A basket of major U.S. bank stocks, as measured by the Financial Select Sector SPDR Fund (NYSE:XLF), is poised to extend its record highs following a wave of strong third-quarter earnings reports.
The fund rose nearly 0.7% in premarket trading, continuing its upward momentum from last week's rally. Gains also spilled over to regional banks, as SPDR S&P Regional Banking ETF (NYSE:KRE) rose 0.5%.
On Tuesday, top financial firms including Goldman Sachs Inc. (NYSE:GS), Bank of America Corp. (NYSE:BAC), Citigroup Inc. (NYSE:C), and Charles Schwab Corp. (NYSE:SCHW) all exceeded analyst expectations, reinforcing investor confidence in the sector's health.
Goldman Sachs Q3 2024: Major Revenue Beat Drives Stock To Record Highs
Goldman Sachs posted a robust third-quarter performance, significantly beating Wall Street's earnings estimates. The bank reported earnings per share (EPS) of $8.40, surpassing the expected $6.88. Revenue came in at $12.7 billion, topping the $11.7 billion consensus estimate, with standout results in several key segments.
Equities sales & trading revenue surged to $3.5 billion, well above the $2.95 billion estimate.
Global banking and markets net revenue hit $8.55 billion, beating the forecast of $7.65 billion.
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