• US stocks edged higher on Friday after a rough prior session as traders digested new data and earnings. 
  • The producer price index rose slightly more than expected in June, with wholesale prices up 0.2%. 
  • Banks including JPMorgan and Citi kicked off second-quarter earnings season. 

US stocks were slightly higher on Friday as new inflation data dropped and big US banks kicked off second-quarter earnings season.

The producer price index, which measures wholesale inflation, rose 0.2% last month versus estimates of 0.1%. That comes a day after a soft June consumer inflation report, which showed inflation declining 0.1% month-to-month.

Commentators said the slightly hotter PPI print doesn't alter the calculus for the Federal Reserve to start cutting rates in September, and pricing pressure is definitively easing despite the hotter June producer figures.

"While Friday's strong PPI comes after Thursday's weak CPI print, the Federal Reserve is data dependent and will be examining each inflation data point before deciding whether or not to cut interest rates. Even with Friday's strong PPI, we still believe a September rate cut is in play," Clark Bellin, president and CIO of Bellwether Wealth, said.

Meanwhile, big US banks opened up the second-quarter earnings season. JPMorgan reported record profit, but still saw shares fall after missing on net interest income. Wells Fargo saw deeper declines after saying its cost-cutting efforts are lagging forecasts.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:

Here's what else happened today:

In commodities, bonds, and crypto:

  • Oil futures were higher. West Texas Intermediate crude rose 1% to $82.48 a barrel. Brent crude, the international benchmark, increased 0.7% to $86.02 a barrel.
  • Gold fell 0.6% to $2,406 per ounce.
  • The 10-year Treasury yield inched up to 4.209%.
  • Bitcoin fell 1.6% to $57,684
Read the original article on Business Insider