MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Equities Roundup: Banks Kick Off Latest Earning Cycle, Mixed Results

US STOCKS
  • Stocks are trading weaker at midday, DJIA underperforming S&P Eminis and Nasdaq stocks on narrow session ranges. Financial sector shares in focus after several banks kicked off the latest earning cycle with mixed results this morning. Currently, DJIA is down 177.09 points (-0.47%) at 37534.92, S&P E-Mini futures are down 5.5 points (-0.11%) at 4810.5, Nasdaq down 19.8 points (-0.1%) at 14951.31.
  • Laggers: Financial and Consumer Discretionary sectors underperformed in the first half, banks weighing on the Financials sector after Bank of America (-2.41%), Wells Fargo (-3.02%) and Citigroup (-1.4%) reported mixed results.
  • Two exceptions: Bank of NY Mellon +3.02% while JP Morgan held small gains after reporting +2% revenue in markets (FI gains tempered by losses in equities). It was notable today that JPM raised its CET1 ratio (a key indicator for credit investors) whereas both BAC and Citi saw theirs drop in 4Q23.
  • Meanwhile, auto makers and parts suppliers/producers weighed on the Consumer Discretionary sector: Tesla -2.76%, Borg-Warner -2.7%, Aptiv -2.15%, Ford -1.67% and GM -1.37%.
  • Leading gainers: Energy and Communication Services sectors outperformed in the first half, oil and gas shares rebounding along with crude prices (WTI +.92 at 72.95): EQT Corp +1.89%, Valero +1.62%, Marathon Petroleum +1.31%. Communication Services sector was buoyed by telecom shares: AT&T +1.91%, Verizon +1.88%, T-Mobile +0.41%.
  • Technicals: S&P E-Minis have remained above the Jan 5 low and the contract has traded higher this week. Key resistance and the bull trigger is at 4841.50, the Dec 28 high. Clearance of this level would resume the uptrend and open 4854.75, a Fibonacci projection. Support at the 20-day EMA of 4766.12 has recently been pierced. A clear break of this average would strengthen a short-term bearish threat and open the 50-day EMA, at 4673.91.
HomepageEquitiesAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.