Goldman Sachs analyst Alexander Blostein wrote in a note to clients that Schwab now has "a longer road to recovery" but maintained an overweight rating on the stock. Schwab's earnings per share topped expectations for the first quarter on Monday, but analysts are mostly sticking with their prior views on the brokerage firm as they wait to see when and how Schwab's deposits rebound from the regional bank crisis. Lea la cobertura del mercado de hoy en español aquí. "One more move should be enough for us to then take a step back and see how our policy is flowing through the economy, to understand the extent to which inflation is returning back to our target," he said.Įarnings season presses on after the bell with results from United Airlines and streaming giant Netflix. It marks a stark contrast to the calls for a halt in hiking in March.Īs another central bank policy meeting looms on the horizon, Atlanta Federal Reserve President Raphael Bostic told CNBC's " Squawk on the Street" on Tuesday that he anticipates one more 25 basis point hike, followed by a hold at that level "for quite some time." "Today's mood is about profitability concerns may have been overdone for the quarter, but Fed tightening fears won't be going away anytime soon," said Ed Moya, senior market analyst at Oanda.Įven after last month's dual bank failures sent shockwaves across the financial sector, more than 8 out of 10 of traders anticipate a 25 basis point increase next month, according to CME Group's FedWatch tool. All the major averages are up since the period kicked off.īut investors warn that profits topping already low expectations won't matter to a market staring at a Federal Reserve that's continuing to tighten into a potential recession. Johnson & Johnson 's stock fell 2.8% even after the pharmaceutical company beat estimates and raised its 2023 guidance.Įlsewhere, Goldman Sachs shares slumped 1.7% after the banking giant reported lighter-than-expected revenue, dragged down by a $470 million hit from its Marcus loans.ĭespite Tuesday's moves, and expectations for declining profits against a backdrop of persistent inflation and rising interest rates, earnings season has so far proven resilient. Despite a tough economic environment, Bank of America surpassed first-quarter expectations on the top and bottom lines as rates rose. Major benchmarks fluctuated as investors assessed the latest batch of key earnings reports. The Nasdaq Composite inched down 0.04% to settle at 12,153.41. The broad market index edged up 0.09% to end at 4,154.87, while the Dow Jones Industrial Average dipped 10.55 points, or 0.03%, to close at 33,976.63. The S&P 500 finished little changed Tuesday as traders digested a slew of earnings reports and their implications for the U.S. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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