The New York Stock Exchange accentuated its gains on Friday despite a series of disappointing results from the major US banks, offset by more encouraging news on the inflation front.

At the end of the morning, the Dow Jones gained over 0.6% to climb back above the 40,000-point threshold it had broken in May, to 40,010.6 points, while the Nasdaq Composite climbed 1.1% to 18,475.3 points.475.3 points.

As far as earnings are concerned, the first salvo of accounts published this morning by the major financial institutions proved largely disappointing, with all publications suffering sharp declines.

JPMorgan shares shed more than 1% as the leading US bank in terms of assets reported a fall in quarterly earnings excluding exceptional items.

Wells Fargo fell by almost 7% after reporting a disappointing performance in terms of net interest income, which is the difference between interest earned on loans and interest paid on customer investments.

Even Citigroup was down (-2.7%) after reporting better-than-expected quarterly results, which were mainly due to a reduction in operating expenses.

However, analysts' expectations are not particularly high for the financial sector, and it is above all the results of the big names in technology that will attract the most attention.

The tech sector is expected to post the third-highest rate of profit growth of the 11 major sectors in the S&P 500 index in the second quarter, at +16.4% according to FactSet, a performance mainly due to the dynamism of Nvidia.

Investors have high expectations of the profits and forecasts to be published by the few technology giants that continue to dominate market gains", emphasizes César Perez Ruiz, Chief Investment Officer and CIO at Pictet Wealth Management.

With this in mind, investors continue to flock to stocks from the 'Magnificent Seven' group, such as Tesla (+3.1%).

On the economic front, the Labor Department reported this morning that producer prices in the US rose by 0.2% in June compared with the previous month.

This figure more than offset yesterday's pleasant surprise of a sequential 0.1% decline in consumer prices over the past month.

However, the University of Michigan survey showed that the component measuring household inflation expectations fell for the second consecutive month, to 2.9% year-on-year.

Given the reassuring inflation data released over the course of the week, investors have sharply readjusted their expectations of a rate cut in September, now estimated at over 88%.

The scenario of further monetary easing in November is also popular, with an estimated probability of over 56%.

On the bond market, these factors are reflected in the stability of the yield on 10-year Treasuries, which is still hovering just above the 4.20% threshold.

On the oil front, U.S. light crude continues to gain ground, rising 0.6% to $83.1, putting it on course for a fifth consecutive week of gains.

For the week as a whole, the Dow Jones is currently up around 1.6% and the Nasdaq around 0.7%, showing that a rotation is taking hold on Wall Street.

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