How Bank Stocks Fared on Earnings Season's Opening Day
It's Friday, but Wall Street didn't seem to think that the end of the week was worth celebrating. Stock index futures were generally lower early Friday morning, following through on Thursday's declines. Investors are trying to figure out what the next step will be for the Federal Reserve in managing monetary policy and inflation. Meanwhile, market participants are also anxiously looking at the bond market to see if it will stabilize after having seen a huge run-up in interest rates over the past two years.
Earnings season is often a good distraction from macroeconomic factors, and several big banks kicked off earnings season by providing their third-quarter results. Overall, the news for JPMorgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), and Citigroup (NYSE: C) was positive, although each bank had its own nuances. Read on to learn about the details.
Shares of JPMorgan Chase were up about 1% in premarket trading. The Wall Street bank has done well in navigating the choppiness in the industry this year, taking advantage of opportunities for growth while shoring up its own financial condition.
Source Fool.com
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