Midday movers: JPMorgan, AT&T, Nokia and more

investing.com:

Investing.com — U.S. stocks rose on Friday, ending a strong week on a positive note following healthy results from some of the country’s leading banks and a stronger-than-expected reading on consumer sentiment for July.

Here are some of the biggest U.S. stock movers today:

JPMorgan (NYSE:JPM) stock rose 0.2% after the banking giant posted a 67% jump in profit for the second quarter on Friday as it earned more in interest from borrowers and benefited from the purchase of First Republic Bank.

Wells Fargo (NYSE:WFC) stock rose 0.1% after the lender reported a 57% jump in second-quarter profit as it earned more in interest payments from customers and raised its forecast for 2023 net interest income.

BlackRock (NYSE:BLK) stock fell 1.4% after the world's largest asset manager only posted a 25% rise in its second-quarter profit, even as investors poured money into its various market funds.

AT&T (NYSE:T) stock fell 3.9% after JPMorgan downgraded the telecoms giant to ‘neutral’ from ‘overweight’, citing increased competition and the high-interest rate environment.

Alcoa (NYSE:AA) stock fell 6.5% after JPMorgan downgraded its stance on the miner to ‘neutral’ from ‘overweight’, citing weaker aluminum fundamentals and mine permitting uncertainty.

Microsoft (NASDAQ:MSFT) stock rose 1.5% after UBS upgraded its stance on the software giant to ‘buy’ from ‘neutral’, citing AI catalysts and cloud stabilization, calling the shares “too attractive” to not buy.

Walt Disney (NYSE:DIS) stock fell 1.8%, with the entertainment giant set to ask a Florida judge on Friday to dismiss a lawsuit by a state oversight board as part of its effort to pursue its case against Governor Ron DeSantis.

--Peter Nurse contributed reporting