$BAC

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Sector Update: Financial Stocks Softer Late Afternoon

Financial stocks were lower in late Wednesday afternoon trading, with the NYSE Financial Index down 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) decreasing 0.2%.The Philadelphia Housing Index fell 2.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.2%.Bitcoin (BTC-USD) was fractionally lower at $61,685, and the yield for 10-year US Treasuries rose 1.4 basis points to 4.542%.In economic news, the US seasonally adjusted consumer price index, a measure of inflation, rose by 0.5% in May, as expected, following a 0.6% increase in April, according to data released Wednesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.2%, below the consensus estimate for a 0.3% increase. Core CPI rose by 0.4% in April. The year-over-year rates for overall and core CPI increased to 4.2% and 2.9%, respectively, from 3.8% and 2.8% in the previous month.In corporate news, JPMorgan Chase (JPM) and Bank of America (BAC) are among the major US banks that have received subpoenas from the Justice Department seeking information over whether they "debanked" clients for political reasons, The Wall Street Journal reported. JPMorgan shares were down 0.4%, and Bank of America rose 0.7%.Visa (V) said Wednesday its payment services will be integrated into OpenAI's platform to allow retailers to accept purchases from AI agents. Visa shares were shedding 0.4%.Nasdaq (NDAQ) Verafin is launching a new set of agentic workers, beginning with the Agentic AML Analyst and the Agentic Fraud Analyst, the firm said. The shares were down 0.8%.Brookfield Asset Management (BAM) is expanding its offerings for wealthy investors in Japan, targeting infrastructure, real estate, and private credit as hedges against inflation, Nikkei reported. Brookfield shares were falling 3.2%.

$BAC$BAM$JPM$NDAQ$V

Sectors4d ago

Sector Update: Financial

Financial stocks were softer in late Wednesday afternoon trading, with the NYSE Financial Index down 0.2% and the State Street Financial Select Sector SPDR ETF (XLF) fractionally lower.The Philadelphia Housing Index was falling 2.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was adding 0.2%.Bitcoin (BTC-USD) was increasing 0.1% to $61,739, and the yield for 10-year US Treasuries rose 1.2 basis points to 4.54%In corporate news, JPMorgan Chase (JPM) and Bank of America (BAC) are among the major US banks that have received subpoenas from the Justice Department seeking information over whether they "debanked" clients for political reasons, The Wall Street Journal reported. JPMorgan shares were down 0.4%, and Bank of America rose 0.7%.

$BAC$JPM

Wire4d ago

Market Chatter: JPMorgan, Bank of America Among Big Banks Subpoenaed by DOJ Over 'Debanking' Claims

JPMorgan Chase (JPM) and Bank of America (BAC) were among a group of America's largest banks to receive subpoenas from the Justice Department seeking information over whether they "debanked" clients for political reasons, The Wall Street Journal reported Wednesday, citing people familiar with the matter.The subpoenas are related to an effort by President Donald Trump to find out whether banks allegedly discriminated against conservatives, the report said.The banks didn't immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $312.23, Change: $-0.47, Percent Change: -0.15%

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Wire4d ago

JPMorgan, Bank of America Among Big Banks Subpoenaed by DOJ Over 'Debanking' Claims, The WSJ Reports

$BAC$JPM

Sectors10d ago

Sector Update: Financial

Financial stocks were lower in Friday afternoon trading, with the NYSE Financial Index decreasing 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.2%.The Philadelphia Housing Index was down 0.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.9%.Bitcoin (BTC-USD) was down 3.9% to $61,053, and the yield for 10-year US Treasuries rose 6.1 basis points to 4.536%.In corporate news, JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC) plan to launch a tokenized deposit network in H2 2027 to connect traditional banking systems with blockchain technology, The Wall Street Journal reported Friday. JPMorgan shares fell 0.3%, Bank of America shares dropped 0.8%, Citigroup shares were down 2.6%, and Wells Fargo shed 0.1%.

$BAC$C$JPM$WFC

Sectors10d ago

Sector Update: Financial Stocks Gain Late Afternoon

Financial stocks were higher in late Thursday afternoon trading, with the NYSE Financial Index rising 2.2% and the State Street Financial Select Sector SPDR ETF (XLF) climbing 2.6%.The Philadelphia Housing Index increased 0.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1.5%.Bitcoin (BTC-USD) was 2.6% lower at $63,852, and the yield for 10-year US Treasuries decreased 1.6 basis points to 4.48%.In economic news, US initial jobless claims rose to a level of 225,000 in the week ended May 30 from a downwardly revised 212,000 level in the previous week, compared with expectations for a 215,000 level in survey of analysts compiled by Bloomberg.Nonfarm productivity was revised down to a 0.3% growth pace in Q1 from a 0.8% increase in the previous estimate, below a 0.4% gain expected in a survey of analysts compiled by Bloomberg and following a 1.6% gain in Q4.In corporate news, JPMorgan Chase (JPM) and Jefferies Financial (JEF) are organizing trips to Caracas as foreign investor interest in Venezuela's economic reopening and debt restructuring grows, Bloomberg reported. JPMorgan shares rose 3.5%, and Jefferies climbed 4.4%.Blackstone's (BX) Blackstone Private Credit Fund said repurchase requests equaled about 10% of shares outstanding in Q2, but it will fulfill requests representing just 5% of its value, according to media reports on Thursday. Blackstone shares climbed 8.4%.Bank of America (BAC) shares rose 2.9% after it said Thursday it plans to introduce a cross-border real-time payment service for corporate and financial institution clients to instantly transfer funds via Swift or its digital CashPro system.Affirm (AFRM) and Canada Pension Plan Investment Board said Thursday that they have renewed and expanded their forward-flow agreement for consumer installment loans. Affirm shares rose 3.7%.

$AFRM$BAC$BX$JEF$JPM

Sectors10d ago

Sector Update: Financial Stocks Rise Thursday Afternoon

Financial stocks were higher in Thursday afternoon trading, with the NYSE Financial Index rising 2.2% and the State Street Financial Select Sector SPDR ETF (XLF) climbing 2.5%.The Philadelphia Housing Index increased 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1%.Bitcoin (BTC-USD) was falling 1.4% to $63,157, and the yield for 10-year US Treasuries decreased 2.2 basis points to 4.469%.In economic news, US initial jobless claims rose to a level of 225,000 in the week ended May 30 from a downwardly revised 212,000 level in the previous week, compared with expectations for a 215,000 level in survey of analysts compiled by Bloomberg.Nonfarm productivity was revised down to a 0.3% growth pace in Q1 from a 0.8% increase in the previous estimate, below a 0.4% gain expected in a survey of analysts compiled by Bloomberg and following a 1.6% gain in Q4.In corporate news, Bank of America (BAC) shares rose 2.7% after it said Thursday it plans to introduce a cross-border real-time payment service for corporate and financial institution clients to instantly transfer funds via Swift or its digital CashPro system.Blackstone's (BX) Blackstone Private Credit Fund said repurchase requests equaled about 10% of shares outstanding in Q2, but it will fulfill requests representing just 5% of its value, according to media reports on Thursday. Blackstone shares climbed 7.4%.Affirm (AFRM) and Canada Pension Plan Investment Board said Thursday that they have renewed and expanded their forward-flow agreement for consumer installment loans. Affirm shares rose 3.2%.

$AFRM$BAC$BX

Sectors11d ago

Sector Update: Financial

$BAC

Wire11d ago

Bank of America Plans Cross-Border Real-Time Payment Service

Bank of America (BAC) said Thursday it plans to introduce a cross-border real-time payment service for corporate and financial institution clients to instantly transfer funds via Swift or its digital CashPro system.The service is expected to launch next quarter to support international transactions by connecting to various real-time payment networks in countries such as Mexico, the UK, and India, the company said.Users can access the setup through existing connections to send high-volume, low-value payments that reach beneficiaries in local currencies without fee deductions, Bank of America said.The platform provides real-time tracking, immediate fund delivery, and recipient account pre-validation to reduce failed transfers, it said.Shares of the company were up 2% in Thursday trading.Price: $53.45, Change: $+1.05, Percent Change: +2.00%

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Sectors11d ago

Sector Update: Financial Stocks Edge Higher Pre-Bell Thursday

Financial stocks were edging higher pre-bell Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 1.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 3.5% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 3.2% lower.Blackstone's (BX) Blackstone Private Credit Fund said repurchase requests equaled about 10% of shares outstanding in Q2, but it will fulfill requests representing just 5% of its value, according to media reports. Shares of Blackstone were up more than 1% premarket.Bank of America (BAC) is hiring Anshul Gupta from Avendus Capital to lead its investment banking operations in India, Bloomberg reported, citing unnamed people familiar with the matter. Bank of America stock was up more than 1% pre-bell.Brown-Forman (BF.A, BF.B) shares were down more than 1% after the company reported a decline in fiscal Q4 earnings.

$BAC$BF.A$BF.B$BX$FAS$FAZ$XLF

Research26d ago

Research Alert: CFRA Lowers Opinion On Financials To Marketweight From Overweight

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our downgrade is based on our diminished confidence in the sector's ability to grow into elevated multiples and we believe upward earnings revisions will likely prove more elusive in 2H 2026. Banks with significant consumer and commercial lending exposure face particular headwinds, and we believe regulatory tailwinds are now fully priced into consensus. Net interest income could be disappointing given neutral to hawkish monetary policy constraining loan growth. Additionally, tail risks have intensified, with the conflict in Iran threatening recent strong credit quality and spending trends, while rapid AI innovation poses challenges for data providers.

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Sectors27d ago

Sector Update: Financial Stocks Fall Pre-Bell Tuesday

Financial stocks were falling pre-bell Tuesday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was down 0.3% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was marginally lower.XP (XP) shares were down more than 5% after the company reported Q1 results that fell short of analyst expectations.Lloyds Banking (LYG) is preparing to expand its US infrastructure financing business, including lending tied to the fast-growing data center sector, the Financial Times reported, citing people familiar with the matter. Lloyds Banking shares were 0.6% higher premarket.Bank of America (BAC) and Lazard (LAZ) are advising the owners of Fraikin Group on a potential sale that could value the French truck rental firm at up to 3 billion euros ($3.49 billion), Bloomberg News reported, citing people with knowledge of the matter. Lazard stock was up more than 1% pre-bell.

$BAC$FAS$FAZ$LAZ$LYG$XLF$XP

Research27d ago

Research Alert: CFRA Lowers Shares Of Bank Of America Corporation To Hold From Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our target price by $5 to $55, applying a narrower equity risk premium and a forward P/E of 12.1x compared to the three-year historical average at 12.3x. We keep our EPS estimates at $4.55 in 2026 and $5.00 in 2027, near consensus estimates on revenue projections of $1203B and $125B, respectively. We think core areas of business may witness a slowdown in 2026 due to the Iran-U.S. war's impact on inflation and cost of living. There are also tail risks that could negatively impact BAC's growth, such as consumer spending and loan balances, commercial loans, and commercial real estate refinancings. After further review of Q1 2026 results, we see that outsize performance from Global Markets (trading services) offset modest Q/Q gains in Consumer Banking and Global Banking. We believe the Fed may dig in their heels with a rate-neutral regime and a higher rate bias until there is greater clarity from the outcome of the Iran-U.S. war. BAC shares are down 9.5% year-to-date and trade with a 2.25% dividend yield.

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Insider Trading38d ago

Bank of America Insider Sold Shares Worth $6,718,702, According to a Recent SEC Filing

Geoffrey S Greener, Chief Risk Officer, on May 05, 2026, sold 126,756 shares in Bank of America (BAC) for $6,718,702. Following the Form 4 filing with the SEC, Greener has control over a total of 1,373,397 common shares of the company, with 1,373,397 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/70858/000007085826000286/xslF345X05/form4.xml

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Wire39d ago

Citigroup Should Aim for Return on Tangible Common Equity of 14% to 15% in Medium Term, UBS Says

Citigroup's (C) medium-term target for return on tangible common equity should be between 14% and 15%, based on investor feedback, UBS said in a Wednesday note.Further, investors are expecting an aspirational long-term target of over 15%, especially when the company is compared with its peers, UBS said. Compared with sell-side consensus of 12.8%, taken from only six analyst estimates, the brokerage considers the expectations of buy-side investors as "more critical."In order to boost its return on tangible common equity, Citigroup should reduce its Common Equity Tier 1, which sits at 12.7%, 110 basis points above the regulatory minimum. UBS notes that peers such as Bank of America (BAC) and Goldman Sachs Group (GS) have a buffer range of 50 basis points at the low end.Global Systemically Important Bank recalibration is expected to lower Citigroup's surcharge to 3%. Assuming this, a stress capital buffer range of 2.5% to 3%, and a 50 basis-point management buffer, the company's 2028 consensus net income would imply a return on tangible common equity of 13.1% to 14.4%, according to the note.UBS's rating on the company's stock is neutral with a price target of $134.Price: $128.25, Change: $+0.24, Percent Change: +0.19%

$BAC$C$GS

Wire40d ago

UBS Adjusts Bank of America Price Target to $63 From $62

Bank of America Corp (BAC) has an average rating of Buy and mean price target of $62.20, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $53.70, Change: $+0.58, Percent Change: +1.08%

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Treasury56d ago

US Supreme Court Lets Muni Bond Price-Fixing Class Action Proceed Against Major Banks

The US Supreme Court refused to block a class-action suit accusing eight major banks of fixing prices on state and municipal bonds, news outlets reported Monday.The court rejected the banks' appeal and upheld an earlier court decision to certify the class action filed by cities including Baltimore, Philadelphia, and San Diego, according to the reports. The banks involved in the lawsuit are Bank of America, (BAC), JPMorgan Chase (JPM), Citigroup (C), Morgan Stanley (MS), Goldman Sachs Group (GS), Barclays (BCS), Royal Bank of Canada (RY), and Wells Fargo (WFC).The cities claimed that the banks colluded from 2008 to 2016 to raise rates on variable-rate demand bonds, the reports said. The suit is seeking $12 billion in damages, while Bloomberg Intelligence senior litigation analysts said the case could settle for about $770 million, a Bloomberg News report said.The eight banks did not immediately respond to requests for comment from.Price: $53.37, Change: $-0.54, Percent Change: -1.01%

$BAC$BCS$C$GS$JPM$MS$RY$WFC

Asia Markets58d ago

US Equity Indexes Rise This Week as Hormuz Chokepoint Reopening Fuels Iran Deal Hopes

US equity indexes rose this week as a time-bound reopening of the Strait of Hormuz followed a truce between Israel and Lebanon, marking a breakthrough in Middle East diplomacy and boosting the probability of an Iran peace deal.* The S&P 500 closed at 7,126.06 on Friday versus 6,816.89 a week ago. The Nasdaq Composite stood at about 24,468.48, compared with 22,902.89 a week earlier, and the Dow Jones Industrial Average ended at 49,447.43, versus 47,916.57 at the end of last week.* Technology, consumer cyclicals, and communication services topped sector charts as geopolitical risk fell and Q1 earnings season began in earnest with financials first to report. Energy was the worst performer as expectations for the Iran deal increased.* President Donald Trump said Thursday that Lebanon and Israel have agreed to a 10-day ceasefire.* "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran," Iran's foreign minister, Seyed Abbas Araghchi, said in a post on X, formerly Twitter, on Friday.* Trump said Friday the US naval blockade will continue until the Iran deal is "100% complete," CNN reported.* Bloomberg reported Friday that Trump said Iran agreed to suspend its nuclear program indefinitely and will not receive any frozen funds from the US. Trump said in a phone interview that a deal to end the war is mostly complete, according to the report. Talks over a lasting agreement will "probably" be held this weekend, the president was cited as saying. The US-Iran ceasefire ends next week, implying an extension to the truce may not be required.* Morgan Stanley (MS), Citigroup (C), and Bank of America (BAC) were among the biggest gainers in financial services firms with a market capitalization of more than $200 billion, after mega-cap banks kicked off the Q1 earnings season.

Dow JonesNasdaq CompositeS&P 500$BAC$C$MS

US Markets59d ago

Big Banks Delivered Strong Capital Markets Performance in First Quarter, RBC Says

Major US banks delivered stronger-than-expected capital markets revenue in the first quarter amid solid gains in advisory and equities trading, RBC Capital Markets said in a note sent to clients Thursday.The combined capital markets revenue of JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), and Morgan Stanley (MS) climbed nearly 20% year over year, according to the brokerage.Their aggregate advisory revenue soared 68%, led by Goldman, RBC said. Total investment baking fees increased 31% from the year-ago quarter, including a boost from equity capital markets."We saw increased advisory revenues due the large deals announced in 2025 that closed in (the first quarter of 2026) and ECM revenues benefited from increased follow-on and convertible offerings," Gerard Cassidy, co-head of global financials research at RBC, said in the note.Equities trading rallied about 26%, with Citigroup logging the strongest performance and JPMorgan showing the smallest gain among the five banks.The banks' combined fixed income, currencies, and commodities revenue grew 10%, Cassidy said. All five banks except for Goldman achieved year-over-year growth in FICC.The lenders were "cautiously optimistic" about investment banking activity in the near term, factoring in macroeconomic and geopolitical uncertainties, according to the brokerage.The deadline for the expiration of a two-week ceasefire between the US and Iran is close. The White House is optimistic about reaching a deal with Tehran, noting that a potential second round of talks would likely be held in Pakistan. Prior peace negotiations in Islamabad ended without a deal last weekend."Many of the investment banks pointed to solid backlogs in (the first quarter) which we believe could be monetized in less volatile market conditions," Cassidy said. "The longer economic uncertainty and heightened market volatility exist, however, the more difficult it will be for the companies to grow their investment banking revenues."Price: $309.39, Change: $+3.46, Percent Change: +1.13%

$BAC$C$GS$JPM$MS

Wire59d ago

Bank of America's Q1 Results Could Support Re-Rating, UBS Says

Bank of America (BAC) reported "clean" Q1 earnings per share of $1.11, beating consensus of $1.02 and UBS estimate of $1.03, with the investment firm saying the results could support a re-rating but the upcoming earnings call and guidance will be key for sustained outperformance.The bank reported deposit costs of 1.99%, beating consensus by 7 basis points. UBS Securities said this is critical as Wells Fargo (WFC) missed on this front, and a differentiated path on deposit rates could be a breakout catalyst for Bank of America.Investment banking fee of $1.84 billion was in line with consensus and did not have the "beat factor" seen at Goldman Sachs (GS) and JPMorgan (JPM), with advisory, equity capital markets, and debt capital markets all coming in line, according to the note.Q1 pre-provision net revenue beat of 4% may not be as notable as at Citi (C), JPMorgan, and Goldman Sachs, the brokerage said in a Wednesday note. However, it is meaningful for a stock with an undemanding valuation. This is especially as expenses fell in line with guidance and the company generated 290 basis points of year-over-year operating leverage.UBS said guidance by the bank is "critical for share performance".The firm has a buy rating on Bank of America with a price target of $62.Price: $53.75, Change: $-0.57, Percent Change: -1.05%

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