U.S. stocks opened higher after a gauge of inflation was tamer than expected and big banks reported strong earnings results.
The blue-chip Dow rose 0.3% to about 44,132 at the start of the session. The broad S&P 500 index was up 0.2%, about 11 points, to start at 6,255. The Nasdaq Composite Index ticked 0.1% higher, up 20 points to about 20,698.
The producer price index, which reflects the prices businesses pay for their goods and services, was unchanged in June, helping assuage some concerns about the impact of tariffs. The Dow Jones consensus estimate was for a 0.2% rise in June. The reading came one day after the consumer price index showed signs of accelerating in June.
The benchmark 10-year U.S. Treasury note was down about 3 basis points to 4.461% at the start of trading.
Crypto news
Digital currencies and the stocks of several crypto businesses rose Wednesday as the U.S. House of Representatives’ “Crypto Week” continued. Bitcoin was up nearly 1% in the morning, to about $118,779, while shares of Coinbase gained 1.3%.
Corporate news
Goldman Sachs reported earnings that jumped 22% compared to a year ago, trouncing analyst expectations. The bank’s bottom line was boosted by trading and investment banking services. Bank of America’s profits also beat expectations.
Shares of Johnson & Johnson, which on Tuesday reported earnings that beat expectations and nudged its 2025 outlook higher, jumped more than 3% in early trade.
This article originally appeared on USA TODAY: Stocks gain as bank earnings beat, inflation comes in cool
