Wall Street gains capped by big banks' tepid forecasts

U.S. stocks edged higher in late morning trading on Friday as weak economic data dimmed chances of another rate hike this year, while tepid forecasts by JPMorgan and Wells Fargo limited gains.

Shares of JPMorgan fell 1.7 percent, Citigroup was down 1.1 percent and Wells Fargo fell 2.4 percent, despite their quarterly profits beating analysts` expectations.

The financial index fell 1.03 percent and was the only laggard among the 11 major S