Earn Baby Earn. $Nasdaq100 Bull 3X ETF(TQQQ)$
Higher interest rates have been a mixed bag for the nation's banks. Today's bank results, the kickoff to third-quarter earnings season, demonstrated the good part of the equation -- the ability to make more money on higher-rate loans. Earnings from JPMorgan Chase, Wells Fargo, and Citigroup all came in well above Wall Street estimates.
To be sure, it's still early. There's no guarantee the good news will continue next week with more bank reports on the way, most notably from Charles Schwab, Bank of America, and Goldman Sachs. Each of those banks have unique issues that have proven challenging to their bottom lines.
Even at JPMorgan, CEO Jamie Dimon sounds plenty cautious, both about his bank and the world: "This may be the most dangerous time the world has seen in decades," Dimon said in the company's earnings report today. "While we hope for the best, we prepare the Firm for a broad range of outcomes so we can consistently deliver for clients no matter the environment."
Next week will give a broader look at the current state of corporate America, with some 50 S&P 500 companies reporting their results, including notable names like Tesla, Netflix, American Airlines, and AT&T.
The world isn't getting any less dangerous, sadly. But, in the weeks to come, earnings could offer some good news for markets.
While the S&P 500 fell 0.5% today, the large-cap index managed to gain 0.45% on the week. Tech stocks were responsible for a big part of Friday's loss, with the S&P's tech sector down 1.4% on the day. The tech-heavy Nasdaq Composite closed the day down 1.2%.
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- VivianChua·2023-10-16Nice 💚 💚 💚LikeReport