Benzinga - by Piero Cingari, Benzinga Staff Writer.
The U.S. banking sector’s earnings season started on a weak note. The market shows a negative reaction to the results reported on Friday by JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), Citigroup Inc. (NYSE:C), Wells Fargo Company (NYSE:WFC), and Bank of New York Mellon Corp. (NYSE:BK).
A basket of the 24 largest U.S. banking stocks — as monitored by the Invesco KBW Bank ETF (NYSE:KBWB) — declined by 1.4% at midday trading in New York.
This marks its fourth consecutive day of negative closing — the worst streak since early November 2023.
The broader U.S. financial sector, as tracked by the Financial Select Sector SPDR Fund (NYSE:XLF), also saw a decrease of 0.3%.
Wells Fargo & Company, Western Alliance Bancorporation (NYSE:WAL), Zions Bancorporation (NASDAQ:ZIONS), and Citizens Financial Group, Inc. (NYSE:CFG) were among the worst performers in the banking sector for the day, each experiencing declines of more than 3%.
How Did US Banking Report In Q4 2023?
($bn) Surprise % Revenue
Citigroup | 0.84 | 0.81 | 3.7% | 17.440 | 18.741 | -6.94% |
Bank of America | 0.70 | 0.68 | 2.9% | 23.500 | 39.778 | -1.03% |
JPMorgan Chase | 3.97 | 3.32 | 19.6% | 39.943 | 39.943 | 0.42% |
Wells Fargo | 0.86 | 1.17 | -26.5% | 20.478 | 20.300 | 0.88% |
Bank of New York Mellon | 1.28 | 1.13 | 13.3% | 4.461 | 4.294 | 3.9% |
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