Market decides not to go much of anywhere ahead of the weekend
U.S. stocks stabilized today–thanks to better than expected earnings from Citigroup (C) and JPMorgan Chase (JPM) and, well, Friday. The Standard & Poor’s 500 stock index closed up 0.02%. U.S. crude oil benchmark West Texas Intermedite fell 0.24% but remained above $50 a barrel at $50.32. The iShares MSCI Emerging Markets ETF finished ahead by 0.16%
The Federal Reserve announces more bad news for the biggest banks–and their stocks.
The worst news for U.S. big banks today has come in a talk by Federal Reserve governor Dan Tarullo on changes to the Fed’s stress test rules for banks. The modifications will are designed to lift some of the regulatory burden from smaller regional banks who will be exempted from some of the qualitative parts of the stress test, but they will increase capital requirements for the eight “globally significant” institutions
Time for me to stop fighting the Fed’s uncertainties and delay, and sell Capital One
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Trick or trend: Wells Fargo’s losses in energy portfolio argues that that sector isn’t out of the woods
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Earnings from JPMorgan Chase this morning point to a very solid economy
Second quarter earnings results announced this morning by JPMorgan Chase (JPM) held solidly good news for the U.S. economy. Not as much good news for the bank and the banking sector in general, though. JPMorgan Chase is the first of the big banks to report with Citigroup (C) and Wells Fargo (WFC) on deck tomorrow
U.S. stocks pause ahead of earnings
Not terribly surprising that U.S. stocks are meandering in slightly negative territory today after busting out to new all-time highs. We’re about to head into the meat of earnings season and a little profit taking undoubtedly makes sense to many of those who caught the recent run. Tomorrow JPMorgan Chase (JPM) kicks off a run of earnings reports from big banks. IBM leads off technology earnings on July 18
Where do we go from here? (Part III: Lessons on bank bargain hunting from today’s market action)
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Markets continue to reposition for a Fed interest rate increase–now it’s a rally in bank stocks and a further drop in gold
Welcome back to December! Remember when the financial markets thought the Federal Reserve was going to raise interest rates three times or maybe even four times in 2016 and suddenly bank stocks were the thing to own? At least until January when the sector went into a dumpster. Well, the positioning was back today–even if just for a day
Market reacts to grim results from Bank of America and Wells Fargo with relief–earnings aren’t worse than expected
So here’s how this earnings season is playing out so far in the banking sector. Beat really grim forecasts for earnings and revenue in the first quarter, shares go up–see JPMorgan Chase yesterday.Come close to those grim estimates, and shares go up–see Bank of America today. Beat grim projections, but show trouble in a core business, and shares move down, slightly–see Wells Fargo today.
JPMorgan Chase: The first bank to report is better than expected
This morning JPMorgan Chase reported earnings of $1.35 a share,down 6.7% from the first quarter of 205. Revenue dropped 3%. But both earnings per share and revenue beat Wall Street’s projections. Wall Street was looking for a 13.4% drop in earnings–so a decline of just 6.7% seemed remarkably positive. Shares closed up 4.24% today. Good news for earnings-challenged first quarter results across the market
Rising odds that Brazil’s president will be impeached create huge rally in the country’s stocks
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