The largest U.S. banks, which have outperformed the market this year, were once again put on the brakes by investors because their financial reports failed to impress them.
Wells Fargo, whose net interest income fell short of expectations, plunged 6%, recording its largest earnings day drop in more than three years.
Citigroup\’s market revenue exceeded expectations, but its stock price fell 1.8% as its expenses became the focus.
JPMorgan Chase\’s earnings and solid forecast failed to excite traders. It also fell 1.2%.
All three banks were among the S&P 500\’s top 20 losers on Friday. Wells Fargo was the worst performer on the day. More than 400 stocks gained on the broader market.
All in all, for these major banks, which have gained more than 20% this year as of Thursday\’s close (the S&P 500 index rose 17%), their performance is not enough to sustain their market.
Considering the performance of the market on Friday, this comparison is even more surprising.
The three companies that released their financial reports today all experienced huge gains during the year. B. Art Hogan, chief market strategist at Riley Wealth, said rising so much would definitely put them in a position that investors are demanding is perfect.
Bank of America, Goldman Sachs Group and Morgan Stanley, which will announce their results early next week, will be the next focus of the market\’s attention.
Large U.S. banks collectively fell after failing to deliver results that satisfied investors.
The largest U.S. banks, which have outperformed the market this year, were once again put on the brakes by investors because their financial reports failed to impress them.
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