And it is that during 2022, this index has been hit, with a drop of 24% and the results of JPMorgan and Morgan Stanley last Thursday momentarily depressed the sector and the market, which closed in the red that day.
changed the context
The results of this firm changed the panorama: the bank reflected that due to the rise in rates, it obtained more interest income, which rose 9%, to US$11.96 billion, an amount greater than expected. And overall revenue rose 11% more than expectations.
While Citigroup’s earnings fell, the decline was 27%, better than expected and less than other banks. Although earnings per share were calculated at $1.68, and it came to a solid report with $2.19.
and although Wells Fargo reflected a decline in its second quarter earnings of 48%, similar to that of JPMorgan, the stock also shot up to almost 6.7%when investors began to positively evaluate the increase that was also reflected in interest income, of 16%.
Wall Street’s main indices were also seen benefited from a significant rise in retail sales -after falling in May- and better prospects for rate hikes. While futures markets yesterday reflected an 84% chance that rates would rise 100 bps, that chance has dropped to less than 10%.
The round ended with dow jones with an increase of 2.2%, Meanwhile he S&P 500 accumulated earnings from 1.9% and the nasdaq of 1.8%.
Source: Ambito
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