The first of the big banks released earnings this morning, and they’re spelling trouble for bank stocks.
Those first earnings reports all beat expectations, but the stocks are falling anyway. The KBW bank index is down 1.6% on Friday after falling as much as 2%, according to data from Bloomberg. The S&P 500 Financials Index is down 1.1%.
Wells Fargo beat expectations for earnings, reporting $US1.07 compared to the $US1.01 expected by Wall Street. The bank fell short of revenue estimations, though. It reported $US22.2 billion compared to the $US22.5 expected.
JPMorgan had a huge earnings beat, reporting $US1.82 net income per share compared to the $US1.58 expected. CEO Jamie Dimon went on a surprise anti-Trump rant during the earnings call.
Citigroup also reported earnings before the bell, beating expectations of $US1.22 a share by reporting $US1.28. Revenue was also higher than estimates. The bank reported $US17.9 billion, compared to estimates of $US17.4 billion.
Some of the biggest names are listed below with their Friday drop and current trading price listed. Click on each name to go to their live chart.
- Bank of America (BAC) -2.52% @ $US24.00
- JPMorgan (JPM) -1.65% @ $US91.54
- Citigroup (C) -1.04% @ $US66.32
- Key Corp (KEY) -1.77% @ $US19.03
- Wells Fargo (WFC) -2.54% @ $US54.18
- Capital One (COF) -0.52% @ $US82.16
- BB&T (BBT) -1.88% @ $US44.70
- Goldman Sachs (GS) -1.17% @ $US227.64
- PNC (PNC) -0.86% @ $US126.27
- SunTrust (STI) -2.14% @ $US56.27
Get the latest Bank of America stock price here.