Financials leading the market higher premarket after solid results from JPMorgan, Citigroup, and Wells Fargo
- JP Morgan (JPM) is up 1.4% after beating estimates with higher trading revenue but soft investment banking revenue; average core loans grew 8%
- Citigroup (C) is up 1.5% after reporting earnings up 13% with revenue up 3% Y/Y
- Wells Fargo (WFC) is up 1% after beating on the bottom line with earnings up 5.5%; revenue and loans fell 1% in the face of Fed constraints following sales practice scandal.
- PNC (PNC) is down 1% after reporting in-line EPS with revenue down 3% and laons stable Q/Q
- BofA (BAC +1.5%) will report on Monday morning, Goldman Sachs (GS +1%) on Tuesday morning and Morgan Stanley (MS +1.5%) and US Bancorp (USB +0.2%) on Wednesday morning.
- Financials sector (XLF) +1.15% premarket vs. S&P 500 (SPY +0.5%) with Bank ETF KBE +2%.