25.81 -0.08 (-0.31%)
After hours: 6:18PM EDT
|Bid||25.68 x 29200|
|Ask||25.81 x 1800|
|Day's Range||25.42 - 26.04|
|52 Week Range||25.42 - 30.33|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||1.01|
|Expense Ratio (net)||0.14%|
Technically speaking, an already-aggressive October market downdraft has accelerated this week. In the process, the S&P 500 has violated its 200-day moving average, plunging to retest key support, writes Michael Ashbaugh.
Financial stocks fell sharply early Tuesday, as the global selloff in stocks sent investors into safe-haven Treasurys, pushing yields lower. The SPDR Financial Select Sector ETF dropped 1.6% toward a 13-month low in premarket trade. Among the ETF's (XLF) heavyweights, shares of J.P. Morgan Chase & Co. shed 1.8%, Bank of America Corp. declined 2.8%, Citigroup Inc. lost 1.8%, Goldman Sachs Group Inc. gave up 1.8% and Wells Fargo & Co. slumped 1.5%. Meanwhile, the yield on the 10-year Treasury note declined 5.7 basis points to 3.139%. Lower long-term interest rates can pressure bank earnings, as it narrows the spread between what makes earn on longer-term assets, such as loans, and what they pay on shorter-term liabilities. The XLF, on track to open at the lowest level seen during regular session hours since September 2017, has lost 6.6% over the past three months, while the S&P 500 has slipped 1.8%.
Volatility’s on the rise this month, and three popular ETFs are trying to hang on. The Market Vectors Semiconductor ETF (NYSE: SMH ), S&P SPDR Financial ETF (NYSE: XLF ) and S&P SPDR Energy ETF (NYSE: ...
CNBC published this story earlier about what has changed since Donald Trump has been president. Take a look at the article here: https://www.cnbc.com/2018/10/20/chart-shows-how-everything-has-changed-since-trump-became-president.html?&qsearchterm=trump. What has the stock market done since Trump took office (not elected – took office – you can’t do anything as the President-elect)? Why is this important? Because it shows how and if the policies enacted have and will be effective in boosting the economy and thus the market. Why do I care about the market primarily? Because that is what I do – that is what I trade. I am very glad for the millions more employed and higher wages, but what has the market done, and where is it telling me the economy is going? Hmmm. Before I get hate mail – I know that the market and interest rate positions were very different. Here are some points for and against each. First – obviously, President Obama’s presidency started in a rut. However, it is important to note that the from the time that President Obama got elected to the bottom of the market in March (of roughly 666 on the S&P 500), the market dropped a solid 20%.
Bank of America’s (BAC) total assets grew ~2.4% YoY (year-over-year) in the third quarter and reached ~$2.34 trillion. This increase was driven by higher deposits, new assets, and rate spreads.
Bank of America (BAC) has been reducing its administrative expenditures and increasing its spending on technology to improve its operating efficiency and margins. Improved operating efficiency and margins have led the bank’s earnings to grow at a faster pace.
In the third quarter, Bank of America’s (BAC) CB (Consumer Banking) segment’s revenues increased 7.0% YoY to $9.4 billion. This increase was driven by a 10.0% increase in net interest income and partially offset by a modest decline in non-interest income.
Bank of America (BAC) reported third-quarter revenues of $22.8 billion, surpassing Wall Street’s forecast of $22.7 billion. Its quarterly revenues rose 4.0% YoY and ~1.0% sequentially.
On October 15, Bank of America (BAC) reported better-than-expected bottom-line results for the third quarter. The bank posted earnings of $0.67, beating the Wall Street estimate of $0.62 and marking ten consecutive quarters of earnings beats.
The " Fast Money " traders shared their first moves for the market open. Dan Nathan was a seller of the Financials ETF Brian Kelly was a buyer of SPDR Gold Shares GLD Karen Finerman was a buyer of Golar LNG GLNG Guy Adami was a buyer of Viacom VIAB Trader disclosure: On October 18, 2018 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Dan Nathan is long XLF Dec put spread.
Stocks were whipped in late trading on Thursday, as we head towards another big market close. PayPal is also reporting earnings after the bell, and we’ll be live with the results.