scorecardUS stocks rise as earnings roll in and data shows retail spending jumped in June
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US stocks rise as earnings roll in and data shows retail spending jumped in June

Max Adams   

US stocks rise as earnings roll in and data shows retail spending jumped in June
Stock Market2 min read
FREDERIC J. BROWN/AFP/Getty Images
  • US stocks climbed Friday as investors sifted through more earnings results and retail sales data.
  • Citigroup reported earnings that beat estimates on the back of strong trading revenue.

US stocks rose on Friday, trying to claw back some losses from the previous session as investors sifted through more earnings results and digested the most recent retail sales data.

Citigroup continued the flow of big bank earnings, beating estimates on the back of strong results from its trading division. Shares of the banking giant popped as much as 5%. The firm beat rivals JPMorgan and Morgan Stanley, which both fell short of estimates on Thursday.

Retail sales data for June showed that consumer spending jumped 1%, more than economists were expecting. Spending was up across a range of categories, including restaurants and furniture. Spending declined in clothing and department stores.

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

Economists at Deutsche Bank said the market is now fully pricing in a US recession by the end of this year.

"Weakening demand but outperforming labour markets is a recipe for collapsing productivity and profit margins," the bank's analysts wrote.

Copper fell deeper into bear market territory, flashing more signs of a coming economic downturn. The bellwether for the global economy fell below $7,000 for the first time in two years.

Oil prices edged higher as Bloomberg reported that President Joe Biden would depart the Middle East without news to announce around a deal to increase crude production. It was hoped that his visit to Saudi Arabia could help secure a deal that would stem soaring energy prices, which are hurting his popularity back home.

West Texas Intermediate was up 2.4% to $98.13 a barrel. Brent, oil's international benchmark, climbed 2.7% to $101.76. Prices on Thursday fell back down to pre-invasion levels as global recession fears rattled energy markets.

Gold was up 0.2% to $1,709.40 per ounce. The yield on the 10-year Treasury inched up about one basis point to 2.96%

Bitcoin jumped nearly 6% to $20,950.

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