|Bid||30.67 x 3000|
|Ask||30.68 x 42300|
|Day's Range||30.60 - 30.99|
|52 Week Range||25.08 - 31.38|
|PE Ratio (TTM)||N/A|
|YTD Daily Total Return||0.98%|
|Beta (5Y Monthly)||1.17|
|Expense Ratio (net)||0.13%|
Indices S&P 500 ETF (NYSE: SPY ) fell 1.08% to $333.34 Nasdaq ETF (NASDAQ: QQQ ) decreased 2.01% to $230.06 Dow Jones Industrial Average ETF (NYSE: DIA ) fell 1.09% to $289.62 FTSE/Xinhua China 25 ETF ...
Financial stocks were suffering broad weakness in the premarket session, as the 10-year Treasury yield dropped below the 1.5% mark for the first time since early-September 2019. The SPDR Financial Select Sector ETF shed 0.7% ahead of the open. Among the ETF's more-active components, shares of J.P. Morgan Chase & Co. slid 0.9% to pace all the Dow Jones Industrial Average components in losses ahead of the open, Bank of America Corp. fell 0.7% and Citigroup Inc. fell 0.7%. The 10-year Treasury yield declined 4.5 basis points to 1.480%, amid concerns that the economic impact of COVID-19 may not be contained to China. Lower longer-term yields can weigh on bank earnings, as it narrows the spread between what banks earn on longer-term assets, like loans, which are funded by shorter-term liabilities.
Technically speaking, the S&P 500 has extended a rally from major support (3,215) rising in the wake of an aggressive market downdraft, writes Michael Ashbaugh.
The Class B shares of Warren Buffett's Berkshire Hathaway Inc. rose 0.7% in premarket trading Tuesday, after UBS analyst Brian Meredith became a little more bullish on the company, as insurance pricing trends appear favorable for 2020. Meredith reiterated his buy rating but boosted his price target to $257, which is 15.5% above Monday's closing price, from $242. "We expect profitability in [Berkshire's] insurance operation to modestly improve in 2020 as BH Primary and Reinsurance margins benefit from an improved pricing environment," Meredith wrote in a note to clients. "We are anticipating some deterioration in margins at GEICO as rate has fallen below trend for the industry; however, multiple data points suggest pricing is beginning to bottom out and we expect margins to reverse course in 2021." Meredith also raised his price target for Berkshire's Class A shares, to $385,000 from $362,000. The Class B shares have climbed 4.5% over the past three months, while the SPDR Financial Select Sector ETF has gained 3.9% and the S&P 500 has advanced 6.7%.
Investors should not be panic-stricken by Coronavirus outbreak as the impact is less likely to last long. Stay invested in these top ETFs.
Financial stocks sank Monday, as worries over the impact of the fast-spreading coronavirus out of China on economic growth sent Treasury yields to multi-month lows. The SPDR Financial Select Sector ETF slumped 1.8% toward a 7-week low. Among the more active components in premarket trading, shares of Bank of America Corp. slid 2.7%, Citigroup Inc. shed 2.5%, J.P. Morgan Chase & Co. dropped 2.2%, Wells Fargo & Co. gave up 1.9% and Berkshire Hathaway Inc. declined 1.6%. Meanwhile, futures for the Dow Jones Industrial Average were down 430 points, or 1.5%. The yield on the 10-year Treasury note fell 6.3 basis points to a 3 1/2-month low of 1.618%. Lower long-term interest rates could hurt bank profits, as the spread between what they could earn on longer-term liabilities, such as loans, which are funded by shorter-term assets.
Shares of American Express Co. surged 1.8% toward a record high in premarket trading Friday, after the credit card and travel services company reported a fourth-quarter profit that beat expectations, while revenue was in line. Net income fell to $1.69 billion, or $2.03 a share, from $2.01 billion, or $2.32 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share rose to $2.03 from $1.74, above the FactSet consensus of $2.01. Total revenue, net of interest expense, increased 9% to $11.37 billion, matching the FactSet consensus, amid continued growth in fees, spend and lend revenue. Consumer services revenue rose 10% to $6.2 billion, commercial services revenue grew 7% to $3.5 billion and merchant and network services revenue increased 3% to $1.7 billion. The company said it added 11.5 million new proprietary cards in 2019, with nearly 70% of new card members choosing fee-based products. The stock has rallied 12.9% over the past three months through Thursday, while the SPDR Financial Select Sector ETF has gained 8.0% and the Dow Jones Industrial Average has advanced 8.8%.
In an election year, some market segments and sector-related ETFs may perform poorly while others stand out as investors react to policy momentum among the presidential candidates. According to Dow Jones Market Data going back to 1928, the healthcare sector returned an average 7.9% and the technology sector returned an average 5.0% during the election year, compared to the S&P 500's 9.1% return. The healthcare sector is especially under the spotlight this time around as Democratic candidates propose major changes to how Americans receive health insurance and President Donald Trump eyed drug prices.
Technically speaking, the U.S. benchmarks are off to a strong 2020 start, rising amid bullish market rotation, writes Michael Ashbaugh.
Shares of State Street Corp. rallied 3.3% toward a 15-month high in premarket trading Friday, after the trust bank reported fourth-quarter profit and revenue that rose above expectations, while expenses fell. Net income increased to $704 million, or $1.73 a share, from $437 million, or $1.03 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.70. Total revenue grew 0.8% to $3.05 billion, above the FactSet consensus of $2.92 billion, as net interest income fell 8.8% to $636 million but beat expectations of $618.3 million. Fee revenue rose 2%, as higher servicing, management and software and processing fees offset lower currency trading services and securities finance revenue. Expenses declined 8.8% to $2.27 billion, as headcount declined 3% due primarily to productivity savings. The stock, which is on track to open at the highest level seen during regular-session hours since October 2018, has soared 35.9% over the past three months through Thursday, while the SPDR Financial Select Sector ETF has gained 10.3% and the S&P 500 has advanced 10.6%.
Shares of Charles Schwab Corp. lost 0.8% in premarket trading Thursday, after the discount broker reported fourth-quarter profit that fell below expectations. Net income fell to $852 million, or 62 cents a share, from $935 million, or 65 cents a share, in the year-ago period. The results include an expense related to pending acquisitions of 1 cent per share. The FactSet consensus for earnings per share was 64 cents. Revenue fell 2% to $2.61 billion, matching the FactSet consensus, as net interest revenue declined 1.9% to $1.60 billion. Asset management and administration fees revenue rose 12% to $845 million, just shy of the FactSet consensus of $846 million, while trading revenue dropped 58% to $86 million but beat expectations of $78 million. Schwab caused a stir in the discount broker industry during the fourth quarter, when it dropped commissions on U.S. stocks, ETF and options, then announced a deal to buy rival TD Ameritrade Holding Corp. in a $26 billion deal. Schwab's stock has soared 20.8% over the past three months through Wednesday, while the SPDR Financial Select Sector ETF has gained 9.5% and the Dow Jones Industrial Average has advanced 7.5%.
Shares of Morgan Stanley surged 2.5% toward a 20-month high in premarket trading Thursday, after the investment bank and broker reported fourth-quarter profit and revenue that rose well above expectations. Net income increased to $2.90 billion, or $1.30 a share, from $1.53 billion, or 80 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.02. Total revenue grew 27% to $10.86 billion, above the FactSet consensus of $9.71 billion. Institutional securities revenue rose 32% to $5.05 billion, beating the FactSet consensus of $4.46 billion. Within trading, equity sales and trading revenue slipped 0.5% to $1.92 billion, just shy of the FactSet consensus $1.93 billion, while fixed income revenue more than doubled (up 126%) to $1.27 billion, beating expectations of $859.0 million. Investment banking revenue rose 11% to $1.58 billion to top expectations of $1.52 billion. The stock has rallied 23.7% over the past three months through Wednesday, while the SPDR Financial Select Sector ETF has gained 9.5% and the S&P 500 has advanced 10.0%.
Shares of Bank of America Corp. rose 0.7% in premarket trading Wednesday, after the bank reported fourth-quarter earnings that topped expectations. Net income was $6.75 billion, or 74 cents a share, compared with $7.04 billion, or 70 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 68 cents. Total revenue slipped 1.4% to $22.35 billion, from $22.68 billion, but was above the FactSet consensus of $22.22 billion. Net interest income declined 2.9% to $12.14 billion, topping expectations of $12.07 billion. Consumer banking revenue fell 4% to $9.5 billion, while combined credit/debit card spend increased 6%. Global markets revenue rose 6% to $3.4 billion, driven by the sales and trading business. Fixed income, currency and commodities revenue rose 25% to $1.8 billion, which particular improvement in mortgages, while equities revenue declined 4% to $1.0 billion given lower client activity in derivatives. The stock has surged 18.8% over the past three months through Tuesday, while the SPDR Financial Select Sector ETF has gained 9.8% and the S&P 500 has advanced 9.6%.
Shares of Bank of America Corp. rallied 1.1% in active afternoon trading Tuesday, ahead of the bank's fourth-quarter earnings report due out before the next session's opening bell. Trading volume was over 47.3 million shares, enough to make the stock the most actively traded on major U.S. exchanges. Analysts surveyed by FactSet expect, on average, earnings per share of 68 cents and revenue of $22.22 billion and net interest income (NII) of $12.07 billion. The company has beat profit expectations the past 18 quarters, according to FactSet. Over the same time, BofA has beat revenue expectations 11 times and NII estimates 9 times. On Tuesday, J.P. Morgan Chase & Co. and Citigroup Inc. beat profit and revenue expectations, while Wells Fargo & Co. missed on both. Bank of America's stock has soared 21.6% over the past three months, while the SPDR Financial Select Sector ETF has rallied 11.8% and the S&P 500 has gained 10.9%.
Shares of Citigroup Inc. rose 1.2% in premarket trading Tuesday, after the bank reported fourth-quarter profit and revenue that topped expectations, as strength in its institutional clients group business offset lower-than-expected consumer banking revenue. Net income rose to $4.98 billion, or $2.15 a share, from $4.31 billion, or $1.64 a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.81. Revenue rose 7% to $18.38 billion, above the FactSet consensus of $17.90 billion. Consumer banking revenue increased 5% to $8.46 billion, below the FactSet consensus of $8.93 billion, while institutional clients revenue grew 12% to $9.47 billion to beat expectations of $8.79 billion. Equity markets revenue fell 23% to $516 million and fixed income revenue grew 49% to $2.90 billion. "With increased revenues and disciplined expense management, we had positive operating leverage, even as we continued to make significant investments in the franchise," said Chief Executive Michael Corbat. The stock has climbed 14.8% over the past three months through Monday, while the SPDR Financial Select Sector ETF has advanced 11.6% and the S&P 500 has rallied 10.9%.
The Nasdaq touched a record high, despite coronavirus fears weighing on the minds of investors. AEI Residential Fellow and former IMF official Desmond Lachman joins Yahoo FInance’s Seana Smith on The Ticker to discuss.
Morhan Stanley reported fiscal fourth-quarter earnings that beat on the top and bottom lines. The bank's investment management division posted $1.36 billion in revenue, nearly 100% growth from a year ago. Yahoo Finance’s Brian Cheung joins Seana Smith on The Ticker to discuss.
Stifel Head of Institutional Equity Strategy Barry Bannister joins the On The Move panel to discuss the best cyclical sectors to invest in as the federal reserve continues to hold on rate cuts.
Sevens Report Founder Tom Essaye and Invesco Investment Strategist Tim Horsburgh join Yahoo Finance’s Alexis Christoforous, Brian Sozzi and Jared Blikre to discuss the latest market action on The First Trade.