Stocks end the week on the rise, with the Dow Jones Industrial Average hitting over 40,000.

Major stock indexes up slightly this week

4 hours 5 minutes ago

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all posted modest gains this week, recovering from big losses the previous day due to selling of large technology stocks.

BNY shares buck banking sector slump

5 hours 20 minutes ago

Shares of Bank of New York Mellon, now known simply as BNY (BK), hit an all-time high on Friday after the bank reported better-than-expected earnings and increased its dividend.

BNY shares were the top gainers on the S&P 500 index on Friday, rising more than 5% in late trading. The stock has risen about 25% since the beginning of the year.

The company reported second-quarter adjusted earnings per share of $1.51 on sales that rose 2% to $4.6 billion, both of which beat expectations.

Total fee revenue increased 3% to $3.4 billion, which BNY attributed to “higher market value, net new business, higher foreign exchange revenue and increased client activity.” Investment services fees increased 5% to $2.4 billion due to increased client activity in its fixed income and equity trading businesses.

–Bill McCall

Novo Nordisk shares rise after Ozempic found to reduce dementia rates

6 hours 59 minutes ago

Shares of Denmark’s Novo Nordisk (NVO) rose in intraday trading on Friday after the release of a University of Oxford study that linked the company’s diabetes drug Ozempic to reduced incidence of dementia and various psychiatric disorders.

The researchers Lancetof Clinical Medicine According to the paper, patients who took Ozempic for one year had a 48% lower risk of dementia compared to patients who took the older drug sitagliptin.

The study is the latest to show that semaglutide, the active ingredient in both Novo Nordisk’s Ozempic and obesity drug Wegovi, may be effective in treating more than just diabetes and weight loss. The company has been trying to broaden the uses of its blockbuster treatment to include whether it can reduce alcohol intake and treat alcoholic liver disease. Bloomberg I got it.

Novo Nordisk’s ADRs rose nearly 2%, bringing its gains this year to about 40%. Shares of Eli Lilly (LLY), maker of rival drugs Maunjaro and Zepbound, have also surged after sales of its weight-loss drug soared.

–Nisha Gopalan

Wells Fargo leads S&P 500 drop

8 hours 29 minutes ago

Wells Fargo (WFC) shares fell on Friday after the bank reported that a drop in second-quarter net interest income more than offset better-than-expected results.

Net interest income (NII), a key indicator of loan profitability, fell 9% year-on-year to $11.9 billion in the three months ended June 30.

The banking sector’s NII, which measures lending income minus what banks pay for deposits and funds, has been hit by increased competition for borrowers as savers demand higher interest rates. Consumer-focused banks, such as Wells Fargo & Co., have been particularly hurt by the decline in NII.

The drop in net interest income overshadowed results that beat Wall Street analysts’ expectations. Well Fargo reported earnings per share of $1.33 on revenue of $20.7 billion, beating analysts’ estimates of $128 million and $20.3 billion, respectively, compiled by Visible Alpha.

Walls Fargo shares were down about 7% around midday.

Shares of JPMorgan Chase (JPM) and Citigroup (C) also fell on Friday despite reporting earnings that beat analysts’ expectations.

–Nisha Gopalan

Russell 2000 Index Levels in Focus as Small Caps Rise

9 hours 37 minutes ago

The Russell 2000 Index was up 1.7% in mid-morning trading after rising 3.6% on Thursday, as investors shifted money from mega-cap tech stocks to smaller companies that are seen as bigger beneficiaries of a possible Federal Reserve interest rate cut.

The index broke out of a symmetrical triangle on Thursday, paving the way for the start of a new uptrend.

The measuring principle predicts a short-term target of 2,295. The bar pattern predicts a long-term target of around 2,500.

During the retracement, the index may retest the upper trendline of the symmetrical triangle near 2,080.

For a detailed review of the key levels to look out for, read our technical analysis.

-Timothy Smith

Apple maintains upward trend despite Thursday’s drop

10 hours 34 minutes ago

Apple (AAPL) shares rose this morning after falling 2.3% on Thursday as investors shifted from strong large tech stocks to smaller caps that could benefit more from expected interest rate cuts by the Federal Reserve this year.

Despite Thursday’s drop, Apple shares have maintained an upward trend, with the stock continuing to gain momentum this month after breaking out of a pennant pattern.

The measuring principle, which involves calculating the trend distance in points preceding the pennant and adding that amount to the upper trendline of the pattern, predicts a price target of $271.

On a pullback, Apple stock may encounter support at levels like $220, $197, and $190 on the charts.

See our technical analysis here.

–Timothy Smith

Futures tracking major indices were little changed

11 hours 42 minutes ago

Dow Jones Industrial Average

S&P 500 Futures

Nasdaq 100 Futures