Bank of America
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BAC
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$45.11
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-2.38%
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$46.00
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$46.05
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$44.74
Tue, October 15, 2024 | 9:37AM ET
The drop in long-term rates in recent months still doesn't appear to be affecting bank Net interest income all that meaningfully, and this morning's earnings out of BAC-2.38% GS-3.45% and C-2.55% are lifting these three stocks around 2% in pre-market trading. Technically, there was ample evidence that Financial earnings period might be received favorably by markets given the triangle breakout in the Financial sector that happened back on 10/4, a full week BEFORE Financial earnings got underway. This has helped the Financial sector claw back and is now the best performing sector over the last week based on Equal-weighted ETF performance out of the 11 major sectors. Invesco's RSPF-2.57% is up +3.80% over the last week, far better than the +2.28% in RSP and better than the +2.88% in ^SPX-1.61% itself. Financials outperformance has begun to accelerate following last month's ability of RSPF to have exceeded former all-time highs from early 2022, and technically this sector remains an Overweight.
Wed, October 25, 2023 | 12:50PM ET
BAC-2.38% Bank of America weekly chart shown here:
