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Big banks post strong Q3 profits, but warn higher rates and inflation could bite
Goldman’s equities trading revenue jumped 72% as major banks posted mixed results and warned that higher rates and inflation could slow dealmaking.
- Wall Street trading remained mixed in premarket on Tuesday as earnings season kicked off with quarterly results from JPMorgan Chase, Citigroup, Wells Fargo, and Goldman Sachs.
- Chipmakers faced renewed pressure Tuesday after reports of technological advances by China's CXMT fueled concerns the memory chipmaker could challenge Samsung Electronics, SK Hynix, and Micron Technology.
- The sell-off pulled South Korea's KOSPI index down 5.5%, while Nasdaq futures dipped as investors sold off chip-related stocks like Nvidia, Broadcom, and Qualcomm.
- Investors moved back into Treasuries, which Charu Chanana, chief investment strategist at Saxo Bank, described as "a tactical rally." Elevated oil prices and sticky inflation remain recovery obstacles.
- Traders widely expect the Federal Reserve to hold interest rates this month, though United States consumer and producer price readings due later this week will face greater scrutiny.
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65 Articles
The major American banks Goldman Sachs, Citigroup, and Wells Fargo released quarterly figures that were better than expected. The three banks benefited primarily from increased earnings from equities. JPMorgan Chase, however, disappointed and reported figures that were lower than expected. Traditionally, the major banks mark the start of the earnings season.
·Amsterdam, Netherlands (Kingdom of the)
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Chip Selloff Rolls On as Big Bank Earnings Begin
A selloff in chipmakers deepened on concerns about the sustainability of the artificial-intelligence trade, putting pressure on equity markets as Wall Street banks kicked off the earnings season. Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets, discusses her S&P outlook and market choppiness. (Source: Bloomberg)
·New York, United States
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Coverage Details
Total News Sources65
Leaning Left7Leaning Right10Center21Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 19%
C 55%
R 26%
Factuality
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