Why Are Bank Stocks in the Spotlight Today?

  • Several bank stocks are in the news this morning.
  • This comes as four big banks report earnings today.
  • JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup (C) and Morgan Stanley (NYSE:MS) all released results for the most recent quarter.
A customer makes a transaction at a bank representing bank stocks.

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Banks stocks are in the news Friday as investors go over various earnings reports from major players in the space.

JPMorgan Chase (NYSE:JPM) is chief among these names, with the company’s earnings beating estimates. That includes diluted earnings per share of $3.12 on revenue of $32.72 billion. For comparison, Wall Street had expected diluted EPS of $2.88 on revenue of $32.09 billion for the quarter.

Another thing worth noting about the latest JPM earnings is the company’s net income of $9.74 billion. That’s a 17% drop compared to the same period last year. This comes as the financial company prepares to weather the recession.

Several other banks also reported results today, beating out estimates. The includes Wells Fargo (NYSE:WFC) and Citigroup (NYSE:C). Morgan Stanley (NYSE:MS) released its latest earnings report as well, but unlike others, the bank missed estimates for the period.

Let’s go over the gains and losses seen by bank stocks below!

Bank Stocks on the Move Friday

  • JPM stock is climbing 1.9% higher as of Friday morning.
  • WFC stock join the gains with a 2.8% increase as of this writing.
  • C stock is also among today’s winners, with shares climbing 1.3% higher.
  • MS stock is our big negative today; shares are sliding 4.2% as of Friday morning.

Investors will also note that the mostly positive movement from bank stocks bucks the current trend. The stock market is generally down today.

Investors looking for more hot stock market news will want to stick around!

We’ve got all of the latest stock market coverage traders need for Friday! That includes why shares of Beyond Meat (NASDAQ:BYND), Nutanix (NASDAQ:NTNX) and Kroger (NYSE:KR) stock are on the move today. You can read up on all of this news at the following links!

More Friday Stock Market News

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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