Wall Street Earnings: Major Banks Kick Off Q3 Results Season
The third-quarter earnings season is underway, and Wall Street’s biggest banks are taking center stage as investors look for clues about the strength of the U.S. economy heading into year-end.
Analysts expect S&P 500 companies to post a 7.9% rise in earnings per share compared to last year, according to FactSet data. While that would mark the ninth consecutive quarter of profit growth, it also reflects a slowdown from the 12% earnings surge seen in Q2.
The action began Tuesday with results from JPMorgan Chase, Goldman Sachs, Wells Fargo, Citigroup, and BlackRock, setting the tone for what could be a pivotal week for the markets. These reports will provide investors with an early look at how higher interest rates, shifting consumer behavior, and cooling inflation have affected both the financial sector and the broader economy.
On Wednesday, the spotlight turns to Bank of America, Morgan Stanley, PNC Financial, Synchrony Financial, and Citizens Financial Group, while Thursday will bring updates from Charles Schwab, BNY Mellon, and U.S. Bancorp.
Citigroup reported a stronger-than-expected quarter, with revenue rising 9% to $22.1 billion and net income climbing to $3.8 billion. The bank credited broad gains across all divisions and highlighted record results in its Services and Markets units.
Beyond finance, the week features a packed schedule with major names across multiple industries, including Johnson & Johnson, Domino’s Pizza, Abbott Laboratories, United Airlines, Prologis, Infosys, and Taiwan Semiconductor Manufacturing Company (TSMC) – whose results will offer insight into global demand for semiconductors.
As the earnings parade unfolds, traders will be watching for signs of how resilient corporate America remains in the face of slower growth and a shifting rate environment. Early reactions from the major banks could help shape sentiment for the entire reporting season.
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