Record Bank Earnings and Lower Inflation Fuel US Stock Market Rally

US stock futures edged higher in overnight trading as record bank earnings and lower-than-expected wholesale inflation boosted investor sentiment.

The June Producer Price Index (PPI) declined 0.3% from the previous month, marking its steepest drop in more than a year, while producer prices increased 5.5% on an annual basis, below forecasts.

Morgan Stanley and BlackRock reported strong quarterly results, exceeding Wall Street expectations, as did their peers Goldman Sachs, Bank of America, and others that reported earlier this week.