28.09 0.00 (0.00%)
After hours: 6:22PM EDT
|Bid||28.05 x 41800|
|Ask||28.11 x 312500|
|Day's Range||28.02 - 28.25|
|52 Week Range||22.05 - 29.07|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||1.09|
|Expense Ratio (net)||0.13%|
U.S. retail sales beat expectations in June, climbing 0.4% last month. Jimmy Lee, CEO of The Wealth Consulting Group, joins Seana Smith on 'The Ticker' to discuss.
Earnings season is almost here with big banks like JPMorgan, Citigroup, and Bank of America set to report next week. Yahoo Finance's Seana Smith and Brad McMillan, chief investment officer at Commonwealth Financial Network, discuss what to expect and whether it could end the market rally.
Fed chair Jay Powell testified before congress, fueling optimism that the central bank will cut rates later this month. Yahoo Finance's Seana Smith and Brian Cheung, Wells Fargo Global Economist Jay Bryson, and Chair of Monetary Policy at the Mercatus Center Scott Sumner discuss.
Fed Chair Jay Powell is heading to Capitol Hill. Investors are watching as he is set to testify before the House Financial Services Committee and Senate Banking Committee this week. Yahoo Finance's Seana Smith and RDQ Economics Chief Economist John Ryding discuss.
The June jobs report crushed expectations and that's raising some questions about whether or not the Fed is going to cut rates later this month. This as trade tensions between the U.S. and China loom over investors. Yahoo Finance's Seana Smith and Moody's Capital Markets Chief Economist John Lonski discuss.
224,000 jobs were added last month, smashing economists' estimates of 160,000. This coming as President Trump doubled down on his views for the Federal Reserve to slash interest rates. Deutsche Bank Securities Chief Economist Torsten Sløk joins Yahoo Finance's Seana Smith.
June and July are historically lackluster months for stocks, but with the Dow posting its best June since 1938, July may have the potential to buck the trend too. Yahoo Finance's Seana Smith and managing editor of ETF.com, Cinthia Murphy discuss.
A new study finds 96% of retirees choose the wrong year to claim social security. Yahoo Finance's Seana Smith, Dan Howley, Ines Ferre, and Dan Roberts discuss on "The Ticker."
The White House is developing a plan that would effectively cut taxes on capital gains by changing the way they're calculated, according to Bloomberg. Grover Norquist, President of the Americans for Tax Reform, and Mattie Duppler, Senior Fellow at the NTU and board member on the Center for a Free Economy joins Yahoo Finance's Seana Smith.
Big banks got a boost today as the Fed's stress test revealed that each had enough to return significant amounts of capital back to shareholders. Yahoo Finance's Ines Ferre joins Seana Smith on 'The Ticker' to discuss.
All 18 Wall Street banks cleared the second round of the Federal Reserve's stress test. Yahoo Finance's Alexis Christoforous, Brian Sozzi, and Rick Newman discuss how the stress test has evolved over time and what it means for banks today.
Wells Fargo & Co.'s expected dividend increase would boost its implied dividend yield to more than double its financial-sector peers and the broader stock market. Wells Fargo said in its second-quarter report that after receiving a "non-objection" to its capital plan submission from the Federal Reserve, the bank expects to raised its quarterly dividend by 13% to 51 cents a share from the current rate of 45 cents a share. Based on current stock prices--down 0.3% at $46.59--the new annual dividend rate of $2.04 would imply a dividend yield of 4.38%. That compares with the current implied dividend yields of 1.94% for the SPDR Financial Select Sector ETF and the S&P 500's implied yield of 1.92%, according to FactSet. Wells' stock has lost 18.1% over the past 12 months, while the financial ETF has gained 2.7% and the S&P 500 has advanced 7.7%.
Shares of Goldman Sachs Group Inc. surged 1.2% in premarket trading Tuesday, after the investment bank reported second-quarter earnings and revenue that fell, but were well above expectations, and raised its dividend by 47%. Net income declined to $2.20 billion, or $5.81 a share, from $2.35 billion, or $5.98 a share, in the year-ago period. The FactSet consensus was $4.89. Total revenue fell 2% to $9.46 billion, but beat the FactSet consensus of $8.84 billion, as better-than-expected non-interest income offset a slight miss in net interest income. Institutional clients services revenue declined 2.6% to $3.48 billion, as FICC client executive revenue fell 12.5% to $1.47 billion while total equities revenue increased 6.1% to $2.01 billion. The FactSet consensus for institutional client services revenue was $3.33 billion. Investment banking revenue declined 8.9% to $1.86 billion, above the FactSet consensus of $1.77 billion, and investing and lending revenue rose 16% to $2.53 billion to top expectations of $2.00 billion. Goldman raised its quarterly dividend to $1.25 a share from 85 cents, with the new dividend to payable Sept. 27 to shareholders of record on Aug. 30. The stock has run up 26.7% year to date through Monday, while the SPDR Financial Select Sector ETF has rallied 18.2% and the Dow Jones Industrial Average has climbed 17.3%.
Shares of Citigroup Inc. rallied 0.8% toward a 9-month high in premarket trading Monday, after the bank reported a second-quarter profit and revenue that rose above expectations, although net interest income came up shy. Net income rose to $4.80 billion, or $1.95 a share, from $4.49 billion, or $1.63 a share, in the same period a year ago. Earnings per share from continuing operations was $1.94. The FactSet EPS consensus was $1.81. Total revenue increased 2% to $18.76 billion, above the FactSet consensus of $18.50 billion, while net interest revenue rose 2% to $11.95 billion, or just below expectations of $12.03 billion. Consumer banking revenue grew 3% to $8.51 billion, just shy of the FactSet consensus of $8.58 billion, while institutional clients revenue inched up to $9.72 billion from $9.70 billion, topping expectations of $9.61 billion. Allowance for loan losses increased to $12.5 billion, or 1.82% of total loans, from $12.1 billion, or 1.81% of tal loans. The stock, on track to open at the highest price seen during regular-session hours since October 2018, has run up 37.9% year to date through Friday, while the SPDR Financial Select Sector ETF has hiked up 18.9% and the Dow Jones Industrial Average has advanced 17.2%.
Shares of Charles Schwab Corp. fell 1.1% in morning trading Friday, enough to pace the S&P 500's financial-sector decliners, after BofA Merrill Lynch downgraded the discount broker, citing a tougher revenue and margin outlook given expectations that the Federal Reserve will lower interest rates. Analyst Michael Carrier cut his rating to neutral from buy, and dropped his stock price target to $43 from $49. Carrier said Schwab's revenue engine over the past few years has been net interest margin (NII), which would decline if the Fed lowers its target on overnight interest rates, as is widely expected. "While we believe some of this risk is priced into the shares at the current valuation, we see more downside risk to estimates ahead," Carrier wrote in a note to clients. The stock has shed 12% over the past three months, while the SPDR Financial Select Sector ETF has gained 3.7% and the S&P 500 has tacked on 3.4%.
Cheaper valuation, better earnings growth prospects, solid performance in Stress Test, dividend hike announcements and less chances of a rate cut should position financial ETFs in a good spot in 2H.
Results from the Federal Reserve's Comprehensive Capital Analysis and Review (CCAR) will pave the way for major U.S. banks to deliver higher dividends to investors, meaning yields on the financial services sector are expected to climb. The Financial Select Sector SPDR (XLF) , the largest financial services ETF, recently yielded just over 2%.
Financial stocks were the only one of 11 S&P 500 sectors showing gains Friday morning, after a better-than-expected jobs report led to a rise in bond yields, due to greater optimism toward the health of the U.S. economy. Financial stocks, as measured by the Financial Select Sector SPDR Fund added 0.3%, while the Dow Jones Industrial Average , S&P 500 index and Nasdaq Composite index were all down more than 0.5%. Top performers Friday morning include Goldman Sachs Group Inc. , JP Morgan Chase & Co. , Citizens Financial Group Inc. and Regions Financial Corp. . The yield on the 10-year U.S. Treasury note rose 10 basis points to 2.051% after the Labor Department said Friday morning that the U.S. economy added 224,000 new jobs in June, above economists expectations of 170,000, per a MarketWatch poll. The report showed job gains in every sector of the economy, while wage growth held steady at 3.1% year-over-year. Financial shares have helped lead stocks higher over the past three months, up 5.6% since early April, according to FactSet.
With the S&P 500 and Dow at all-time highs, it's been a great year for every stock market sector, and margin debt levels have room to grow.
Technically speaking, the S&P 500 has reached all-time highs to start July against a comfortably bullish bigger-picture backdrop, writes Michael Ashbaugh.
The results of the Federal Reserve’s Comprehensive Capital Analysis and Review, or CCAR, are in and the stage is now set for major U.S. banks to boost shareholder reward programs, including share buybacks ...
The Federal Reserve gave banks the green light to offer more payouts to investors after 18 of the largest financial firms passed the second round of stress tests designed to assess the health of the financial system. For financial sector bulls, this could boost the Direxion Daily Financial Bull 3X ETF (FAS) . FAS seeks daily investment results worth 300 percent of the daily performance of the Russell 1000 Financial Services Index.
Goldman Sachs Group (GS), Bank of America (BAC), and JPMorgan Chase (JPM) were up 2% to 3% in morning trading, after news Thursday that the lenders had passed the Comprehensive Capital Analysis and Review, or CCAR, the second of two stress tests administered annually by the Federal Reserve. “CCAR includes both a quantitative evaluation of a firm’s capital adequacy under stress and a qualitative assessment of its abilities to determine its capital needs,” according to Barron’s. “It takes into account the actual capital plans, including dividends and buybacks, that the individual firms are seeking. Jason Goldberg, senior equity analyst at Barclays said on CNBC, “If you look at the top 20 banks the medium bank is going to buy back over 8% of it shares over the next 12 months.