U.S. Markets close in 16 mins
  • S&P 500

    4,274.56
    +67.29 (+1.60%)
     
  • Dow 30

    33,728.60
    +391.93 (+1.18%)
     
  • Nasdaq

    13,028.95
    +249.04 (+1.95%)
     
  • Russell 2000

    2,013.76
    +38.51 (+1.95%)
     
  • Crude Oil

    91.87
    -2.47 (-2.62%)
     
  • Gold

    1,817.70
    +10.50 (+0.58%)
     
  • Silver

    20.77
    +0.43 (+2.09%)
     
  • EUR/USD

    1.0267
    -0.0058 (-0.5647%)
     
  • 10-Yr Bond

    2.8490
    -0.0390 (-1.35%)
     
  • Vix

    19.39
    -0.81 (-4.01%)
     
  • GBP/USD

    1.2138
    -0.0064 (-0.5244%)
     
  • USD/JPY

    133.4680
    +0.4690 (+0.3526%)
     
  • BTC-USD

    24,200.84
    +24.05 (+0.10%)
     
  • CMC Crypto 200

    576.01
    +4.73 (+0.83%)
     
  • FTSE 100

    7,500.89
    +34.98 (+0.47%)
     
  • Nikkei 225

    28,546.98
    +727.65 (+2.62%)
     
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Market check: Financial stocks lead as big banks report earnings

In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Yahoo Finance's Ines Ferré breaks down how markets are performing as banks report earnings

Video Transcript

BRIAN CHEUNG: Let's talk about some other companies that are on the move this morning. Big banks releasing earnings this morning. And for the latest, let's turn to Yahoo Finance's Ines Ferre for the latest. Again, financials driving us higher on this green day. What's behind it? Citigroup and Wells Fargo on the tape, right?

INES FERRE: Yeah, that's right. And let's take a look at the bank charts right now, because these banks are rallying. In fact, Citi is having its best day since November 2020. And this is after beating on the top and the bottom line. The big winner, the services business unit. That caters to institutional clients. That revenue was up 33%, so part of the reason why it did so well during the quarter. Investment banking, though, was down 46%. And the bank did suspend its share buybacks to the likes of also JPMorgan, which announced that yesterday as well.

Now, the bank that did not suspend share buybacks and is still going forward with it is Wells Fargo. Now, Wells Fargo was a little bit under pressure in pre-market when they announced their quarterly results. But take a look here. Wells Fargo up more than 6 and 1/2%, really partaking in this rally that we're seeing with the banks today. They did miss on the top and the bottom line. The mortgage originations were down. Of course, as interest rates have been going up, less mortgages are being taken out, certainly, much less, refinancing.

Their CFO, during the earnings call, talked about the consumer, saying that the consumer is in quite good shape. Also saying, though, that credit card spending did start to slow down in May and June. Nevertheless, banks today being the big winners, guys.

AKIKO FUJITA: Yeah, the banks the big winner, but we're also seeing some pop in energy on the back of oil prices pushing higher. Obviously, we'll talk about the president's visit in just a bit, but some gains on that front, too.

INES FERRE: Yeah, that's right. So we are seeing energy up higher right now. In fact, we're going to take a look right now at the WTI crude. It's up more than 3%. Brent crude up more than 3%. Of course, we have seen energy really pulling back over the last couple of weeks. And of course, we have seen the US dollar going higher. Today, we're getting a little bit of a reprieve on that US Dollar Index. So we are also seeing energy go up because you've got that inverse effect there with energy.

One other point I do want to mention, guys, though, is some of the social media stocks, because I just want to point out that we are seeing here Pinterest up more than 13%. This is our top trending ticker on Yahoo Finance. This is after Elliott Management took a stake of more than 9% in PINS. This is according to the Wall Street Journal. And Elliott Management, the activist investor, no stranger to getting involved with social media because they did get involved with Twitter.

But also, a ways to go here with PINS because take a look at our year-to-date chart, and you can see that, year-to-date, it's down more than 44%. Their global active users has been on the downtrend. So a lot to do here.

AKIKO FUJITA: OK, Ines Ferre, thanks so much for that.