Among the big banks that reported on Tuesday, surpassing analyst expectations were Wells Fargo & Co. (NYSE:WFC), Citigroup Inc. (NYSE:C), JPMorgan Chase & Co. (NYSE:JPM), and Goldman Sachs Group Inc. (NYSE:GS).
Investors are awaiting earnings results from Bank of America Corp. (NYSE:BAC), Morgan Stanley (NYSE:MS), and Abbott Laboratories (NYSE:ABT) today.
Meanwhile, the futures were rejoicing the comments from the Federal Reserve Chair Jerome Powell, who said that “downside risks to employment appear to have risen,” implying more rate cuts are on the cards.
The 10-year Treasury bond yielded 4.01% and the two-year bond was at 3.47%. The CME Group's FedWatch tool’s projections show markets pricing a 95.7% likelihood of the Federal Reserve cutting the current interest rates in its October meeting.
Futures
Change (+/-)
Dow Jones
0.41%
S&P 500
0.54%
Nasdaq 100
0.74%
Russell 2000
0.92%
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, rose in premarket on Wednesday. The SPY was up 0.63% at $666.40, while the QQQ advanced 0.85% to $603.07, according to Benzinga Pro data.
Stocks In Focus
Bank of America
Bank of America Corp. (NYSE:BAC) rose 0.76%, ahead of its earnings before the opening bell. Analysts estimate earnings of 95 cents per share on revenue of $27.50 billion.
BAC maintained a stronger price trend over the short, medium, and long terms, with a moderate quality ranking, as per Benzinga’s Edge Stock Rankings. Additional performance details are available here.
Morgan Stanley
Morgan Stanley (NYSE:MS) advanced 1.52% ...
