Stocks are dropping following earnings from major banks!
Major banks reported their profit drop, the likes of JPMorgan Chase, Morgan Stanley and Wells Fargo.
Tweet on Factset bank report earnings
-JPMorgan Chase: The bank reported a profit drop,recession ahead
-Wells Fargo: Revenue beat expectations
-U.S Bancorp: said its revenue climbed
-Citigroup: The bank also reported a profit drop and revenue rise
-Nutanix: The cloud-computing company exploring a sale pic.twitter.com/3xsmUK69e8
— The_Journalbiz (@the_journalbiz) October 14, 2022
Factset:Chart on major Bank profit reports
JPMorgan and Wells have risen around 3% today, but Morgan Stanley is down more than 4%. In the broad market, U.S. stocks gave up early gains and are down significantly. Only the Dow is poised for weekly gains.
The U.K. remains in focus. Treasury chief Kwasi Kwarteng, whose tax-cuts proposals have thrown markets into turmoil, was replaced Friday. Gilts are rallying on expectations that the government will reverse some of the tax cuts. Meanwhile, the Bank of England ended its emergency bond buying today.
JPMorgan Chase: The bank reported a profit drop as it built up its defenses for a potential recession. Its shares added 1.4% ahead of the bell.
Wells Fargo: Revenue beat expectations, though the bank also reported an earnings decline. Its stock was up 1.3% premarket.
U.S. Bancorp: The parent company of U.S. Bank said its revenue climbed, while earnings came in just above Wall Street analyst expectations. Its shares edged up 0.1% premarket.
Citigroup: The bank also reported a profit drop and revenue rise, and said that it plans to exit Russia by the end of the first quarter.
Nutanix: The cloud-computing company is exploring a sale after receiving takeover interest, according to people familiar with the matter. Its shares shot 16% higher premarket.
Beyond Meat: The plant-based meat company cut its revenue outlook further and said it was reducing its global workforce by nearly 20%. Its shares slid 6% premarket.
Elsewhere in currency markets, the British pound fell 1.1% against the greenback.
In the U.K., stocks and government bonds rallied after Prime Minister Liz Truss fired Treasury chief Kwasi Kwarteng.