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Wall Street nervous: Bank of America shares sink

Wall Street nervous: Bank of America shares sink

Just before results were reported, shares were up as much as 1.3% at their pre-market high. Then he took a sharp turn and fell.

Wall Street: nervousness dominates the market and BofA shares sink after presenting results

Reuters

Wall Street react while Bank of America (BofA) and Morgan Stanley publish their first quarter earnings. BofA continues to close branches, ATMs and employees.

Before the market opened, the bank said it ended the first quarter with 3,804 financial centers, which represents a decrease from 3,845 at the end of 2023from 3,892 in the same period last year and from 3,913 at the end of 2022. Likewise, there were previously 15,028 Bank of America brand ATMs at the end of the quarter, compared to 15,168 at the end of 2023, 15,407 at the same time last year and 15,528 at the end of 2022.

Meanwhile, BofA had 212,335 employees at the end of the first quarter. That means the bank cut 650 jobs during the quarter and 4,724 jobs over the past year. Consequently, Bank of America shares fell up to 3% after the bank’s earnings report.

Wall Street: nervousness dominates the square

Futures (ESM24) are down -0.4%, and Nasdaq 100 E-Mini June Futures (NQM24) are down -0.8% this Tuesday as US Treasury yields continue to rise, As investors look ahead to quarterly reports from more big banks, comments from Federal Reserve officials and a new set of economic data coming from the north.

bank of america.avif

In Monday’s session, Wall Street’s major indices closed in the red, with the S&P 500 hitting a 1-3/4-month low, the Dow hitting a 2-3/4-month low and the Nasdaq 100 falling to a minimum of 3 weeks.

New York Federal Reserve President John Williams said Monday that the U.S. central bank will likely begin cutting interest rates this year if inflation continues to decline gradually. “We will need to begin a process at some point to bring interest rates to more normal levelsand my own opinion is that that process will probably begin this year,” Williams said.

Source: Ambito

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