Stocks grind higher as JPMorgan kicks off earnings season


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JPMorgan reports earnings and revenue higher than Wall Street estimates

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we store Futures prices rose after JP Morgan’s opening Wednesday morning Income Season with strong quarterly results.

Dow Jones Industrial Average futures rose 36 points, or 0.11%, while S&P 500 futures and Nasdaq 100 futures rose 0.17% and 0.4%, respectively.


The gain comes ahead of the 8:30 a.m. ET release of the Consumer Price Index, which is expected to show a 0.3% increase in September and a 5.3% annualized gain.

Among stocks, JPMorgan reported earnings and revenue that exceeded Wall Street estimates, driven by deal-making and loan growth. The Wall Street bank benefited from the release of $2.1 billion of debt loss reserves that were created to tide over the pandemic.

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BlackRock Inc. beat both the top and bottom as assets under management rose from $7.81 trillion to $9.46 trillion, driven by increased fee income.

Elsewhere, Delta Air Lines Inc. posted its second-quarter profit since the start of the pandemic, but warned that higher fuel costs would have an impact on current quarterly results.

Meanwhile, Brian Goldner, CEO of Hasboro Inc., passed away on Tuesday after a long battle with prostate cancer. Goldner went on medical leave on Monday and was replaced on an interim basis by independent board member Rich Stoddart.

In commodities, West Texas Intermediate crude fell 44 cents to $80.21 a barrel, while gold jumped $12.80 to $1,772.10 an ounce.

There was a mixed trend in overseas markets.

In Europe, Britain’s FTSE 100 slipped 0.05%, while France’s CAC 40 and Germany’s DAX 30 were up 0.24% and 0.73%, respectively.

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Trade in Asia was choppy, with Japan’s Nikkei 225 down 0.32% and China’s Shanghai Composite down 0.42%. Hong Kong’s Hang Seng Index closed on a holiday.

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