Bank earnings, June PPI, Biden news conference: 3 Things

Major banks JPMorgan Chase & Co. (JPM), Wells Fargo (WFC), and Citigroup (C) reported second quarter earnings this morning, offering a mixed picture of the banking landscape tied to these institutions' net interest income.

The Producer Price Index (PPI) saw inflation rise for domestic producers in the month of June, outpacing estimates and increasing 0.2% month over month and 2.6% year over year.

President Biden hosted a solo news conference last night following the NATO summit held in Washington, DC this year, stating that he is the "most qualified person" to run for president against Trump.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video Transcript

Let's get to it with the three things that you need to know this Friday morning, Yahoo finances Madison Mills, Jerry and Rick Newman have more.

That's right.

The second quarter earnings officially starting off here with those big banks.

You got JP Morgan City and Wells Fargo all reporting and the key data to watch with each of those big banks net interest income.

JP Morgan's profits didn't surge by 25% from a year ago but and I I net interest income fell for the second consecutive quarter by 1%.

You can see that putting some pressure on J PM stock.

Meantime, Wells Fargo also reporting those shares down over 5.5% net interest income for them falling 9%.

That is the lowest level for Wells Fargo in two years.

The company also reporting a decline in revenue from the prior year.

Now city initially emerging as the winner this morning.

Thanks to its wealth management business, the stock up over 2% here, we revenue rising 2% beating expectations that interest income.

That city was down 1% year over year but still above Wall Street estimates for the quarter and the June producer price index out this morning shows the fight against inflation may prove trickier than investors would hope wholesale prices on a headline basis.

They rose 2/10 of a percent slightly hotter than the 1/10 of a percent expected by Wall Street producer prices excluding food and energy.

Those rose both on a monthly basis and also on an annual basis.

The latest inflation that comes after June CP I report yesterday showed inflation moderating even falling on a monthly basis.

And a defiant President Biden pushing back against calls to exit the 2024 presidential race.

Biden wrapped up a three day NATO summit in Washington DC Thursday evening with a rare solo news conference where he defended his candidacy, but I think I'm the most qualified person to run for president.

I beat him once and I will beat him again.

Americans were hanging on his every word after his poor performance in the first debate prompted doubts over his ability to serve as president for another four years overall.

Biden gave a strong performance on foreign policy but he did fumble in a couple of key moments mistakenly introducing Ukrainian President Zelensky as President Putin while talking to reporters.

And then during the news conference referring to Vice President Trump when he meant to say Vice President Harris