Free Trial

Stocks Sour Friday, Banks Hit Hard

EQUITIES

A poorly-received set of earnings from Wells Fargo, Citigroup and JP Morgan sent US bank shares lower Friday, with a coinciding drop in commodities also hitting the energy, materials sectors. This dragged the e-mini S&P lower by close to 20 points, opening further the gap with alltime highs printed just a few weeks ago. The 50-dma undercuts as support at 3663.70.

Focus remains on earnings, with the likes of Goldman Sachs, Morgan Stanley, Proctor & Gamble, Netflix, Bank of America and others all crossing in the coming week.

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.