations for the Federal Reserve's future interest rate decisions. This was underscored by mixed reactions to inflation data and a dip in consumer confidence. Globally, while U.S. stocks thrived, markets in China and South Korea experienced declines, with the latter's central bank opting to cut interest rates.

Other notable developments included Stellantis announcing leadership changes and BlackRock reporting record assets under management. As the earnings season unfolds, investors continue to watch for further cues on economic trends and policy directions.