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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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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