Stock futures (YM=F, ES=F, NQ=F) are trading lower on Friday as earnings results from major banks, including JPMorgan (JPM), Wells Fargo (WFC), and Citigroup (C), have disappointed investors. To discuss the sector outlook following these earnings, IG North America chief executive officer JJ Kinahan joins The Morning Brief.
Focusing on JPMorgan’s earnings specifically, Kinahan says the stock fell due to “some of the statements that came out around it.” He notes that JPMorgan chief executive officer Jamie Dimon stated the economic organization was under pressure due to “factors that were out of their control” and was preparing “for a large variety of outcomes.” As markets hope earnings season will carry shares to the upside, Kinahan explains that with “so much going on in the macroeconomic environment” combined with rate cut uncertainty, “the sector is struggling.”
Kinahan suggests that if loan charge rates remain unchanged, markets may be able to “stay in a trading range.” However, he expresses concern about the performance of the “Magnificent Seven” tech giants, which he now sees as the “magnificent two or three,” with Microsoft (MSFT) and Amazon (AMZN) potentially emerging as the top performers despite the high-rate environment.
#youtube #banks #shares
About Yahoo financial:
Yahoo financial provides free stock ticker data, up-to-date news, collection of investments management resources, comprehensive sector data, advanced tools, and more information to help you manage your financial life.
– Get the latest news and data at financial.yahoo.com
– Download the Yahoo financial app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)
– Follow Yahoo financial on social:
X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/firm/yahoo-financial
Disclaimer:
If you own the YouTube channel related to this video and do not want it to be featured here, you can contact us through our contact page. We will gladly remove it without questioning your reason