Top Movers of the Day

Stocks gained on Friday despite hotter-than-expected wholesale price inflation. Stocks rallied broadly with the Dow finishing above 40,000 points reaching a new record. Major U.S. banks, including JPMorgan Chase, Wells Fargo, and Citigroup, fell despite solid quarterly results. The S&P and Nasdaq rebounded from the previous day's decline. The producer price index rose 2.6% annually in June, exceeding expectations. The 10-year Treasury yield dropped to 4.187%.

Here are the top movers and reasoning:

• JPMorgan Chase: Earnings exceeded estimates but stock fell 0.9% due to lower-than-expected net interest income.

• Wells Fargo: Dropped 6.4% after reporting declining net interest income, missing expectations.

• Citigroup: Beat earnings estimates but stock declined 1.9% due to a decrease in net interest income.

• BNY Mellon: Rose 5.4% after surpassing earnings, revenue, and net interest income forecasts.

• Tesla: Increased 4.1% despite a downgrade from UBS and news of a delayed robotaxi event.

• AT&T: Declined 0.4% following a data breach disclosure.

• Fastenal: Rose 2.7% on meeting sales estimates despite challenging market conditions.

• Carvana: Gained 7.3% after a favorable rating from BTIG.

• Array Technologies: Increased 8% following an upgrade from Citi, benefiting from cooling inflation data.