Citigroup
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-2.43% GS-3.35% 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-2.65% 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.
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-3.15% AIG-1.30% PYPL-5.26% C-2.55% BK-2.78% and STT-3.68% 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
