The Shockingly Tiny Earnings Number That Could Shift the Entire Market
April 18, 2019 at 05:00 AM EDT
JPMorgan Chase & Co. decisively moved the markets on Friday with its reported record Q1 revenue and earnings; CEO Jamie Dimon's positive economic outlook helped boost not only the stock, but the market in general. And that's about as good as it got for the big banks... From there, it seemed like no amount of good news - and there was some good news - was enough to pull stocks out of the funk. Wells Fargo also reported good earnings and a decent outlook, but its volume of loans and deposits were down more than analysts were expecting. WFC shares were up in the Friday pre-market - perhaps on JPMorgan's coattails... and promptly plummeted for the rest of the day. In Monday pre-market moves, two more of the "Big Six" U.S. banks reported earnings, and it didn't go that well. Goldman Sachs tumbled 3%; earnings beat estimates... but revenue dropped 13% year over year. Citigroup also reported strong earnings and reduced revenue, though it had much less of a drop than Goldman. Citigroup's stock "only" fell 0.5%. On balance, a dreary, lackluster story... so far. But that's not the whole story. Because for all the gloom and reduced expectations - all that - there's a silver lining that I think will pull our hopes for a new leg up out of the fire... Tags: earnings To get full access to all Money Morning content, click here About Money Morning: Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience – for free . Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors. Disclaimer: © 2019 Money Morning and Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201. The post The Shockingly Tiny Earnings Number That Could Shift the Entire Market appeared first on Money Morning - We Make Investing Profitable .