Stocks were little changed on Wednesday as investors weighed earnings releases from big banks and digested the latest wholesale inflation report.
The S&P 500 gained 0.1%. The Nasdaq Composite hovered near the flatline, after the tech-heavy index reached a fresh record in the previous session. The Dow Jones Industrial Average jumped 57 points, or 0.1%.
Big bank earnings releases continued for a second day, with Bank of America, Goldman Sachs and Morgan Stanley all posting better-than-expected earnings. Shares fell despite the strong results, however. Goldman shares dipped 0.5%, while Morgan Stanley shed more than 2%. Bank of America shares dropped about 1% as net interest income missed expectations. These results come a day after JPMorgan Chase, Wells Fargo and Citigroup each posted quarterly figures that topped analysts’ expectations for earnings and revenue.
Strong second-quarter results from Johnson & Johnson led shares more than 5.5% higher, meanwhile.
Stocks initially got a boost on Wednesday from new inflation data. June’s producer price index, considered a leading indicator for pipeline inflation pressures, reflected no change in wholesale prices for the month. Economists polled by Dow Jones expected a 0.2% increase for PPI.
Wednesday’s report follows data which reflected an increase in consumer prices in June from the previous month. Persistent inflation has fueled concerns about the impact President Donald Trump’s tariffs are having on the economy.
Some investors remain hopeful, however, that the Federal Reserve will be able to ease monetary policy later this year.
“Markets are looking through all of the tariff noise and seeing lower rates on the other side,” Jamie Cox, managing partner for Harris Financial Group.
Trump over the weekend had fanned the flames of his trade war after he announced a 30% tariff on imports from Mexico and the European Union beginning Aug. 1. Trump announced on Tuesday that he had reached a trade deal with Jakarta, which included a 19% tariff on the Asian country’s exports to the U.S.
“We continue to believe that the Fed is going to be patient with any potential rate cuts, as inflation is still above forecast and the labor market remains strong,” said Larry Tentarelli, chief technical strategist for the Blue Chip Daily Trend Report. He added that, to be sure, “any potential breakout in inflation is a near-term risk to equity markets.”
Tuesday saw the Nasdaq outperform, aided by a boost in Nvidia shares, and closed at a new record high. The S&P 500 at one point in the previous session hit a record level.
Johnson & Johnson tracks for best day in more than a year following earnings beat
Johnson & Johnson shares tracked for their best day in more than a year on Wednesday after delivering strong earnings for the second quarter.
The pharmaceutical stock added around 4.5% as of shortly after 10 a.m. ET. If that holds through session close, it would mark the stock’s biggest one-day gain since May 1, 2024, when shares jumped 4.6%.
Wednesday’s gain comes after the New Jersey-based company said it earned $2.77 per share after adjustments and $23.74 billion in revenue. That topped expectations for $2.68 a share and $22.84 billion in revenue from analysts polled by LSEG.
Johnson & Johnson also raised its full-year guidance for adjusted earnings.
With Wednesday’s advance, the stock is up around 12% on the year.
— Alex Harring
Stocks open higher across the board
Shortly after 9:30 a.m. ET on Wednesday, the S&P 500 gained 0.3%, while the tech-heavy Nasdaq Composite added 0.2%. The Dow Jones Industrial Average jumped 142 points, or about 0.3%.
— Pia Singh
Market is seeing indicator for higher volatility, BTIG says
The S&P 500 has been repeatedly closing above its 20-day moving average — and that’s a bad omen for the market, according to BTIG.
This type of streak tied to the 20-day moving average has historically been followed by periods of heightened volatility, said Jonathan Krinsky, BTIG’s chief market technician. He said Tuesday’s market action bolsters that outlook.
— Alex Harring
Wholesale inflation remains flat in June
Two men push flat carts stacked high with groceries at a Costco warehouse in Hawthorne, California, on April 4, 2025.
Wholesale inflation remained unchanged in June, giving equity futures a slight boost on Wednesday.
The producer price index was flat last month. Economists polled by Dow Jones expected PPI to have increased by 0.2% month on month.
Dow futures popped more than 100 points and reached their highs of the day.
— Fred Imbert
See the stocks moving before the bell
These are some of the stocks making notable moves in Wednesday’s premarket:
- ASML — Shares dropped 7% after the semiconductor company warned it may see no growth in 2026, citing macroeconomics and geopolitics.
- Goldman Sachs — The well-known bank’s stock advanced 1.5% after second-quarter earnings surpassed Wall Street predictions on both lines.
- Johnson & Johnson — Shares of the pharmaceutical giant rose more than 2% after second-quarter results beat analyst estimates.
Click here for the full list.
— Alex Harring
Goldman earnings beat expectations thanks to strong trading revenue
Goldman Sachs’ trading business propelled the bank to a second-quarter earnings beat.
The bank posted a profit of $10.91 per share on revenue of $14.58 billion. Analysts polled by LSEG expected earnings of $9.53 per share on revenue of $13.47 billion.
Goldman’s trading operations generated more than $7.7 billion in revenue, beating the FactSet consensus by $840 million.
Shares rose more than 1% in the premarket following the release.
ASML shares drop on weak guidance
Shares of ASML fell more than 6% in the premarket after the semiconductor equipment maker issued disappointing quarterly and full-year guidance that overshadowed an earnings beat.
The company expects third-quarter revenue to range between 7.4 billion euros and 7.9 billion euros, below a FactSet consensus of 8.3 billion euros. For the full year, AMSL narrowed its revenue outlook.
— Fred Imbert
Bank of America shares rise after earnings beat
Bank of America rose 1.2% after the banking giant posted better-than-expected earnings for the second quarter.
The bank earned 89 cents per share, while analysts polled by LSEG expected a profit of 86 cents per share. Revenue, however, came in slightly below estimates at $26.61 billion. Net interest income also missed expectation.
— Fred Imbert
J&J shares rise after earnings beat
Shares of Johnson & Johnson gained more than 1% after the pharmaceutical giant reported better-than-expected second-quarter earnings.
The company earned $2.77 per share, excluding certain items. That’s above an LSEG consensus estimate of $2.68 per share. Revenue of $23.74 billion was about in line with expectations.
— Fred Imbert
Danish official says 30% tariffs on EU ‘completely unacceptable’
Danish Minister of European Affairs Marie Bjerre pictured on May 27, 2025 in Brussels, Belgium.
Marie Bjerre, Denmark’s minister for European affairs, told CNBC that U.S. President Donald Trump’s plans to slap 30% tariffs on EU goods is “completely unacceptable.”
“It is certainly interesting times — now, President Trump announced that he will impose 30% tariffs on Europe, and I have to say that is completely unacceptable, that is unjustified,” she said in an interview with CNBC’s “Europe Early Edition.“
“Europe is a trading partner that you can rely on, that you can trust in, and we will go into negotiation with the U.S. in good faith – but we also know that Europe … having a single market with 450 million consumers, we are very attractive market, and therefore we also ready to defend our interests, and we are ready to come with countermeasures if required.”
When asked if the EU could reach a trade compromise with Washington before Trump’s Aug. 1 deadline, Bjerre said it was “very hard to say.”
“We keep being surprised about which [tariff rate] is now imposed on us,” she said. “It started [at] 10% then it was even more, then it was back to 10%, then it was suspended, and now it’s 30% – it is, I have to say, quite unreliable.”
— Chloe Taylor
European stocks open lower
The opening bell rang around 30 minutes ago, and European stocks are broadly trading in negative territory. Hot U.S. and U.K. inflation prints, concern about the regional semiconductor sector and a profit warning from Renault all weighed on sentiment.
The pan-European Stoxx 600 was last seen trading 0.2% lower, with sectors trading mixed. Among major bourses, France’s CAC index led losses with a 0.24% loss.
— Chloe Taylor
Trump says crypto regulation bills that failed to advance earlier now have the votes to move forward
U.S. President Donald Trump speaks with reporters, as he departs for travel to Pennsylvania from the South Lawn at the White House in Washington, D.C. U.S., July 15, 2025.
President Donald Trump said Tuesday that a group of House Republicans who blocked several cryptocurrency regulation bills from moving forward earlier in the day had changed their minds following a White House meeting, and would now vote to advance the legislation.
“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule,” Trump wrote on Truth Social shortly before 9 p.m. ET.
Trump said that House Speaker Mike Johnson called into the meeting and “looks forward to taking the Vote as early as possible.”
It was a dramatic, quick rebound for the Trump-supported pieces of legislation, which just hours before had faced an uncertain path forward, after the bills failed to clear a key procedural hurdle.
Read the full story here.
— Erin Doherty
Shares of asset managers rise on WSJ report that Trump could pave the way for private market investments in 401(k)s
The Wall Street Journal, citing people familiar, reported Tuesday that the Trump administration is nearing an executive order that would make private market investments more readily available in 401(k) plans.
The Journal reported that this order would call on the Labor Department and Securities and Exchange Commission to provide employers and plan administrators with guidance on including these private assets.
Shares of asset managers that operate in the private market space advanced in extended trading, with Apollo Global adding 2% and KKR rising 1.7%.
—Jason Gewirtz, Darla Mercado
Stocks making the biggest moves after hours
Check out some of the companies making headlines in extended trading.
- Global Payments — Shares of the financial technology company advanced roughly 5%. The movement came after a Financial Times report that said activist investor Elliott Management added to its stake in Global Payments.
- Hancock Whitney — The bank holding company slid more than 3% in extended trading. Adjusted earnings for the second quarter came in at $1.37 per share, falling short of the FactSet consensus estimate of $1.36 per share. Net interest income landed at $279.5 million, narrowly beating analysts’ call for $277.7 million.
- Omnicom Group — The marketing and sales stock gained more than 2% after second-quarter results surpassed analyst estimates on the top and bottom line. Omnicom reported earnings per share of $2.05, excluding items, on revenue of $4.02 billion. Analysts surveyed by FactSet were looking for $2.02 per share and $3.98 billion.
Read the full list here.
— Brian Evans
Stock futures are little changed
Stock futures were little changed on Tuesday evening, with investors awaiting fresh corporate earnings and inflation data.
Futures tied to the Dow Jones Industrial Average pulled back 47 points, or 0.1%, while S&P 500 futures dipped 0.1%. Nasdaq 100 futures slipped 0.1%.
— Brian Evans