US Stocks Edge Up, Earnings in Focus

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Stocks in the US attempted to rise on Friday, with the three major averages adding about 0.2%, as traders digest recent earnings reports and lower-than-expected producer inflation data. The PPI unexpectedly fell last month and the core PPI was also below expectations. On the corporate front, JPMorgan gained nearly 3.2% to reach a record high of $174.08 after its revenue topped forecasts, although profit declined after a regulatory fee from regional banking rescues. In contrast, UnitedHealth declined about 2.5% after beating earnings expectations but reported a higher-than-expected utilization of medical services. Bank of America was down about 2.1% after a profit fall and Wells Fargo declined 1.8% despite a profit rise. Delta Airlines sank almost 5% as the airline reduced the 2024 earnings forecast. Meanwhile, Tesla lost more than 1.5% after the announcement that it would halt production in its Berlin plant due to conflicts in the Red Sea and the associated shifts in transport routes.

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