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(Bloomberg) — The S&P 500 Index trimmed early gains to trade little changed, weighed down by financial companies as mixed earnings results from banks offset an upbeat report showing consumer prices are cooling.
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The benchmark equities index traded less than 0.1% higher at 11:46 a.m. in New York, after briefly eclipsing the psychologically important 6,300 level after the opening bell. The Nasdaq 100 Index gained 0.635%. Losses in bank stocks kept broader gains in check as Wells Fargo & Co. fell 5.43% after lowering its full-year guidance for net interest income. BlackRock Inc. declined 5.42% after the investment firm’s net inflows missed analyst estimates in the second quarter.
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Ten of the 11 S&P 500 sectors were lower, led by declines in financial and health-care shares while technology companies rose. Nearly all 24 stocks in the KBW Bank Index fell, except for Citigroup Inc. Citigroup rose 3.36% as traders rode the tariff-induced volatility in markets to their best second quarter in five years. JPMorgan Chase & Co. slipped 0.391% even as investment bankers eked out a surprise gain in the latest quarter.
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Traders are bracing for the weakest earnings season since mid-2023 as they’re assessing tariff uncertainty from President Donald Trump’s trade war. Analysts see second-quarter profits on the S&P 500 rising just 2.5% year-on-year, Bloomberg Intelligence data show. The full-year growth forecast for the equities benchmark has declined to 7.1% from 9.4% in early April.
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Several other bellwether names are reporting this week, with results from Goldman Sachs Group Inc., Morgan Stanley and Bank of America Corp. in the coming days.
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Stocks traded higher earlier in day after a closely-watched report showed a relatively tame inflation reading, a step in the right direction for the Federal Reserve looking to cut interest rates further in 2025. Core CPI, which strips out volatile food and energy components, climbed 0.2% in June from a month ago — below estimates for 0.3%, Bureau of Labor Statistics data show.
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“If it’s true that inflation is staying in check, then the Fed can go ahead and cut interest rates – potentially as early as September,” wrote Chris Zaccarelli, chief investment officer at Northlight Asset Management. “But if subsequent reports show a different story, then the Fed is going to have to stay on hold even longer.”
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Of note, Nvidia Corp. jumped 4.42% as the company plans to resume sales of its H20 AI chip in China after securing Washington’s assurances that such shipments would get approved. Semiconductor firms gained alongside Nvidia, including Advanced Micro Devices Inc. and Broadcom Inc. The Philadelphia Stock Exchange Semiconductor Index jumped 1.8%. The Cboe VIX Index hovered near 16.92.
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Elsewhere, Apple Inc. climbed 1.46% after striking a $500 million deal to buy rare-earth minerals from MP Materials Corp., the US producer that just last week secured backing from the Pentagon. A basket tracking so-called Magnificent Seven stocks including Alphabet Inc. and Meta Platforms Inc. rose 1.14%.
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Among other notable stock movers, Trade Desk Inc. rallied 9.39% after S&P Dow Jones Indices said the advertising technology company will join the S&P 500 before trading opens on July 18. Meantime, makers of wound-care products declined after the US government proposed to change how skin substitutes are paid for. MiMedx Group Inc. tumbled 8.38%, while Organogenesis Holdings Inc. sank 4.90%.
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