Goldman Sachs

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Sector Update: Financial Stocks Higher Late Afternoon

Financial stocks were advancing in late Tuesday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.3%.The Philadelphia Housing Index was up 0.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.5%.Bitcoin (BTC-USD) was gaining 3.6% to $64,499, and the yield for 10-year US Treasuries was decreasing 2.4 basis points to 4.585%.In economic news, the US seasonally adjusted consumer price index fell by 0.4% in June, compared with expectations of a 0.1% decline in a survey compiled by Bloomberg and following a 0.5% increase in May, the Bureau of Labor Statistics said Tuesday. Core CPI, which excludes food and energy prices, held steady, compared to the consensus estimate of a 0.2% gain. Core CPI rose by 0.2% in May. The year-over-year rates for headline and core CPI slowed to 3.5% and 2.6%, respectively, from 4.2% and 2.9% in May.In corporate news, Switch, a data center operator, has hired Goldman Sachs (GS) and JPMorgan Chase (JPM) as lead underwriters for an IPO that could raise up to $10 billion as soon as Q4, valuing the company at roughly $80 billion, including debt, Reuters reported. Separately, Goldman's Q2 results topped Wall Street's estimates as a record performance in the global banking and markets business propelled its revenue growth. JPMorgan reported Q2 results above market expectations on Tuesday, driven by higher investment banking fees and markets revenue. Goldman shares rose past 8%, and JPMorgan added 2.3%.Bank of America's (BAC) Q2 results beat Wall Street's estimates on Tuesday as increased client activity helped drive sharp gains in investment banking fees and trading revenue. Its shares climbed 2.1%.Warren Buffett said Tuesday that his goal is to dispose of all of his Berkshire Hathaway (BRK.A, BRK.B) shares within roughly eight years. The statement came alongside an announcement that Buffett on Tuesday will convert 8,000 Berkshire Class A shares into 12 million Berkshire Class B shares that will be donated to four foundations. Berkshire Class A shares were down 0.6%, and the Class B shares were shedding 0.8%.KKR (KKR) is one of several suitors to make a non-binding offer for Logoplaste, as the Portuguese packaging maker's majority shareholder works on a potential sale that could value it at about $1.94 billion, Bloomberg reported. Separately, Thomson Reuters (TRI) said Tuesday it has agreed to sell a 51% stake in its global print unit to KKR for roughly $500 million in a joint venture transaction expected to close in Q4. KKR shares were up 0.4%.

Japan16d ago

Update: US Equity Indexes Mixed as IBM Sell-Off Hits Dow, Cooling Inflation Eases Interest-Rate Pressure

(Updates with index/price moves and geopolitical news from the first paragraph.)US equity indexes traded mixed as a sell-off in IBM (IBM) shares restrained the Dow Jones Industrial Average, while the Nasdaq Composite and the S&P 500 rose after the steepest drop in inflation in more than six years sent government bond yields sharply lower.The tech-heavy Nasdaq advanced 1.1% to 26,146.1, with the S&P 500 up 0.5% to 7,550.2 ahead of Tuesday's close. The Dow Jones Industrial Average bucked the trend, trading steady at 52,547.8.Interest-rate sensitive sectors, technology, and communication services, led gainers amid a broad-based rally. Healthcare, consumer staples, and real estate were the only decliners. IBM shares sank 24%, the most on the Dow and the S&P 500, after the tech giant issued Q2 guidance below analysts' expectations.Looking at gains from the top 20 companies with market capitalizations exceeding $200 billion, half were from the semiconductor industry, according to data compiled by Finviz. The top gainer was SK Hynix, up 24%, following its Nasdaq debut last Friday.The US seasonally adjusted consumer price index fell by 0.4% month-over-month in June, the steepest drop since April 2020, compared with expectations for a 0.1% decrease in a Bloomberg-compiled survey and following a 0.5% increase in May, according to data released Tuesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, held steady, compared with the 0.2% growth estimate, in line with May's growth.US Treasury yields fell, with the 10-year down 3.7 basis points to 4.58% and the two-year lower by 7.4 basis points to 4.19%.The probability of the Federal Reserve leaving its policy unchanged in July soared to 83% following the inflation data, from 58% a day ago, the CME FedWatch tool showed Tuesday. The likelihood of the policy pause continuing across September, October, and December also surged.Meanwhile, President Donald Trump withdrew his proposal to charge a 20% toll on cargo transiting the Strait of Hormuz, according to his social media post on Tuesday. "Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States."There will be a "FULL Blockade, but only on Ships coming to and from Iranian ports, or carrying anything have to do with Iranian cargo," Trump said on Truth Social. US Central Command says it will restart its naval blockade at 4 p.m. ET, CNN reported.The front-month global benchmark North Sea Brent rose 2.2% to $85.09 a barrel, and the US West Texas Intermediate was up 1.9% to $79.59 a barrel, albeit both crude types were off session highs.

Dow JonesNasdaq CompositeS&P 500$GS$IBM$JPM

Sector Update: Financial

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Market Chatter: Switch Taps Goldman Sachs, JPMorgan for Potential $10 Billion IPO

Switch, a data center operator, has hired Goldman Sachs (GS) and JPMorgan Chase (JPM) as lead underwriters for an initial public offering that could raise up to $10 billion as soon as Q4, valuing the company at roughly $80 billion, including debt, Reuters reported Tuesday, citing two people familiar with the matter.The size, timing and valuation are still under discussion and could still change, the people reportedly said.Switch has also held talks with private investors to raise capital at a valuation of at least $40 billion before the IPO, the report said, citing a third source.Switch, Goldman Sachs and JPMorgan did not immediately respond 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: $1128.47, Change: $+82.56, Percent Change: +7.89%

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Dow JonesNasdaq CompositeS&P 500$BAC$C$GS$IBM$JPM$WFC

Equity Markets Mostly Rise Intraday After Inflation Data, Bank Earnings

US benchmark equity indexes were mostly higher intraday as traders assessed the latest inflation data and quarterly results of banking giants.The Nasdaq Composite was up 1.1% at 26,150.9 after midday Tuesday, while the S&P 500 rose 0.5% to 7,551.2. The Dow Jones Industrial Average fell 0.1% to 52,469.6. Among sectors, technology paced the gainers, while healthcare saw the biggest drop.The US consumer price index declined 0.4% in June, its first monthly drop since May 2020 and the largest decline since April 2020, amid lower energy costs, official data showed. The consensus in a Bloomberg-compiled survey was for the index to move down by 0.1%.Annually, inflation cooled to 3.5% last month from May's 4.2%, compared with expectations for a 3.8% print."Investors and the Federal Reserve will breathe a sigh of relief at the size of the improvement in the inflation numbers last month, likely keeping an imminent rate hike off the table later this month," BMO said in a note.There's now an 83% likelihood that the Fed will keep its monetary policy unchanged at its July meeting, up from 58% Monday, according to the CME FedWatch tool. The odds of a 25-basis-point rate increase slid to 17% from 42%.US Treasury yields were lower intraday, with the two-year rate down 5.1 basis points at 4.21% and the 10-year rate falling 2.5 basis points to 4.59%.In corporate news, Goldman Sachs (GS), JPMorgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC) and Citigroup (C) all posted strong second-quarter results Tuesday.Goldman shares were up 7.7% intraday, the best performer on the Dow and the second-top gainer on the S&P 500. JPMorgan and Bank of America were also higher, while Citigroup and Wells Fargo fell.IBM (IBM) shares slumped 25%, the worst performer on the S&P 500 and the Dow. The computer and software company's preliminary second-quarter results fell short of Wall Street's expectations, with Chief Executive Arvind Krishna calling the performance "disappointing."West Texas Intermediate crude oil was up 1% at $78.88 a barrel, while Brent rose 1.5% to $84.54.US President Donald Trump said Tuesday he would no longer demand a 20% "reimbursement fee" from ships passing through the Strait of Hormuz. In a social media post, Trump said he has "decided to replace" the fee with "trade and investment deals" with Gulf countries.Amid renewed tensions in the Middle East, Trump also said a "full blockade" will be enforced on all ships coming to and from Iranian ports, while the strait remains open.Fed Chair Kevin Warsh vowed to curb high inflation straining American consumers and companies, affirming the central bank's commitment to restore price stability.Monetary policymakers "have no tolerance for persistently elevated inflation," Warsh said while speaking before a US House of Representatives committee. "If we get policy right -- and we will -- the inflation surge of the last five years will be a thing of the past."Gold was up 1.4% at $4,062.20 per troy ounce, while silver gained 1.7% to $58.96 per ounce.

Dow JonesNasdaq CompositeS&P 500$GS$IBM$JPM

Top Midday Gainers

NextCure (NXTC) will merge with privately held Avere Therapeutics in an all-stock transaction to advance Avere's lead oral IL-23 therapy, AVR-001, for inflammatory diseases, the company said.Shares catapulted 200% as intraday trading volume soared to over 101 million from a daily average of about 103,000.Shuttle Pharmaceuticals (SHPH) soared 36% after a regulatory filing showed HRT Financial bought additional shares of the firm.More than 50.1 million shares were traded intraday, compared with a daily average of about 1.1 million.Goldman Sachs' (GS) Q2 results topped analysts' estimates as a record performance in the global banking and markets business propelled revenue growth.Shares jumped 7.6%, with intraday trading volume rising to over 2.3 million from a daily average of about 2.1 million.Price: $1127.05, Change: $+81.14, Percent Change: +7.76%

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Asia Markets16d ago

Update: Nasdaq, S&P 500 Rise as Inflation Cools Most in Six Years, Trump Drops Strait of Hormuz Cargo Toll Plan

(Updates with index/price moves, macroeconomic data and company/geopolitical news from the first paragraph.)US equity indexes traded mixed, with the Nasdaq Composite and the S&P 500 gaining, as the June inflation rate fell the most in more than six years and President Donald Trump withdrew plans to impose a levy on cargo transiting the Strait of Hormuz in the Persian Gulf.The tech-heavy Nasdaq advanced 1% to 26,125.4, with the S&P 500 climbing 0.4% to 7,545.1 after midday Tuesday. The Dow Jones Industrial Average bucked the trend, slipping 0.1% to 52,429.5.Technology led gainers, while healthcare was the steepest decliner. IBM's (IBM) shares sank 25%, the steepest decline on the Dow and the S&P 500, after the tech giant issued Q2 guidance below Wall Street expectations.The US seasonally adjusted consumer price index fell by 0.4% month-over-month in June, the steepest drop since April 2020, compared with expectations for a 0.1% decrease in a Bloomberg-compiled survey and following a 0.5% increase in May, according to data released Tuesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, held steady, compared with the 0.2% growth estimate, in line with May's growth.The year-over-year rates for overall and core CPI slowed to 3.5% and 2.6%, respectively, from 4.2% and 2.9% in the previous month. The "super core", which is defined as core services excluding housing, saw the biggest sequential decline since May 2020, according to a note from Jefferies.US Treasury yields fell, with the 10-year down 2.9 basis points to 4.58% and the two-year lower by 5.7 basis points to 4.21%.Meanwhile, President Donald Trump withdrew his proposal to charge a 20% toll on cargo transiting the Strait, according to his social media post on Tuesday. "Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States."There will be a "FULL Blockade, but only on Ships coming to and from Iranian ports, or carrying anything have to do with Iranian cargo," Trump said on Truth Social.The front-month global benchmark North Sea Brent rose 1.7% to $84.69 a barrel, and the US West Texas Intermediate climbed 1.3% to $79.18 a barrel, off session highs."Resumption of tension in the Strait of Hormuz risks a reversal, but this month's [inflation] data is a step in the right direction for the Fed," Jefferies Chief US Economist said in a note.The probability of the Federal Reserve leaving its policy unchanged in July soared to 83% following the inflation data, from 58% a day ago, the CME FedWatch tool showed Tuesday. The likelihood of the policy pause continuing across September, October, and December also jumped.Further in company news, traders digested the latest round of earnings from mega-cap banks. Goldman Sachs' (GS) Q2 results topped analysts' estimates as a record performance in the global banking and markets business propelled revenue growth. Shares jumped 7.7%, the Dow's leader.JPMorgan Chase (JPM) reported Q2 results above market expectations, driven by higher investment banking fees and markets revenue. Its shares rose 1.9%, one of the Dow's top performers.

Sector Update: Financial Stocks Advance in Afternoon Trading

Financial stocks were advancing in Tuesday afternoon trading, with the NYSE Financial Index rising 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.4%.The Philadelphia Housing Index was up 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.6%.Bitcoin (BTC-USD) was gaining 3.8% to $64,643, and the yield for 10-year US Treasuries was decreasing 2.4 basis points to 4.585%.In economic news, the US seasonally adjusted consumer price index fell by 0.4% in June, compared with expectations of a 0.1% decline in a survey compiled by Bloomberg and following a 0.5% increase in May, the Bureau of Labor Statistics said Tuesday. Core CPI, which excludes food and energy prices, held steady, compared to the consensus estimate of a 0.2% gain. Core CPI rose by 0.2% in May. The year-over-year rates for headline and core CPI slowed to 3.5% and 2.6%, respectively, from 4.2% and 2.9% in May.In corporate news, Goldman Sachs' (GS) Q2 results topped Wall Street's estimates as a record performance in the global banking and markets business propelled its revenue growth. Goldman shares jumped past 7%.JPMorgan Chase (JPM) reported Q2 results above market expectations on Tuesday, driven by higher investment banking fees and markets revenue. Its shares rose 1.9%.Bank of America's (BAC) Q2 results beat Wall Street's estimates on Tuesday as increased client activity helped drive sharp gains in investment banking fees and trading revenue. Its shares climbed 1.7%.

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Wells Fargo Adjusts Goldman Sachs Price Target to $1,325 From $1,195

Goldman Sachs Group (GS) has an average rating of hold and mean price target of $1,045.20, according to analysts polled by FactSet.Price: $1122.95, Change: $+77.04, Percent Change: +7.37%

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Goldman Tops Second-Quarter Views Amid Record Global Banking, Markets Revenue

Goldman Sachs' (GS) second-quarter results topped Wall Street's estimates as a record performance in the global banking and markets business propelled its revenue growth.Earnings per share for the June quarter jumped to a record $20.98 from $10.91 a year earlier, well above the FactSet-polled consensus of $14.51. Net revenue surged 39% to $20.34 billion, while analysts expected $16.23 billion.Revenue in Goldman's global banking and markets segment jumped 53% year over year to $15.52 billion, with the equities business delivering a 72% increase to $7.42 billion. Investment banking fees grew 55% to $3.4 billion, reflecting strength in equity and debt underwriting, as well as in advisory.Large-cap corporate merger and acquisition volumes soared 90% through the first half of 2026, Chief Executive David Solomon said during an earnings conference call, according to a FactSet transcript."We have further expanded our lead as the number one M&A advisor, and earlier this year became the first bank to cross the $1 trillion in announced volumes over a six month period," Solomon said. "This long standing leadership, combined with our One Goldman Sachs operating ethos, creates a real multiplier effect."Shares of the bank were up 7.5% intraday Tuesday. The stock has risen about 28% so far this year.The equities business got a boost amid shifting market dynamics and elevated activity levels, Solomon said. "Client activity was particularly strong in Asia, driven in part by robust (artificial intelligence) capital formation and investment," he told analysts.JPMorgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC) and Citigroup (C) all posted strong second-quarter results Tuesday amid gains in markets revenue and investment banking fees.BofA Securities said last week that major US banks could top second-quarter earnings expectations on the back of capital markets activity.Revenue in Goldman's asset and wealth management segment rose 20% to $4.6 billion.Price: $1121.99, Change: $+76.08, Percent Change: +7.27%

Citigroup Second-Quarter Results Top Estimates Amid Double-Digit Revenue Growth Across Most Segments

Citigroup (C) reported stronger-than-expected second-quarter financial results Tuesday, driven by double-digit revenue growth across four of its five primary business segments.Earnings rose to $3.15 a share for the June quarter from $1.96 a year earlier, exceeding the FactSet-polled consensus of $2.74. Net revenue grew 14% to $24.77 billion, ahead of the Street's $23.74 billion view."With net income up 45%, this was Citi's best quarterly revenue in a decade with double-digit revenue growth for the firm and in four out of our five businesses," Chief Executive Jane Fraser said in a statement Tuesday.Citigroup shares were up 2% in Tuesday trade and have gained 21% this year.Markets revenue rose 17% to $7.01 billion as equity market revenue surged 45% year over year to $2.30 billion.Services business revenue climbed 18% to $6.38 billion amid an 18% gain in treasury and trade solutions and a 16% increase in securities services.Banking saw the biggest annual gain as revenue jumped 34% to $1.92 billion, buoyed by 44% growth in investment banking despite a decline in corporate lending.Wealth revenue increased 13% to $3.18 billion, while US consumer cards grew 1% to $4.52 billion.Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC) and JPMorgan Chase (JPM) posted stronger-than-expected second-quarter results Tuesday, driven by a surge in markets revenue and investment banking fees.For 2026, Citigroup said it continues to expect net interest income excluding markets to grow by 5% to 6% year over year, amid continued fee momentum in services, banking and wealth, partially offset by US consumer cards.The company's "growing earnings generation" will support a planned 12% dividend increase alongside the launch of a $30 billion share buyback program, Fraser said."The combination of our investments, disciplined execution and focus on clients is improving our returns and creating more durable results for our investors," she said.Price: $143.38, Change: $+2.67, Percent Change: +1.90%

Wells Fargo Beats Second-Quarter Estimates Amid Broad-Based Revenue Growth

Wells Fargo (WFC) joined other Wall Street banks that reported above-consensus second-quarter results on Tuesday amid broad-based revenue growth, while Chief Executive Charlie Scharf said consumers and businesses remain "very strong" despite inflation concerns.The lender posted earnings of $2 a share for the June quarter, up from $1.60 a year ago and surpassing the FactSet-polled consensus of $1.72. Overall revenue increased 9% to $22.62 billion, topping the Street's view for $21.86 billion.Net interest income rose 5% to $12.32 billion, while noninterest income climbed 13% to $10.31 billion.All of Wells Fargo's operating segments generated strong revenue growth, Scharf said in an earnings release. "We are clearly benefitting from the broad-based economic strength we see in the US, but the investments we are making and our improved operating discipline also drove strong momentum in our key business metrics across all operating segments again this quarter," he said.Wells Fargo's corporate and investment banking revenue climbed 16% to $5.43 billion, buoyed by gains of 20% and 36% in lending and investment banking, respectively. Markets revenue increased 24% from a year ago.JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS) and Citigroup (C) beat second-quarter expectation Tuesday, driven by a surge in markets revenue and investment banking fees.BofA Securities said last week that major US banks could top second-quarter earnings expectations amid gains from capital markets activity."Consumer spending is higher, charge-offs and delinquencies are lower, and savings and investments are growing across consumer segments," Scharf said. "Equity indices are at or near all-time highs, credit spreads are narrow, and there is a significant amount of liquidity being deployed by banks and non-banks. Concerns around affordability and inflation exist, but the labor market and wage growth remain strong."These favorable conditions won't persist forever "so we are being selective about how much and where to grow," Scharf said.Revenue in Wells Fargo's consumer banking and lending segment added 6% to $10.29 billion, while commercial banking revenue rose by the same percentage to $3.12 billion. The wealth and investment management division logged growth of 13% to $3.89 billion.The lender continues to project net interest income of about $50 billion for 2026, it said in an earnings presentation.Price: $88.19, Change: $+0.52, Percent Change: +0.59%

JPMorgan Second-Quarter Results Top Views as Trading, Investment Banking Drive Growth

JPMorgan Chase (JPM) reported second-quarter results above market expectations on Tuesday, driven by higher investment banking fees and markets revenue.The banking giant posted earnings of $7.70 a share for the quarter ended June, up from $5.24 a year earlier and the FactSet-polled consensus of $5.59. Consolidated revenue jumped 28% to $57.35 billion, topping the average analyst estimate of $51.09 billion."These results were the product of a particularly favorable environment with an elevated level of market activity," Chief Executive Jamie Dimon said in the earnings release. "Performance was strong across the firm, and revenue in each line of business hit a new record."Revenue in the commercial and investment banking segment advanced to $24.85 billion from $19.54 billion in the prior-year period. Investment banking revenue gained 45% to $3.9 billion on the back of fees that reached the highest level since 2021 and net gains on equity investments.Markets revenue increased 35% to $12.1 billion amid increased client activity, strong trading performance and demand for financing in equities, Dimon said.The US economy has "demonstrated notable resiliency" this year amid robust business investment and hiring, supported by tailwinds including artificial intelligence-driven capital spending, Dimon said."However, several risks are shifting below the surface like tectonic plates, including geopolitical tensions and wars, sticky inflation, large global fiscal deficits and elevated asset prices," he added.Tensions between the US and Iran recently renewed over the Strait of Hormuz, weeks after they signed a memorandum of understanding to end their war that began at the end of February.Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC) and Citigroup (C) posted stronger-than-expected second-quarter results Tuesday, driven by a surge in markets revenue and investment banking fees.BofA Securities said last week that major US banks could top second-quarter earnings expectations amid gains from capital markets activity.JPMorgan's consumer and community banking revenue rose 8% to $20.27 billion in the second quarter. Assets under management gained 18% to $5.1 trillion, boosted by higher market levels and net inflows.JPMorgan on Tuesday raised its 2026 net interest income outlook to about $105.5 billion from $103 billion. The bank now expects full-year adjusted expenses at about $107.5 billion, compared with $105 billion previously expected.Price: $341.69, Change: $+7.22, Percent Change: +2.16%

Sector Update: Financial Stocks Lean Lower Pre-Bell Tuesday

Financial stocks were leaning lower pre-bell Tuesday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.3%.The Direxion Daily Financial Bull 3X Shares (FAS) was down 0.8% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.5% higher.JPMorgan Chase (JPM) stock was down nearly 2% even after the company reported higher Q2 earnings and revenue.Goldman Sachs (GS) shares were up more than 3% after the company posted higher Q2 earnings and revenue.Bank of America (BAC) stock was up 0.2% after the company reported higher Q2 earnings and revenue.

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Dow JonesNasdaq CompositeS&P 500$AMAT$ASML$BAC$GS$IBM$JPM$LRCX$WFC

Bank of America Beats Second-Quarter Views Amid Investment Banking, Trading Gains

Bank of America's (BAC) second-quarter results beat Wall Street's estimates on Tuesday as increased client activity helped drive sharp gains in investment banking fees and trading revenue.The banking giant's per-share earnings increased to $1.21 for the June quarter from $0.90 a year earlier, surpassing the FactSet-polled consensus of $1.13. Total revenue, comprising net interest and noninterest income, rose 15% year over year to $31.56 billion, ahead of the Street's view for $30.78 billion."Every business segment reported double digit net income growth and strong returns on equity," Chief Executive Brian Moynihan said in a statement. "It was also an exceptional quarter for our markets-facing businesses, with investment banking fees up 50% year-over-year. Near-term, pipelines remain strong, and commercial borrowing has picked up."Investment banking fees totaled $2.1 billion, reflecting strength across debt underwriting, advisory and equity underwriting. That helped push the global banking segment's revenue up 10% to $6.24 billion.Global markets sales rose 34% to $8.02 billion, buoyed by a 33% jump in sales and trading revenue to $7.1 billion. The bank's equities revenue climbed 70%.JPMorgan Chase (JPM), Goldman Sachs (GS) and Wells Fargo (WFC) posted stronger-than-expected second-quarter results Tuesday, driven by a surge in markets revenue and investment banking fees.BofA Securities said last week that major US banks could top second-quarter earnings expectations amid gains from capital markets activity.Revenue in Bank of America's global wealth and investment management division advanced 16% to $6.87 billion, boosted by a 19% jump in asset management fees that reflected higher market valuations and strong asset under management flows.Bank of America's consolidated net interest income rose 9% to about $16 billion in the second quarter, while noninterest income increased to $15.56 billion from $12.77 billion in the prior-year quarter.

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Asia Markets16d ago

Update: US Equity Futures Mixed Pre-Bell as Middle East Tensions Intensify, Major US Banks Post Earnings

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were mixed pre-bell Tuesday as traders monitored the unabated rise of tensions in the Middle East, as well as the financial results of major US banks.Dow Jones Industrial Average futures were 0.4% lower, S&P 500 futures were flat, and Nasdaq futures were 0.7% higher.US Central Command completed another series of attacks against Iran on Monday night, its third consecutive wave, aiming to "continue imposing a heavy cost on Iranian forces and degrade their ability to attack innocent civilians and commercial shipping in the Strait of Hormuz," the command said in a post on X.Meanwhile, President Trump said the US is reinstating the blockade on Iranian vessels. "The U.S.A. will be, from this point forward, known as "THE GUARDIAN OF THE HORMUZ STRAIT," but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped," Trump said in a post on Truth Social.Traders digested the latest round of earnings, with JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), and Goldman Sachs Group (GS) all reporting higher Q2 earnings and revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 4.4% at $86.92 per barrel and US West Texas Intermediate crude 3.1% higher at $80.53 per barrel.The June consumer price index, released at 8:30 am ET, fell 0.4%, compared with a 0.5% gain in the previous month, and wider than an expected 0.4% decrease in a survey compiled by Bloomberg.New Federal Reserve Chair Kevin Warsh will deliver his first semi-annual monetary policy report to the House Financial Services Committee, starting at 10 am ET.Federal Reserve Governors Lisa Cook, Michael Barr, Michelle Bowman, and Chicago President Austan Goolsbee are slated to speak on Tuesday.In other world markets, Japan's Nikkei closed 0.7% higher, Hong Kong's Hang Seng ended 0.5% higher, and China's Shanghai Composite finished 1.4% higher. Meanwhile, the UK's FTSE 100 was flat, and Germany's DAX index was 0.9% lower in Europe's early afternoon session.In equities, IBM (IBM) shares fell 22% after the company said it expects Q2 earnings and revenue to be below analysts' consensus estimates. Several major US bank stocks were down after reporting Q2 financial results. JPMorgan Chase shares dropped 2.3%, Bank of America stock was down 1.8%, and Wells Fargo shares were 1.4% lower.On the winning side, stocks of ASML (ASML), Applied Materials (AMAT), and Lam Research (LRCX) rose as part of a broader rebound in the semiconductor sector after a previous sell-off. ASML shares rose 3%, Applied Materials stock was up 6.1%, and Lam Research shares were 6.1% higher. Goldman Sachs shares increased 4% after the bank posted its Q2 financial results.