Morning Minutes

Stocks Climb as Big Bank Earnings Beat Expectations




US banks have launched earnings season with strong results that have come in significantly better than investors were expecting. This includes results from national banks like JPMorgan Chase ($4.10 vs street $3.41, up 5.9% premarket), Wells Fargo ($1.23 vs street $1.13, up 4.6% premarket), and regional bank PNC Financial ($7.93 vs street $7.78). UnitedHealth ($6.26 vs street $6.16) and Blackrock ($7.93 vs street $7.78) also beat expectations.  

Enthusiasm has been tempered somewhat, however, by a disappointing US retail sales report (-1.0% vs street -0.4%), suggesting that some parts of the economy are still struggling. Next week, investors may get a clearer picture of current business conditions and outlooks as companies from a wider variety of sectors report, particularly cyclical groups like railroads, airlines, homebuilders, steelmakers, manufacturers, and others.

US index futures are mixed this morning trading between -0.4% and +0.2%. European markets are on the rise again with the Dax up 0.5% and the FTSE up 0.7%. The 10-year US treasury note yield has crept back up toward 3.50% and the US Dollar is steady against Gold (which is trading near $2,050/oz) and other major currencies. Commodities are picking up today with copper up 1.4% and WTI Crude Oil up 0.3%.

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

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