Market Commentary
JPMorgan (JPM), Citigroup (C), Wells Fargo (WFC) and PNC (PNC) all reported earnings this morning. They all beat consensus earnings except WFC, whose earnings and revenue fell in the wake of its loan scandal. On the surface, excluding WFC, the earnings looked good, yet, the action in the group says otherwise, for now. The KWB Bank Index, BKX, is trading lower by 0.81%.
JPM CEO, Jaime Dimon, commented, “We see good global economic growth, particularly in the U.S., where consumer and business sentiment is high. Because of this broad growth and the strong underlying performance across each of our businesses, the company delivered record results this quarter. We also want to acknowledge that global competition is getting stronger.” He further went on to say that the U.S. consumer is healthy, business sentiment is high and that trade war fears are affecting psyche but not activity.
Consumer Sentiment
University of Michigan consumer sentiment echoed comments made by Jaime Dimon that trade war fears are affecting consumer psyche. The index fell to a reading of 97.1 in July, below the prior month’s
98.2 reading. The July reading was near the twelve-month average of 97.7. Negative concerns surrounding tariffs have risen from 15% in May to 38% in July.
Interestingly, the Index of Consumer Expectations rose to 86.4 from 86.3 month over month, while the Current Economic Conditions fell from 116.5 to 113.9. Surveys of Consumers chief economist, Richard Curtin, commented that “While consumers may not understand the intricacies of trade theory, they have substantial experience making decisions about the timing of discretionary purchases based on prospective trends in prices.”
The Fed
Fed Chair Jerome Powell will appear before House and Senate committees next week. Today, the Fed released highlights from the transcript for those meetings:
All the major indices are in the green. Equities initially extended the rally but have given some of the gains back as the information contained in the release is old news. Advancers outpace decliners 1624/1191 on the NYSE and 1389/1325 on the Nasdaq.
Have a great weekend.
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