U.S. equities are pushing to new record highs on Monday as the S&P 500 works towards the 3,000 threshold for the first time. Investors have a lot to consider this week, including earnings from Apple (NASDAQ:AAPL), U.S.-China trade negotiations in Beijing and a meeting between President Trump and House Speaker Pelosi to discuss a possible infrastructure plan.
If that wasn’t enough, there is also a Federal Reserve policy meeting, a hearing to discuss Medicare for All, and a batch of economic news, including the April employment report.
After focusing on areas like technology, semiconductors and energy, investors are focusing now on financial stocks with big bank names perking up on higher interest rates and a steepening yield curve, which will be beneficial to net interest margins in the sector.
With prices perking up, here are four key bank stocks to consider:
Bank of America (BAC)
Bank of America (NYSE:BAC) shares are breaking up and out of a multi-month holding period, setting up a challenge of the prior highs hit early last year. This caps an impressive near-40% rise off of the recent lows. This also comes despite a recent downgrade from Jefferies analysts following a warning from management about a slowdown in net interest income growth.
The company will next report results on July 16 before the bell. Analysts are looking for earnings of 72 cents per share on revenues of $23.2 billion. When the company last reported on April 16, earnings of 70 cents per share beat estimates by 4 cents despite a 0.4% decline in revenues.
Citigroup (NYSE:C) shares are pushing to new highs not seen since October, breaking above their mid-April levels to extend a move up and out of a multi-month trading range. Watch for a move above the prior high near $74, which would break the pattern of a three-year-long downtrend and set up a challenge of the prior record high near $78.
The company will next report results on July 15 before the bell. Analysts are looking for earnings of $1.86 per share on revenues of $18.6 billion. When the company last reported on April 15, earnings of $1.87 per share beat estimates by 8 cents on a 1.6% drop in revenues.
JPMorgan (NYSE:JPM) shares bagged a new intra-day record high today, eclipsing the prior level set in September by 3 cents this morning. An extension of the move from here would mark the end of a three-year sideways slide, powered by hopes of a turnaround in demand for mortgage loans as the summer home buying season ramps up.
The company will next report results on July 12 before the bell. Analysts are looking for earnings of $2.56 per share on revenues of $29.3 billion. When the company last reported on April 12, earnings of $2.65 beat estimates by 30 cents on a 4.4% rise in revenues.
Morgan Stanley (MS)
Morgan Stanley (NYSE:MS) shares are extending their rally above their 200-day moving average, returning to levels seen last summer and marking a rise of roughly one-third off of the lows seen in December. The 50-day moving average is rapidly closing in on the 200-day average, setting the stage for a “golden cross” for the first time since late 2016.
The company will next report results on July 17 before the bell. Analysts are looking for earnings of $1.25 per share on revenues of $10.4 billion. When the company last reported on April 17, earnings of $1.33 per share beat estimates by 16 cents on a 7.1% decline in revenues.
As of this writing, William Roth did not hold a position in any of the aforementioned securities.
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