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Sectors

Sector Update: Financial

Financial stocks advanced in late Tuesday afternoon trading with the NYSE Financial Index rising 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.3%.The Philadelphia Housing Index gained 2.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) increased 0.3%.Bitcoin (BTC-USD) rose 2.1% to $81,532, and the yield for 10-year US Treasuries shed 3 basis points to 4.416%.In corporate news, Citigroup (C) plans to introduce new medium-term profitability targets at its upcoming investor day on Thursday, Reuters reported, citing an interview with CEO Jane Fraser. Citi shares rose 1.9%.

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Wire

Market Chatter: Citigroup Plans to Introduce New Medium-Term Profitability Targets at Upcoming Investor Day

Citigroup (C) plans to introduce new medium-term profitability targets at its upcoming investor day on Thursday, Reuters reported Tuesday, citing an interview with chief executive officer Jane Fraser.The bank will also highlight improvements in expenses and revenue from its multi-year reorganization, the news outlet said, adding that Citigroup is also betting on artificial intelligence to aid growth in its wealth business.Fraser told that the company will be laying out new return targets and the growth path for each of the businesses, and that the bank plans to raise the bar beyond its 2026 goals, according to the report.Citigroup did not immediately respond to' request for comment.(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.) withPrice: $127.94, Change: $+2.31, Percent Change: +1.84%

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Wire

Market Chatter: SoftBank-Backed Opay Taps Citi, Deutsche, JPMorgan for US IPO

Opay Digital Services has hired Citigroup (C), Deutsche Bank (DB), and JPMorgan (JPM) as the Nigerian payments platform prepares for an initial public offering in the US, Bloomberg reported Friday, citing people familiar with the matter.The SoftBank-backed company is seeking a valuation of $4 billion in its debut and may sell the shares later this year, the people reportedly said.Citigroup declined to comment to. Deutsche and JPMorgan did not immediately respond, while Opay was unreachable.(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: $127.59, Change: $-0.39, Percent Change: -0.30%

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Wire

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks were higher late Thursday afternoon, with the NYSE Financial Index rising 1.3% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.5%.The Philadelphia Housing Index climbed 1.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1.5%.Bitcoin (BTC-USD) rose 0.9% to $76,409, and the yield for 10-year US Treasuries decreased 2.8 basis points to 4.39%.In economic news, the core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose to 3.2% year-on-year in March from 3%, meeting expectations. It climbed 0.3% month-over-month, down from the 0.4% reported in February.US economic growth, measured by gross domestic product, rose by 2.0% in Q1 after a 0.5% gain in Q4, slower than a 2.3% increase expected in a survey compiled by Bloomberg.US initial jobless claims fell to 189,000 in the week ended April 25 from an upwardly revised 215,000 in the previous week, against expectations for a rise to 212,000 in a Bloomberg survey.In corporate news, Citigroup (C) is stepping back from physical trading in industrial metals and has notified a number of staff from the commodities team about potential redundancies, Bloomberg reported. Citi shares were up 0.2%.KKR (KKR) is considering selling the Flora Food Group spreads business, seeking to strike a deal at a valuation of up to $10 billion, the Financial Times reported. KKR shares climbed 4.8%.Mastercard's (MA) Q1 results outpaced Wall Street's estimates, but the company said that the Middle East conflict was impacting spending on cross-border travel. Its shares fell nearly 4%.AvalonBay Communities (AVB) and Equity Residential (EQR) have held discussions over a potential merger, which would be one of the biggest real estate deals ever, Bloomberg reported. AvalonBay shares were down 1.1%, and Equity Residential was fractionally lower.

$AVB$C$EQR$KKR$MA
Wire

Market Chatter: Citigroup Pares Back Physical Trading in Industrial Metals

Citigroup (C) is stepping back from physical trading in industrial metals and has notified a number of staff from the commodities team about potential redundancies, Bloomberg reported Thursday, citing an employment tribunal in London.Citi said in a January letter that physical metals trading will no longer be a "core business activity," as the bank warned about 11 employees that they were at risk of redundancy and has let go a number of them since then, according to the report.Citi did not immediately respond to' request for comment.(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: $128.19, Change: $+0.58, Percent Change: +0.45%

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Sectors

Sector Update: Financial Stocks Rise Late Afternoon

Financial stocks were advancing in late Monday afternoon trading, with the NYSE Financial Index increasing 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.8%.The Philadelphia Housing Index rose 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was decreasing 0.8%.Bitcoin (BTC-USD) was falling 2.6% to $76,605, and the yield for 10-year US Treasuries was rising 2.6 basis points to 4.336%.In economic news, the Dallas Fed's monthly manufacturing index fell to minus 2.3 in April from minus 0.2 in March, compared with expectations for a 0.8 print. The index indicates faster contraction, in contrast with other regional manufacturing readings already released.In corporate news, First Bancorp (FBP) shares gained 3.6% in Monday trading after Raymond James upgraded the company's stock to strong buy from outperform and raised its price target to $27 from $26.Investors in a Blue Owl Capital (OWL) business development company tendered less than 1% of shares to Boaz Weinstein's Saba Capital Management and Cox Capital Partners, which had offered to buy them out at a significant discount, Bloomberg reported. Blue Owl Capital shares were down 2.3%.Citigroup (C) plans to strengthen its investment banking divisions in Japan and China by recruiting upper-level executives to capture additional buyout opportunities, Reuters reported, citing the firm's regional division head, Kaustubh Kulkarni. Citi shares added 1%.Oppenheimer (OPY) shares climbed 4.9% after the company said its Oppenheimer & Co. unit agreed to pay $70 million to settle a class-action lawsuit tied to its cash sweep program, avoiding a trial where damages could have exceeded $440 million.

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Wire

Sector Update: Financial Stocks Rise Monday Afternoon

Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index increasing 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.7%.The Philadelphia Housing Index rose 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was decreasing 0.6%.Bitcoin (BTC-USD) was falling 2.4% to $76,783, and the yield for 10-year US Treasuries was rising 3.2 basis points to 4.34%.In corporate news, Citigroup (C) plans to strengthen its investment banking divisions in Japan and China by recruiting upper-level executives to capture additional buyout opportunities, Reuters reported, citing the firm's regional division head, Kaustubh Kulkarni. Citi shares added 0.4%.Goldman Sachs' (GS) Goldman Sachs Alternatives participated as the lead investor in Kashable's $60 million Series C funding round, Kashable said Monday. Goldman Sachs Alternatives participated with up to $50 million, which includes an initial $25 million investment and $25 million to be funded in coming months, subject to conditions, Kashable said. Goldman shares added 0.6%.Oppenheimer (OPY) shares rose 4% after the company said its Oppenheimer & Co. unit agreed to pay $70 million to settle a class-action lawsuit tied to its cash sweep program, avoiding a trial where damages could have exceeded $440 million.

$C$GS$OPY
Sectors

Sector Update: Financial

Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index increasing 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.7%.The Philadelphia Housing Index rose 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was decreasing 0.6%.Bitcoin (BTC-USD) was falling 2.4% to $76,783, and the yield for 10-year US Treasuries was rising 3.2 basis points to 4.34%.In corporate news, Citigroup (C) plans to strengthen its investment banking divisions in Japan and China by recruiting upper-level executives to capture additional buyout opportunities, Reuters reported, citing the firm's regional division head, Kaustubh Kulkarni. Citi shares added 0.3%.

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Wire

Market Chatter: Citigroup Plans Senior Hires for Japan, China Investment Banking Teams

Citigroup (C) plans to strengthen its investment banking divisions in Japan and China by recruiting upper-level executives to capture additional buyout opportunities, Reuters reported Monday, citing the firm's regional division head, Kaustubh Kulkarni.Management intends to recruit experienced professionals in Japan to cover specific industries like technology and telecommunications to address increased corporate appetite for strategic restructuring, the report said.The company is simultaneously seeking personnel in China to focus on bringing in investment bankers who can cover "new-age" and "high-growth companies", Reuters quoted the executive as saying.(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: $127.88, Change: $-0.10, Percent Change: -0.08%

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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
Insider Trading

Citigroup Insider Sold Shares Worth $1,678,078, According to a Recent SEC Filing

Nicole Giles, Chief Accounting Officer, on April 15, 2026, sold 12,732 shares in Citigroup (C) for $1,678,078. Following the Form 4 filing with the SEC, Giles has control over a total of 97,734 common shares of the company, with 97,734 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/831001/000119312526161475/xslF345X05/ownership.xml

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Insider Trading

Citigroup Insider Sold Shares Worth $3,285,350, According to a Recent SEC Filing

Edward Skyler, Head of Enterprise Services & Public Affairs, on April 15, 2026, sold 25,000 shares in Citigroup (C) for $3,285,350. Following the Form 4 filing with the SEC, Skyler has control over a total of 182,022 common shares of the company, with 182,022 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/831001/000119312526161478/xslF345X05/ownership.xml

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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%

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Wire

Citigroup Q1 Results Rank Top Among Peers, Keep Markets Interested Through Investor Day, UBS Says

Citigroup (C) Q1 results are the "best among peers so far" and keep the markets interested through Investor Day, UBS Securities in a note emailed Wednesday.Noting Citigroup's better-than-expected results, UBS said that the Services segment "continues to wear its crown well," with Treasury & Trade Solutions being the driver. The Markets segment beat consensus, aided by Fixed Income, Currencies & Commodities business coming largely in line and Equities business beating Wall Street estimates by 21%, according to the note.UBS further said that Citigroup repurchased $6.3 billion of shares versus the Wall Street estimate of $4.4 billion in Q1 and that the company will buy back more this year, versus last year.UBS maintained its neutral rating on the company with a $132 price target.Price: $131.48, Change: $+1.90, Percent Change: +1.47%

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Wire

Argus Lifts Price Target on Citigroup to $145 From $129

Citigroup (C) has an average rating of buy and mean price target of $138.48, 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: $131.67, Change: $+2.08, Percent Change: +1.61%

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Wire

Citigroup Builds Momentum Toward 2026 Profitability Goals After Landmark Q1, RBC Says

Citigroup's (C) strongest revenue quarter in a decade, driven by record markets performance and continued strength in services, backs management's confidence in reaching a 10% to 11% return on tangible common equity in 2026, RBC Capital Markets said Tuesday in a report.The bank reported Q1 earnings of $3.06 per diluted share, up from $1.96 a year earlier, as revenue rose 14% to $24.6 billion with all major business lines contributing to growth, the report said.Citigroup's services segment generated $6.1 billion in revenue in Q1, up 17% from a year earlier, as the bank's "crown jewel," RBC said. Markets revenue surpassed $7 billion for the first time, rising 19% to $7.2 billion on broad strength across fixed income and equities, the report said.Management reiterated confidence in its medium-term financial goals, supported by modest revenue growth and expense discipline, the report said.RBC raised its price target on Citigroup stock to $139 from $121 and maintained its outperform rating.Price: $132.05, Change: $+2.47, Percent Change: +1.91%

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Wire

Citigroup Likely to Map 'Mid-Teens' Returns at Investor Day After Strong Q1, Morgan Stanley Says

Citigroup (C) is likely to outline a path to "mid-teens" returns on tangible common equity at its May 7 Investor Day after posting a strong Q1 beat across fees, net interest income, expenses and buybacks, Morgan Stanley said in a report Wednesday.The investment bank raised Citigroup's price target to $144 from $140, reiterated an overweight rating and a "top pick" status, citing another quarter of "ROTCE improvement" and better-than-expected capital returns, including $6.3 billion in buybacks versus $4.4 billion expected, according to the report."[E]xpense ratio and buybacks" remain the key levers for further returns improvement, with Citigroup reporting a 58% expense ratio in Q1, below consensus of 61%. The investment bank models the bank's expense ratio to continue its descent, reaching 56.4% by 2030 as transformation projects reach 90% completion, "up from 80% last quarter," the report said.Citigroup ruled out acquisitions of a "regional bank" and remains focused on "organic growth," with strong performance across core businesses including services, markets, banking and wealth supporting the outlook for higher returns.Shares could gain further as the bank provides "more clarity" on its strategy to achieve mid-teens ROTCE at Investor Day, with current valuation not fully reflecting that potential, the analyst added.Price: $131.47, Change: $+1.89, Percent Change: +1.46%

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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
Asia Markets

US Equity Indexes Jump, Crude Oil Slides as Trump Hints at Iran Peace Talks This Week

US equity indexes advanced on Tuesday as optimism that Iran peace talks may resume this week pushed crude oil futures sharply lower, and after mega-cap banks reported quarterly earnings.The Nasdaq Composite jumped 2% to 23,639.08, the S&P 500 climbed 1.2% to 6,967.38, and the Dow Jones Industrial Average advanced 0.7% to 48,535.99. S&P 500 has reportedly clawed back all of its post-Iran-war declines and, according to CNBC-compiled data, the index is close to its all-time high of about 7,002.3.Consumer discretionary, communication services, and technology led the gainers. Energy was by far the worst performer among a trio of decliners.Talks to end the Iran war could resume in Pakistan over the next two days, US President Donald Trump said on Tuesday, after the collapse of weekend negotiations prompted Washington to impose a blockade on Iranian ports, Reuters reported.Gulf, Pakistani, and Iranian officials said the US and Iran's negotiating teams could return to Pakistan later this week, according to the news report. Still, one senior Iranian source said no date had been set, the report added.The CBOE Volatility Index dropped 4% to 18.36.European countries are putting together a plan for a broad coalition of countries to help free up shipping through the Strait of Hormuz, including sending mine-clearing and other military vessels, The Wall Street Journal reported, adding that the plan would only come to pass after the war.Meanwhile, after the first direct talks in decades, Israel and Lebanon agreed to hold further negotiations "at a mutually agreed time and venue," CNN cited the US State Department as saying.West Texas Intermediate crude oil futures sank 6.8% to $92.32, and Brent crude futures slumped 4.3% to $95.13.In precious metals, gold futures jumped 2% to $4,864.70 and silver futures soared 5.3% to $79.70.In company news, Citigroup (C) and BlackRock (BLK) reported Q1 earnings and revenue growth above market expectations. JPMorgan Chase (JPM) also delivered a better-than-expected quarter.United Airlines (UAL) Chief Executive Scott Kirby proposed a potential combination with American Airlines (AAL) during a late February meeting with President Donald Trump, Reuters reported Monday, citing two unnamed sources familiar with the matter.In economic news, the US Producer Price Index rose by 0.5% in March, the same as in February and below the 1.1% gain expected in a Bloomberg-compiled survey. Energy prices jumped by 8.5% in the month after a 2.1% gain in the previous month due to a 15.7% surge in gasoline prices. Excluding food and energy, core PPI edged up 0.1%, below the 0.4% gain forecast and slower than the 0.3% gain reported in February.Most US Treasury yields fell, with the 10-year down 4.9 basis points to 4.25% and the two-year retreating 3.6 basis points to 3.75%.The International Monetary Fund now expects 2.3% US economic growth in 2026, a downward adjustment from its 2.4% estimate set out in January and compared with the 2.1% growth reported in 2025. The IMF also revised down its 2026 global growth outlook in its World Economic Outlook update released Tuesday.

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