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Sectors

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
Research

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.

$BAC
Insider Trading

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

$BAC
Wire

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
Wire

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.Price: $53.70, Change: $+0.58, Percent Change: +1.08%

$BAC
Treasury

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 Markets

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 Markets

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
Wire

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%

$BAC
Wire

Bank of America Delivers Strong Q1 Results, RBC Says

Bank of America's (BAC) Q1 results showed solid earnings growth with broad-based franchise momentum, RBC Capital Markets said in a Wednesday note."BAC's diversified business model continues to demonstrate itsability to grow with the US economy," the report said.The note said its core business of gathering deposits and levering the deposit growth with loans should lead to stronger long-term earnings growth."Its core low-cost deposit base is its strongest asset, and we expect it to shine over the next 12-months as the yield curve steepens," the report said.The note also said the bank is well capitalized and should return capital with dividends and stock buybacks. RBC kept its outperform rating and a $59 price target.Price: $54.23, Change: $-0.09, Percent Change: -0.17%

$BAC
US Markets

Nasdaq, S&P 500 Hit New Highs Amid US-Iran Peace Talk Prospects

The Nasdaq Composite and the S&P 500 notched record highs on Wednesday, buoyed by hopes that another round of peace talks between the US and Iran will likely result in a deal.The Nasdaq rose 1.6% to 24,016, marking the 11th consecutive one-day gain in a row, while the S&P 500 advanced 0.8% to 7,023. Both are new closing highs. The Dow Jones Industrial Average fell 0.2% to 48,463.7.Most sectors ended in the red, led by materials, while tech saw the biggest gain.Microsoft (MSFT) shares climbed 4.6%, the top gainer on the Dow, with fellow tech majors Salesforce (CRM), Apple (AAPL), and IBM (IBM) among the best performers on the index.Reports suggest Washington and Tehran could return to Pakistan for a second round of talks ahead of the deadline for a two-week ceasefire between the US and Iran. The first round of negotiations in Islamabad ended without a breakthrough."We feel good about the prospects of a deal," White House Press Secretary Karoline Leavitt said Wednesday, CNN reported."Markets have grown more confident that the Middle East crisis is moving toward a resolution, with the US and Iran arranging a second round of talks, and Tehran seemingly willing to halt shipments to avoid testing the US naval blockade," ING Bank said in a report.West Texas Intermediate crude oil was down 0.1% at $91.16 a barrel in Wednesday late-afternoon trade, while Brent gained 0.1% to $94.91.In company news, shares of retail brokers jumped, with Robinhood Markets (HOOD) up 10%, the best performer on the S&P 500. Webull (BULL) jumped 11%, while Interactive Brokers Group (IBKR) rose 3.4%.The rally followed the approval by the US Securities and Exchange Commission of a rule change that would eliminate the $25,000 minimum equity requirement for so-called "pattern day traders."Morgan Stanley (MS) and Bank of America's (BAC) first-quarter results topped Wall Street's estimates. Morgan Stanley's shares climbed 4.5%, while Bank of America rose 1.8%.Snap (SNAP) rallied 7.9%. The social media company plans to lay off about 1,000 employees, or roughly 16% of its full-time workforce, as part of Chief Executive Evan Spiegel's efforts to reduce costs.In economic news, US homebuilder confidence sank this month to the lowest since September amid economic uncertainty, as well as increasing building material costs and interest rates, the National Association of Home Builders and Wells Fargo said."Builder sentiment has fallen back in spring as buyers face ongoing elevated interest rates and growing economic uncertainty," NAHB Chairman Bill Owens said. "The year started with hopes for housing momentum growth, but risks with respect to the Iran war, energy costs, and declines for consumer confidence have slowed the market."US Treasury yields were higher, with the 10-year rate up 2.8 basis points at 4.28% and the two-year rate rising 1.5 basis points to 3.77%.Gold was last down 0.7% at $4,816.50 per troy ounce, while silver fell 0.3% to $79.32 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$BAC$BULL$CRM$HOOD$IBKR$IBM$MS$MSFT$SNAP
Sectors

Sector Update: Financial Stocks Mixed Late Afternoon

Financial stocks were mixed in late Wednesday afternoon trading, with the NYSE Financial Index shedding 0.1% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.9%.The Philadelphia Housing Index was falling 2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was decreasing 0.1%.Bitcoin (BTC-USD) was rising 1.5% to $75,233, and the yield for 10-year US Treasuries increased 2.5 basis points to 4.28%In economic news, the New York Federal Reserve's Empire State manufacturing index rebounded to 11.0 in April from minus 0.2 in March, above the expectations for a 0.0 print in a Bloomberg-compiled survey.The National Association of Home Builders' monthly housing market index fell to 34 in April from a revised 38 in March, compared with expectations for 37 in a survey compiled by Bloomberg.In corporate news, Morgan Stanley (MS) plans to raise $10 billion in one of the largest bond sales by a Wall Street bank, following its Q1 results, Bloomberg reported. Morgan Stanley posted stronger-than-expected Q1 results as sharp gains in investment banking and trading activity helped boost revenue to a record. Its shares climbed past 4%.Bank of America's (BAC) Q1 results topped Wall Street's estimates, buoyed by double-digit gains in investment banking and asset management fees, while Chief Executive Brian Moynihan said factors including robust consumer spending indicate a resilient US economy. Its shares rose 2.2%.Pacific Investment Management said it bought the entire $400 million bond issuance from Blue Owl Capital's (OWL) business development company, signaling confidence in a volatile private credit market, Bloomberg reported. Blue Owl Capital shares jumped past 8%.Ares Management (ARES) Chief Executive Michael Arougheti said private credit defaults are relatively contained, with most of the troubles in the sector caused by a lack of liquidity and high interest rates, Reuters reported Wednesday. Ares shares climbed 6%.

$ARES$BAC$MS$OWL
US Markets

Equities Mostly Rise Intraday as Trump Reportedly Says War Likely 'Very Close to Over'

US benchmark equity indexes were mostly higher intraday as President Donald Trump reportedly said the Iran was likely "very close to over."The Nasdaq Composite was up 1% at 23,873.7 after midday Wednesday, while the S&P 500 rose 0.4% to 6,998.1. The Dow Jones Industrial Average fell 0.3% to 48,376.9. Among sectors, consumer discretionary and technology paced the gainers, while industrials saw the steepest drop.Microsoft (MSFT) shares were up 4.4%, the top gainer on the Dow, with fellow tech majors Salesforce (CRM), Apple (AAPL), and IBM (IBM) among the best performers on the index.Trump said he sees the US-Israel war with Iran "as very close to over," news outlets reported, citing an interview on Fox Business Network conducted Tuesday and broadcast Wednesday. "We'll see what happens," Trump reportedly said. "I think they want to make a deal very badly."The army chief of mediator Pakistan arrived in Iran to try to prevent a renewal of the conflict, media outlets reported Wednesday."Markets have grown more confident that the Middle East crisis is moving toward a resolution, with the US and Iran arranging a second round of talks, and Tehran seemingly willing to halt shipments to avoid testing the US naval blockade," ING Bank said in a report.Iran's military has threatened to shut down shipping operations in the Red Sea, as well as the Persian Gulf and Sea of Oman if a US blockade of its ports continues, CNN reported.West Texas Intermediate crude oil was up 0.7% at $91.87 a barrel intraday, while Brent gained 0.6% to $95.40.In economic news, US homebuilder confidence sank this month to the lowest since September amid economic uncertainty, as well as increasing building material costs and interest rates, the National Association of Home Builders and Wells Fargo said."Builder sentiment has fallen back in spring as buyers face ongoing elevated interest rates and growing economic uncertainty," NAHB Chairman Bill Owens said. "The year started with hopes for housing momentum growth, but risks with respect to the Iran war, energy costs, and declines for consumer confidence have slowed the market."US Treasury yields were higher intraday, with the 10-year rate up 3.2 basis points at 4.29% and the two-year rate rising 2.1 basis points to 3.78%.In company news, Morgan Stanley (MS) and Bank of America's (BAC) first-quarter results topped Wall Street's estimates. Morgan Stanley's shares were up 4.6%, while Bank of America rose 2.2%.Snap (SNAP) shares jumped 7.6%. The social media company plans to lay off about 1,000 employees, or roughly 16% of its full-time workforce, as part of Chief Executive Evan Spiegel's efforts to reduce costs.Gold was down 0.7% at $4,815.30 per troy ounce, while silver fell 0.4% to $79.18 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$BAC$CRM$IBM$MS$MSFT$SNAP
Sectors

Sector Update: Financial Stocks Rise Wednesday Afternoon

Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index up 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.9%.The Philadelphia Housing Index was falling 2.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was decreasing 0.2%.Bitcoin (BTC-USD) was shedding 0.2% to $74,031, and the yield for 10-year US Treasuries was rising 2.7 basis points to 4.28%In economic news, the New York Federal Reserve's Empire State manufacturing index rebounded to 11.0 in April from minus 0.2 in March, above the expectations for a 0.0 print in a Bloomberg-compiled survey.The National Association of Home Builders' monthly housing market index fell to 34 in April from a revised 38 in March, compared with expectations for 37 in a survey compiled by Bloomberg.In corporate news, Morgan Stanley (MS) on Wednesday posted stronger-than-expected Q1 results as sharp gains in investment banking and trading activity helped boost revenue to a record. Its shares climbed past 4%.Bank of America's (BAC) Q1 results topped Wall Street's estimates buoyed by double-digit gains in investment banking and asset management fees, while Chief Executive Brian Moynihan said factors including robust consumer spending indicate a resilient US economy. Its shares rose 2.2%.Pacific Investment Management said it bought the entire $400 million bond issuance from Blue Owl Capital's (OWL) business development company, signaling confidence in a volatile private credit market, Bloomberg reported. Blue Owl Capital shares jumped past 8%.

$BAC$MS$OWL
Research

Research Alert: CFRA Retains Buy Opinion On Shares Of Bank Of America Corporation

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 $3 to $62, applying a narrower equity risk premium and a forward P/E of 13.6x compared to the three-year historical average on normalized earnings at 13.5x. We are taking a more conservative view on U.S. economic growth that broadly impacts BAC's consumer and commercial banking businesses. Our $62 target price equates to a price-to-book value ($38.66) of 1.6x and price-to-tangible book value ($28.84) of 2.2x, near the average for global U.S. banks. We raise our 2026 EPS estimate by $0.05 to $4.55 and keep 2027's at $5.00. We are mindful that BAC shares are sensitive to public policy and geopolitical risks, and we see BAC as a more defensive investment given its scale across many businesses where it is one of the market leaders. BAC demonstrates strong operational execution with improving efficiency ratios, robust capital generation, and disciplined credit risk management, though faces moderate headwinds from interest rate sensitivity and regulatory compliance requirements.

$BAC
Wire

Top Midday Stories: Allbirds to Pivot to AI From Shoes, Stock Soars; Morgan Stanley, Bank of America Q1 Earnings Top Estimates

The S&P 500 and Nasdaq Composite were up, while the Dow Jones Industrial Average was down in late-morning trading Wednesday, as investors remained hopeful that war in Iran could end soon.In company news, Allbirds (BIRD) said Wednesday it has executed a definitive agreement with an institutional investor for a $50 million convertible financing facility that will enable it to pivot its business to artificial intelligence compute infrastructure. The long-term goal is for the company to become a fully integrated "GPU-as-a-Service" and AI-native cloud solutions provider under the new name of NewBird AI, Allbirds said. Shares of Allbirds were up 616.3% around midday.Morgan Stanley (MS) reported Q1 earnings Wednesday of $3.43 per diluted share, up from $2.60 a year earlier and above the FactSet consensus estimate of $3.00. First-quarter net revenue was $20.58 billion, up from $17.74 billion a year ago and above the FactSet consensus of $19.74 billion. Morgan Stanley shares were up over 5%.Bank of America (BAC) reported Q1 earnings Wednesday of $1.11 per diluted share, up from $0.89 a year earlier and above the FactSet consensus of $1.01. First-quarter net revenue was $30.27 billion, up from $28.25 billion a year ago and above the FactSet consensus of $29.95 billion. Bank of America shares were up 1.7%.Snap (SNAP) said Wednesday it's cutting its workforce by 16%, or roughly 1,000 jobs. The cuts are expected to generate $500 million in annualized cost savings, Snap said. The company also updated its Q1 revenue outlook to about $1.53 billion, above the FactSet consensus analyst estimate of $1.52 billion. Snap shares were up 8.5%.CoreWeave (CRWV) will receive about $6 billion from Jane Street in exchange for use of its AI cloud platform, the companies said Wednesday. Jane Street has also made an equity investment of $1 billion at $109 per share, the companies said. CoreWeave shares were slightly up.Broadcom (AVGO) and Meta Platforms (META) said late Tuesday they have entered into a multiyear, multi-generation strategic partnership to support Meta's rapidly scaling AI compute infrastructure. Under the expanded partnership, Broadcom will deliver technology supporting Meta Training and Inference Accelerator chips, with plans to extend the deal through 2029, the companies said. Broadcom shares were up 3%, while Meta shares were up 1.8%.Price: $17.84, Change: $+15.35, Percent Change: +616.27%

$AVGO$BAC$BIRD$CRWV$META$MS$SNAP
US Markets

Morgan Stanley's Quarterly Results Beat Estimates Amid Investment Banking, Trading Gains

Morgan Stanley (MS) on Wednesday posted stronger-than-expected first-quarter results as sharp gains in investment banking and trading activity helped boost revenue to a record.Earnings per share jumped to $3.43 for the March quarter from $2.60 a year earlier and surpassed the FactSet-polled consensus of $3. Revenue climbed 16% to $20.58 billion, while analysts expected $19.74 billion.Revenue in the institutional securities division rose to $10.72 billion from $8.98 billion in the prior-year period, driven by a 36% surge in investment banking to $2.12 billion. Equity and fixed income groups also posted strong gains, at 25% and 29%, respectively.Wealth management revenue advanced 16% to a record $8.52 billion."Institutional securities benefited from robust client engagement and strength globally," Chief Executive Ted Pick said in a statement. "Wealth Management demonstrated continued momentum, with net new assets of $118 billion and fee-based asset flows of $54 billion."Shares of Morgan Stanley were up 5.5% intraday. The stock has risen 8.9% so far this year.Bank of America (BAC) reported its first-quarter performance on Wednesday, with both earnings and revenue topping market estimates amid double-digit gains in investment banking and asset management fees.JPMorgan Chase (JPM) and Citigroup (C) reported better-than-expected first-quarter results on Tuesday, while Wells Fargo's (WFC) revenue missed market views. On Monday, Goldman Sachs (GS) posted financials above Street projections.Price: $192.50, Change: $+9.16, Percent Change: +5.00%

$BAC$C$GS$JPM$MS$WFC
Sectors

Sector Update: Financial Stocks Rise Premarket Wednesday

Financial stocks were rising premarket Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.4%.The Direxion Daily Financial Bull 3X Shares (FAS) was 1.4% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 1.4%.Bank of America (BAC) stock was up 2.2% after the company reported higher Q1 earnings and net revenue.Morgan Stanley (MS) shares were up 2.8% after the company posted higher Q1 earnings and net revenue.First Horizon (FHN) stock was up about 3% after the company reported higher Q1 adjusted earnings and revenue.

$BAC$FAS$FAZ$FHN$MS$XLF
Asia Markets

US Equity Futures Flat Pre-Bell as Traders Remain Optimistic About Potential US-Iran Deal

US equity futures were mostly unchanged pre-bell Wednesday as traders continue to be optimistic on the possibility of a US-Iran agreement being finalized soon.Dow Jones Industrial Average futures were up 0.1%, S&P 500 futures were flat, while Nasdaq futures were down 0.1%.Negotiations between the US and Iran could resume as early as this week, with the New York Post quoting President Donald Trump as saying it could happen "over the next two days."Traders digested earnings from Bank of America (BAC) and Morgan Stanley (MS), which posted higher Q1 earnings and revenue. Progressive (PGR) also reported higher Q1 net income and net premiums earned.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.6% at $95.39 per barrel and US West Texas Intermediate crude 0.4% higher at $91.64 per barrel.The April Empire State manufacturing index, released at 8:30 am ET, came in at 11.0, up from negative 0.2 in March and above estimates compiled by Bloomberg for a reading of 0.0.The March import price index, released at 8:30 am ET, showed a 0.8% month-over-month increase, falling short of estimates compiled by Bloomberg for a 2.3% gain. Export prices increased 1.6%, slightly higher than expectations for a 1.5% gain.The April US housing market index, slated for 10 am ET, is seen coming in at 37 versus 38 previously.In other world markets, Japan's Nikkei closed 0.4% higher, Hong Kong's Hang Seng ended 0.3% higher, and China's Shanghai Composite finished flat. Meanwhile, the UK's FTSE 100 was up 0.1%, and Germany's DAX index was also 0.1% higher in Europe's early afternoon session.In equities, Bank of America shares were up 1.6%, while Morgan Stanley stock was 2.8% higher. Snap (SNAP) shares were up 7.6% after the company said it planned to cut around 16% of its global workforce, or roughly 1,000 employees.On the losing side, Terawulf (WULF) shares were down 4.7% after the company said late Tuesday that it priced a public offering of 47.4 million shares at $19 each for gross proceeds of about $900 million. BRP (DOO) stock was 26% lower after the company overnight said it suspended its fiscal 2027 guidance following a recent amendment to US rules for tariffs on steel, aluminum, and copper imports.

Dow JonesNasdaq CompositeS&P 500$BAC$DOO$MS$PGR$SNAP$WULF
Sectors

Sector Update: Financial

Financial stocks were rising premarket Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.4%.The Direxion Daily Financial Bull 3X Shares (FAS) was 1.2% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 1.1%.Bank of America (BAC) stock was up more than 1% after the company reported higher Q1 earnings and net revenue.

$BAC

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