Afternoon Note
The Nasdaq leads the S&P 500 and Dow, as stocks look to shake off a three-day losing streak. Eight of the 11 S&P sectors are higher, led by the mega cap names.
Financials are among the decliners. J.P. Morgan (JPM) is down 3% this afternoon after the company reported mixed earnings that missed on the bottom line. Investment banking revenue was light and there were concerns about loan growth.
S&P 500 Index |
+0.94% |
|
Communication Services XLC |
+1.55% |
|
Consumer Discretionary XLY |
+2.06% |
|
Consumer Staples XLP |
+0.31% |
|
Energy XLE |
+1.12% |
|
Financials XLF |
-0.29% |
|
Health Care XLV |
+0.27% |
|
Industrials XLI |
+0.88% |
|
Materials XLB |
+0.99% |
|
Real Estate XLRE |
+0.14% |
|
Technology XLK |
+1.45% |
|
Utilities XLU |
-0.47% |
The 10-year yield is down 5 basis points to 2.68%, and the 2-year is down 6 basis points to 2.33% with yield steepening slightly.
Tomorrow morning, bank earnings continue with Goldman Sachs (GS) reporting quarterly results. The reaction has been mixed in the last two years; however, its results have easily surpassed consensus.
GS |
Earnings Surprise |
One Day Reaction |
Jan 2022 |
-$0.95 |
-7.0% |
Oct 2021 |
+$4.82 |
+4.2% |
Jul 2021 |
+$4.79 |
-6.8% |
Apr 2021 |
+$8.38 |
+1.0% |
Jan 2021 |
+$4.61 |
-6.7% |
Oct 2020 |
+$4.11 |
-1.9% |
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