Today’s bank earnings and market reaction a mixed bag–which is an improvement from Friday’s pessimism
More big bank earnings today–and, fortunately, they were a mixed bag. Which made them markedly better than Friday’s results. Bank of America’s (BAC) ‘s second-quarter earnings per share rose 12% to 46 cents, beating by 3 cents a share. Revenue climbed 7% to $22.8 billion against the Wall Street consensus of $21.915 billion. Shares of Bank of America closed up 0.5% today, July 18.
Saturday Night Quarterback says, For the week ahead expect…
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Not a good way to start earnings season: Bank stocks fall after earnings beats
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Yellen’s comments, bond market reaction make life “interesting” before bank stock earnings on Friday
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Earnings season kicks off this week: Are expectations low enough? Bank stocks will tell on Friday
For all intents and purposes second quarter earnings season kicks off on Friday. Yes, PepsiCo (PEP) does report on Tuesday and Delta Air Lines speaks on Thursday, but the real bellwether earnings reports come from the big banks on Friday with earnings from Citigroup (C), Wells Fargo (WFC) and JPMorgan Chase (JPM).Â
Looking for risk in this market? Check out the financial sector
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Lagging banking sector barrier to S&P 500 advance: where’s the leadership?
Banking stocks continued their recent drift. The Financial Select Sector SPDR (XLF) closed the day at $23.25. That’s below the sector’s May 25 close at $23.62. The sector, one of the best performing sectors in the market since the election, has been a key to moving the Standard & Poor’s 500 upward earlier in 2017. The KBW Banks Index had been up 32.2% from the election to the beginning of March, but is now ahead just 20%
Low volatility a threat to big bank earnings
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Solid earnings beats from Citigroup and JPMorgan Chase barely push S&P 500 into the green
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Optimism reigns as we head into first quarter earnings
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