BNY Mellon
Fri, October 11, 2024 | 9:34AM ET
Bank earnings have gotten off to a very good start, with JPM-1.34% having beaten 3rd Q results and raised key metric in its 2024 guidance. WFC-2.25% also beat expectations on profit as did BK-3.26% . Many fundamental analysts are calling JPM's net interest income of $23.4 b a "huge beat", even when mgt tempered expectations. BK monthly charts, shown here, exceeded all-time highs and have achieved a huge 2 decade breakout back to new all-time highs which happened back in July. Price is up at 75 and very stretched but could get to 78. BK is one where it would be better to buy weakness in the high $60's. However, entire Financial sector broke out earlier this week and bodes well for outperformance, which at 12.5% of SPX, is important as a tailwind for the market
Tue, June 11, 2024 | 12:11PM ET
Financials remain under pressure near-term and following HBAN's decline yesterday, today's decline is widespread, with Financials falling to the lowest since mid-April. Stocks like AXP-3.40% AIG-1.30% PYPL-5.33% C-2.54% BK-3.26% and STT-3.91% are all down more than -2.5%. It will be important to see this sector stabilize for broad-based S&P rally to get underway, as Financials are 12.5% of SPX. near-term, i suspect a retest of April lows could be possible before Financials stabilize
