Wells Fargo & Co (NYSE:WFC) shares are trading higher by 1.12% to $43.23 during Wednesday’s session. The stock is trading higher amid overall market strength following a lighter-than-expected June inflation report.
Traders and investors are also watching for the company’s second-quarter earnings report, confirmed for Friday before the market open. According to analyst consensus estimates, WFC is expected to report revenue of $20.08 billion on EPS of $1.17.
What Happened?
U.S. CPI inflation in June decelerated more than anticipated, reinforcing investor expectations of a single rate hike by the Federal Reserve followed by a halt to its tightening cycle. The Bureau of Labor Statistics’ data reveals a drop in the annual inflation rate from 4% in May to 3% in June, slightly below the average economist forecast of 3.1%.
This marks the twelfth consecutive month of declining inflation and the lowest reading since March 2021…Read More
According to data from Benzinga Pro, WFC has a 52-week high of $48.84 and a 52-week low of $35.25.
