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Big Banks Biff Earnings | Herd on Wall Street
Morning traders, and happy Friday, June 12th. The largest financial institutions reported earnings this morning, showing declining revenue and guidance so far. My name is Kevin Travers, and here are stories from the moomoo herd on Wall Street today.
$JPMorgan (JPM.US)$, the world's largest bank reported a drop in profit of 9% year-over-year to $13.1 billion. The number excludes an $8 billion gain from selling shares of Visa and other equities but sent the stock lower by about 2%, the lowest on the Dow Jones Industrial Average.
$Wells Fargo & Co (WFC.US)$ earned a net income of $4.91 billion, down 1% year over year in the second quarter of 2024. The U.S. banking giant reported a 9% year-over-year drop in net interest income to $11.9 billion. The firm also lowered its full-year guidance and said for 2024, net interest would be 7% to 9% lower year over year $52.4 billion. The stock fell 6%, the lowest on the S&P 500.
$Lucid Group (LCID.US)$ climbed 23% Friday after CEO Peter Rawlinson said on Bloomberg TC things are looking up, their partnership with the Saudi Arabia Public Investment Fund was great, but at the same time, the firm needed to raise more money.
In industries tracked by moomoo, semiconductors, and Nvidia-related firms were rising.
Crude oil futures sagged 0.73% Monday before an expected EIA Supply release this week. Bitcoin fell 0.95%, resting at $55k/coin. Silver and gold both fell in price Monday, while the U.S. 2-year fell back and the U.S. 10 years also fell back.
As a general recap, the market was advancing, and the S&P 500 and Nasdaq climbed higher after a one day pullback.
Shortly after 10:48 am EST Friday, the $S&P 500 Index (.SPX.US)$ climbed 0.83%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.53%, and the $Nasdaq Composite Index (.IXIC.US)$ climped 1.10%.
Overall 7900 equities climbed, while 2200 fell.
In macro this week, investors watched inflation indicators and comments from Jerome Powell on Capitol Hill.
Producer Price Index numbers came out Friday, showing core producer prices grew at a rate of 0.4%, more than last month. Consumer confidence indicators from the University of Michigan showed that consumer sentiment on the economy fell to an eight-month low.
CPI numbers showed a basket of consumer prices in the United States fell for a third straight month to 3.0% in June from 3.3% in May of 2024. Core consumer prices in the US increased by 3.3% in June of 2024 over the same month in the previous year, down from 3.4% in May. Consumer prices fell about 0.1%, leading to hope that the Fed may lower interest rates.
Initial jobless claims also came out, right at the prescribed 222,000 Powell as he spoke of in front of the Senate Tuesday and Wednesday, where he said that was the average job growth for the past six months. Powell said he would like more data supporting rate cuts, but the Fed keeps its options open.
"We know that reducing policy restraint too soon or too much could stall or even reverse the progress we have seen on inflation," Powell said. "In light of the progress made both in lowering inflation and in cooling the labor market over the past two years, elevated inflation is not the only risk we face."
Powell pointed to rising unemployment numbers over the past three months as an example of a cooling market. He said that, compared to two years ago, the labor market had cooled significantly to just above where it sat in 2019, and that inflation was not the Fed's only concern.
"Reducing policy restraint too late or too little could unduly weaken economic activity and employment," Powell said.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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