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☆ Insider Today: Big banks' cloudy forecast
▼ + stars: | 2023-10-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

AdvertisementAdvertisementIn today's big story, we're looking at why strong earnings results from some big banks weren't necessarily the big win markets were hoping for. The big storyTrouble brewingAdvertisementAdvertisementOn the surface, earnings season got off to a great start. And that could spell trouble for the broader market hoping for a banner earnings season to help it finish the year on a positive. AdvertisementAdvertisement"This may be the most dangerous time the world has seen in decades," he said in a press release announcing the bank's earnings. One market veteran predicts stocks will rally for the final stretch of the year due to a strong earnings season.

Persons: Elon Musk, Steve Jobs, Wells, Jamie Dimon, Dimon, Julian Restrepo, Emmalyse Brownstein, Mark Mason, JPMorgan's, Teresa Heitsenrether, Goldman Sachs, Jane Fraser, Fraser, Michael Siluk, there's, Walter Isaacson, Justin Sullivan, Tim Mosenfelder, Elon, Tyler Le, Noah Webster, He's, Naomi Osaka, Angela Lansbury, Sue Bird, Oscar Wilde, Bryce Harper, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Tech, JPMorgan, Citigroup, AP, Citi, Barclays, Suisse, New York Department of Labor, Getty, Wedbush Securities, Microsoft Outlook, Microsoft, Consumers, PETA, Dairy Summit Locations: Ukraine, Israel, Chicago, New York City, San Diego, London, New York

☆ CNBC Daily Open: Big banks’ big profits aren’t likely to last
▼ + stars: | 2023-10-16 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Separately, Mārtiņš Kazāks, one of the European Central Bank's more hawkish members, told CNBC he was "quite happy" with current rate levels. The bank's third-quarter earnings rocketed 60% and revenue rose 6.5% from a year earlier, boosting its shares by 3.07%. Wall Street banks like Goldman Sachs and Bank of America report earnings Tuesday, followed by regional banks — and Morgan Stanley — on Wednesday.

Persons: Mārtiņš Kazāks, Jamie Dimon, we're, Wells, Wells Fargo, Goldman Sachs, Morgan Stanley — Organizations: CNBC, Dow Jones, European, JPMorgan JPMorgan Chase's, Citigroup, Wells Fargo, Wall, U.S . West Texas Intermediate, Brent, International Energy Agency, Bank of America Locations: Israel, —

☆ KBW CEO: There's a big headwind to earnings cause of rates, but pace of deterioration is slowing
▼ + stars: | 2023-10-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKBW CEO: There's a big headwind to earnings cause of rates, but pace of deterioration is slowingKBW CEO Thomas Michaud joins 'Squawk on the Street' to discuss his thoughts on Friday's market action, whether the negative sentiment towards financials is justified, and the bifurcation between the big banks.

Persons: There's, Thomas Michaud

☆ CNBC Daily Open: JPMorgan's big profit growth isn’t likely to persist
▼ + stars: | 2023-10-16 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

What you need to know todayThe bottom lineGoing into this earnings season, analysts feared big banks' income wouldn't hold up from the previous quarters. Net interest income, in particular, was higher than expected. interest rate on their savings, and charge borrowers a high interest rate, usually pegged to the federal funds rate. On the contrary, net interest income rose from a year ago at JPMorgan and Wells Fargo , and beat expectations at Citigroup . Dimon acknowledged that his bank's "over-earning" on net interest income, a benefit that will vanish eventually.

Persons: Michael Nagle, Wells, Jamie Dimon isn't, Dimon, Larry Fink, that's Organizations: JPMorgan Chase &, Bloomberg, Getty, CNBC, . Treasury, JPMorgan, Citigroup, Nasdaq, Dow Jones Industrial, University of Michigan's Locations: New York, Wells Fargo, Ukraine, Israel

☆ One sector in China is beating the slowdown — 3 stocks to play it including one with 80% upside
▼ + stars: | 2023-10-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

After Beijing cracked down on real estate developers' high debt levels, banks and other financial institutions drastically pulled back on lending to those companies. Meanwhile, China's latest development plans have emphasized advanced manufacturing — production of goods of higher value than apparel and other lower-cost goods Chinese factories have been known for. But analysts increasingly realize that the high-growth days of real estate are over, weighing further o n the economy in the near term. Oxford Economics expects the economy to slow to a 4.4% pace in 2024 and 4.0% in 2025, dragged down by real estate. China is set to release third-quarter GDP, retail sales, industrial production and fixed asset investment on Wed., Oct. 18.

Persons: That's, hasn't, Banks, Gill, Kharas, Louise Loo, Loo, Brian Tycangco Organizations: People's Bank of China, Oxford, Stansberry Research, HSBC, World, Network Locations: China, Beijing, Oxford, Friday's

☆ ‘A scary situation’: As Wall Street assails Harvard, students worry about their futures
▼ + stars: | 2023-10-14 | by ( Melia Russell | Tim Paradis | ) www.businessinsider.com time to read: +8 min

Ackman, in his initial tweet about Harvard, said that "a number of CEOs" shared his desire to publicly out the Harvard students who condemned Israel. Other business leaders were quick to echo his calls, winning plaudits on social media. In a visit to Harvard, Insider spoke with a range of students about the backlash to the statement on Israel. It's ironic, of course, to accuse students of silencing dissent when Ackman and other business leaders are seeking to do exactly that. But now, some Harvard students fear that the backlash from the business community will have a chilling effect on student speech.

Persons: Bill Ackman, they've, Israel, Marc Rowan, Meyer Davidoff, Kalita, Eden Mendelsohn, what's, " Melia Russell, Tim Paradis Organizations: Harvard, Wall, Big Law, University of Pennsylvania, Invictus Pharmacy, LinkedIn, Birkoa Capital Management, Penn, Twitter Locations: Gaza, Silicon, Israel, Silicon Valley

☆ Major US banks show profit boost, but some caution from consumers
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +5 min

Consumers were starting to deplete savings, the banks said, and Citibank and Wells Fargo noted that losses on credit cards and other debts were starting to rise. Wells Fargo said it was seeing charge-offs, or loans written off, increasing in its credit card portfolio. "Currently, U.S. consumers and businesses generally remain healthy, although consumers are spending down their excess cash buffers," said JPMorgan CEO Jamie Dimon. JPMorgan, Citigroup and Wells Fargo, the first, third and fourth biggest U.S. lenders, respectively, also increased their outlook for NII. Shares of JPMorgan and Wells Fargo rose between 1% and 3%.

Persons: Shannon Stapleton, Wells Fargo, Jane Fraser, Wells, Charlie Scharf, Scharf, JPMorgan Chase, Jamie Dimon, Eric Kuby, Dimon, PNC's NII, Rick Meckler, Saeed Azhar, Nupur Anand, Lewis Krauskopf, Tatiana Bautzer, Sinead Carew, Niket, Manya Saini, Noor Zainab Hussain, Jaiveer Shekhawat, Pritam Biswas, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, JPMorgan, Federal, Consumers, Citibank, Valley Bank, Citigroup, U.S, PNC Financial Services, delinquencies, Bank, Citi, North Star Investment Management Corp, JPMorgan Chase, PNC, Cherry Lane Investments, Thomson Locations: New York, Major U.S, Wells Fargo, U.S, Chicago, Wells, Bengaluru, San Francisco

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSummaryCompanies Wells Fargo gains as Q3 profit risesJPMorgan Q3 profit rises on interest income boostBlackRock reports Q3 profit growthUnitedHealth gains on Q3 profit beatFutures: Dow flat, S&P down 0.18%, Nasdaq down 0.43%Oct 13 (Reuters) - Futures tracking Wall Street's main indexes fell on Friday as investors assessed earnings from big U.S. banks, while Treasury yields eased following a spike in the previous session. JPMorgan Chase(JPM.N), the biggest U.S. bank, posted a jump in third-quarter profit as higher interest rates boosted its income from loans. BlackRock (BLK.N) reported a 13% rise in third-quarter profit on a rebound in markets. UnitedHealth (UNH.N) advanced 2.5% after beating third-quarter profit estimates, helped by lower-than-expected medical costs for the healthcare conglomerate. Traders put the chance of interest rates remaining unchanged in November and December at around 92% and around 69%, respectively, according to CME's FedWatch tool.

Persons: Brendan McDermid, JPMorgan Chase, Wells Fargo, Rob Swanke, Patrick Harker, Susan Collins, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Ankika Biswas, Saumyadeb Organizations: New York Stock Exchange, REUTERS, Companies Wells, JPMorgan, BlackRock, Dow, Nasdaq, U.S, Citigroup, Commonwealth Financial Network, Fed Bank of Philadelphia, Federal Reserve Bank of Boston, Traders, University of Michigan's, Dow e, Investors, Hamas, Exxon Mobil, Chevron, Callon Petroleum, Occidental Petroleum, Dollar, Boeing, Thomson Locations: New York City, U.S, BLK.N, Israel, Gaza City, Bengaluru

☆ Futures edge lower ahead of big bank earnings
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

SummaryCompanies Futures down: Dow 0.02%, S&P 0.11%, Nasdaq 0.25%Oct 13 (Reuters) - Futures tracking Wall Street's main stock indexes edged lower on Friday as investors looked ahead to earnings reports from big U.S. banks, while Treasury yields eased after a spike in the previous session. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) are scheduled to report quarterly numbers before the opening bell. Asset manager BlackRock (BLK.N), health insurer UnitedHealth Group (UNH.N) and regional lender PNC Financial (PNC.N) are also slated to report earnings. Remarks from Fed Bank of Philadelphia President Patrick Harker, a voting member on the rate-setting Federal Open Market Committee (FOMC) this year, would also be on investors' radar during the day. On the data front, a preliminary estimate of the University of Michigan's October Consumer Sentiment Index is due at 10 a.m.

Persons: JPMorgan Chase, Rob Swanke, Patrick Harker, Susan Collins, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Saumyadeb Organizations: Dow, Nasdaq, JPMorgan, Citigroup, BlackRock, UnitedHealth, PNC Financial, Commonwealth Financial Network, Fed Bank of New, Fed Bank of Philadelphia, Market, Federal Reserve Bank of Boston, Traders, Treasury, University of Michigan's, Dow e, Hamas, Thomson Locations: Wells Fargo, Fed Bank of New York, U.S, Israel, Gaza City, Bengaluru

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Persons: Dow Jones

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) rose between 3% and 5% after trouncing quarterly profit estimates as they benefited from higher interest rates. The S&P 500 Banks index (.SPXBK) gained 3.2%, hitting a three-week high. Options traders are bracing for larger-than-usual post-earnings stock price swings for some U.S. banks, despite signs of cooling volatility in broader markets, options data showed. The energy sector (.SPNY) tracked a more than 3% jump in crude prices and led the gains among S&P 500 sectors.

Persons: Brendan McDermid, Wells, JPMorgan Chase, Wells Fargo, Stuart Cole, Cole, Patrick Harker, Investors, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Ankika Biswas, Saumyadeb Chakrabarty, Shounak Dasgupta, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Companies JPMorgan, Citigroup, Dow, Nasdaq, JPMorgan, Citi, Equiti, BlackRock, Federal Reserve Bank of Philadelphia, Dow Jones, Hamas, Dollar, Boeing, NYSE, Thomson Locations: New York City, U.S, Wells Fargo, Israel, Gaza City, Bengaluru

☆ Morning Bid: A spooky Friday 13 for bonds?
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets by Dhara Ranasinghe. Investors in U.S. Treasuries have good reason to feel on edge on a day (Friday 13) many consider unlucky, according to Western superstition. For the rest of the day, it's earnings - bank earnings to be specific - that move into the market spotlight. Judging by trade in the options markets, traders are positioning for larger-than-usual share swings after the earnings, especially in Wells Fargo.

Persons: Brendan McDermid, Dhara Ranasinghe, Biden, Patrick Harker, Hugh Lawson Organizations: New York Stock Exchange, REUTERS, Dhara, Federal, JPMorgan Chase, Citigroup, U.S, University of Michigan, Reserve Bank of Philadelphia, JPMorgan, Wells, Thomson, Reuters Locations: New York City, U.S, Israel, West, China, Wells Fargo

☆ PNC Financial to cut jobs after profit drops, revenue misses estimates
▼ + stars: | 2023-10-13 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +2 min

[1/2] A person walks past a branch of PNC Bank, a subsidiary of PNC Financial Services Group, in Washington, U.S. April 30, 2023. REUTERS/Ashraf Fahim/File Photo Acquire Licensing RightsOct 13 (Reuters) - PNC Financial Services Group (PNC.N) said on Friday it has started reducing its staff by about 4% as part of a cost-cut initiative after the U.S. lender's third-quarter profit declined and revenue missed estimates. Average deposits at the bank fell 3.8%, to $422.5 billion. PNC posted a profit of $3.60 per share, compared to analysts' estimate of a profit of $3.11 per share, according to LSEG IBES data. Its third-quarter NII fell 1.6% from a year earlier.

Persons: Ashraf Fahim, Timothy Coffey, Janney Montgomery Scott, Scott, Jaiveer Shekhawat, Pritam Biswas, Pooja Desai, Sriraj Kalluvila, Vinay Dwivedi Organizations: PNC Bank, PNC Financial Services Group, REUTERS, PNC Financial Services, U.S, PNC, Thomson Locations: Washington , U.S, Pittsburgh, Bengaluru

Germany's property sector is in stress, underscoring a major change of fortune for real estate in Europe's largest economy after an end to the era of cheap money. REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsFRANKFURT, Oct. 13 (Reuters) - German Chancellor Olaf Scholz is facing fresh demands to stem a property crisis in Europe's largest economy after a recent summit aimed at rescuing the sector disbanded in acrimony. The industry's demands reflect alarm that Germany is being sucked further into a global property rout that has been most acutely felt in China. There is also concern that the government is dragging its feet after a contentious industry meeting with the chancellor on Sept. 25. The number of people employed in the building sector has begun to drop for the first time in a decade.

Persons: Kai Pfaffenbach, Olaf Scholz, Wolfgang Schubert, Raab, Schubert, Nicole Razavi, Scholz, Francesco Fedele, Kirsten Donovan Organizations: REUTERS, Rights, Reuters, International Monetary Fund, chancellery, Thomson Locations: Frankfurt, Germany, Germany's, Europe's, China, Razavi, United States

☆ European stocks lower ahead of U.S. earnings releases
▼ + stars: | 2023-10-13 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The regional Stoxx 600 was down 0.7% as most sectors fell into the red. Only oil and gas stocks were higher, by 1.3%, as crude prices rose sharply. European stock markets were lower Friday afternoon as sentiment falters on fresh U.S. inflation data. However, both U.S. producer price and consumer price index readings have since come in slightly higher than expected. Inflation figures for France and Spain out FridayAsia-Pacific stocks were lower as the consumer price index in China — where the concern is deflation — came in flat, below estimates for 0.2% growth.

Persons: Raphael Bostic Organizations: Global, U.S . Federal Reserve, Bank of Atlanta, Friday Locations: Israel, U.S, France, Spain, Friday Asia, Pacific, China —

☆ Jim Cramer digs deeper into Big Bank earnings from this week
▼ + stars: | 2023-10-13 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Jim Cramer digs deeper into Big Bank earnings from this week'Mad Money' host Jim Cramer gives his take on bank earnings and how the sector has performed this year.

Persons: Jim Cramer Organizations: Big Bank

A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsWASHINGTON, Oct 13 (Reuters) - Big bank executives warned a number of products and services could become uneconomical if new proposed bank capital hikes are adopted as written, but said they were hopeful they could win some changes. Citi Chief Financial Officer Mark Mason said the proposal would lead to a 16% to 20% increase in the bank's capital. The bank is reviewing products and operations, he said, highlighting equity investments, which will also be deemed much riskier under the rules. Citi is also reviewing credit products and where they may need to reprice those, and whether they need to restructure any of their markets positions.

Persons: Brendan McDermid, Jeremy Barnum, Barnum, Michael Barr, Banks, Mark Mason, Mason, Wells, Michael Santomassimo, Santomassimo, Tatiana Bautzer Organizations: Citi, Citigroup, New York Stock Exchange, REUTERS, Rights, Big, JPMorgan, . Federal, Basel III, Thomson Locations: Wells Fargo, Basel

☆ Wells Fargo remains a stock to own, as the bank reports stellar quarterly results
▼ + stars: | 2023-10-13 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Bottom line Wells Fargo's quarterly revenue outpaced expectations on the back of better-than-expected results for both net interest income (NII) and non-interest income. Middle-market banking revenue increased 23% year-over-year, as higher interest rates and loan balances were only partially offset by lower deposits. Asset-based lending and leasing revenue was up 3% annually, a result of loan growth and increased revenue from renewable energy investments. Total banking revenues increased 20% year-over-year, a result of higher rates and lending revenues, along with "higher investment banking revenue on increased activity across all products." Commercial real estate revenue increased 14% year-over-year, due to higher rates and revenue growth in the firm's low-income housing business.

Persons: Wells, Wells Fargo, we've, Charlie Scharf, Wall, Scharf, NII, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Wells, Basel III, Management, Consumer, Auto, CNBC, Wells Fargo Bank Locations: Wells Fargo, Basel, U.S, San Bruno , California

☆ Big bank earnings results 'prove the resiliency of their business models': Baird's David George
▼ + stars: | 2023-10-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBig bank earnings results 'prove the resiliency of their business models': Baird's David GeorgeDavid George, Baird senior analyst, joins 'Squawk Box' to discuss the quarterly earnings results from big banks, what the key takeaways are for investors, state of regional banks, and more.

Persons: Baird's David George David George, Baird

After many companies were wrongfooted by the speed and breadth of prohibitions on Russia, banks are drawing up contingency plans in case geopolitical tensions between the West and China escalate, seven finance industry sources said. The U.S. Treasury Department, which runs the Office of Financial Sanctions Implementation, Britain's Foreign Office and Barclays did not respond to requests for comment. Three senior London-based bankers, who declined to be named because they were not authorised to speak publicly, said their boards had discussed the possibility of stronger Western sanctions on China in future. Scenarios from major cyber-attacks through to a military intervention in Taiwan could potentially trigger further prohibitions on China, one lawyer who advises banks said. One of the bankers said sanctions on Russia had "removed naivety" among businesses and prompted the industry to think more deeply about China risks.

Persons: Neil Whiley, Whiley, Xi Jinping, Joe Biden, Leigh Hansson, Reed Smith, Banks, Biden, Sinead Cruise, Stefania Spezzati, Lawrence White, Michelle Price, Catherine Evans Organizations: Banking, UK Finance Bank, British, Reuters, UK Finance, HSBC, Barclays, JPMorgan, U.S . Treasury Department, Office, Communications, Standard Chartered, Standard, London underwriters, Thomson Locations: China, Western, Britain, U.S, Russia, West, Taiwan, Beijing, London, Ukraine, United States, British, Asia, Washington

After the data, the S&P 500 spent the morning zig-zagging between red and green. U.S. benchmark 10-year yields rose after the inflation data and rose further to hit a session high after the auction. The rise in yields particularly pressured rate-sensitive sectors such as utilities (.SPLRCU) and real estate (.SPLRCR), often viewed as bond proxies. Homebuilding stocks fell after the data and came under more pressure after the afternoon increase in bond yields. Traders now expect a stronger chance the Fed will end up delivering another interest-rate hike this year, and keep rates higher for longer next year.

Persons: Brendan McDermid, Treasuries, Michael James, James, Susan Collins, Israel, Sinéad Carew, Amruta, Shashwat Chauhan, Ankika Biswas, Johann M Cherian, Arun Koyyur, Shounak Dasgupta, Maju Samuel, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, U.S, Treasury, Wedbush Securities, Nasdaq, Dow Jones, Traders, Boston, Market, JPMorgan Chase, Citigroup, Ford, United Auto Workers, UAW, Thomson Locations: New York City, U.S, Los Angeles, Gaza, Wells Fargo, New York, Bengaluru

☆ Options traders see larger-than-usual stock swings as banks report results
▼ + stars: | 2023-10-12 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +2 min

REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Oct 12 (Reuters) - Options traders are braced for larger-than-usual post-earnings stock price swings for some U.S. banks, despite signs of cooling volatility in broader markets, options data showed. Big banks, including JPMorgan (JPM.N), Wells Fargo (WFC.N) and Citigroup Inc (C.N) are set to report financial results on Friday, with others, including Goldman Sachs (GS.N) and Morgan Stanley (MS.N), due next week. The biggest U.S. consumer lenders are set to post higher third-quarter profits, in contrast with investment banks still facing a dealmaking slump, analysts said. Options data shows traders braced for a larger-than-usual post-earnings move from Wells Fargo in particular. The options-implied earnings move for Goldman Sachs, Morgan Stanley, Bank of America (BAC.N) and Citigroup also signal a larger-than-usual post-earnings swing, data from Trade Alert showed.

Persons: JP Morgan Chase, Mike Segar, Goldman Sachs, Morgan Stanley, Mike Santomassimo, Steve Sosnick, Saqib Iqbal Ahmed, Richard Chang Organizations: JP, Co, REUTERS, JPMorgan, Citigroup Inc, U.S, Traders, Bank of America, Citigroup, Trade, Interactive, Thomson Locations: New York, Wells Fargo

☆ Bank earnings kick off with JPMorgan, Wells Fargo amid concerns about rising rates, bad loans
▼ + stars: | 2023-10-12 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

Just as they did during the March regional banking crisis, higher rates are expected to lead to a jump in losses on banks' bond portfolios and contribute to funding pressures as institutions are forced to pay higher rates for deposits. The issue constrains the bank's interest revenue and has made the lender the worst stock performer this year among the top six U.S. institutions. Expectations on the impact of higher rates on banks' balance sheets varied. Still, others including KBW and UBS analysts said that other factors could soften the capital hit from higher rates for most of the industry. There's also concern that higher interest rates will result in ballooning losses in commercial real estate and industrial loans.

Persons: Jamie Dimon, Marco Bello, Christopher McGratty, David Konrad, McGratty, Morgan Stanley, Betsy Graseck, Konrad, Gerard Cassidy Organizations: JPMorgan Chase &, Reuters, JPMorgan Chase, Citigroup, Bank, Silicon Valley Bank, First, Bank of America, Comerica, Fifth Third Bank, KeyBank, UBS, RBC Locations: Miami , Florida, U.S, Wells Fargo, Silicon, First Republic

☆ Wall Street needs a boost from earnings. Can JPMorgan Chase run a strong first leg?
▼ + stars: | 2023-10-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Analysts expect a 0.4% year-over-year decline in third-quarter earnings for companies in the S&P 500 index, according to FactSet. Analysts expect America’s biggest bank to report earnings per share of $3.90 and revenue of $39.57 billion for the third quarter, according to Refinitiv. Citigroup, Wells Fargo and BlackRock also report earnings Friday. “Our children are in crisis, and it is up to us to save them,” Hochul said, comparing social media algorithms to cigarettes and alcohol. Those who opt out would receive chronological feeds instead, like in the early days of social media.

Persons: ”, Michael Arone, Jay Hatfield, ” Hatfield, Banks, JPMorgan Chase, Jamie Dimon, Dimon, Wells, Chris Isidore, Darren Woods, Read, Kathy Hochul, Letitia James, Michael Mulgrew, Sen, Andrew Gounardes, Nily, “, ” Hochul, Athena Jones, Brian Fung Organizations: CNN Business, Bell, CNN, Investors, State Street Global Advisors, stoke, Infrastructure Capital Management, JPMorgan Chase, JPMorgan, First, Bank, Citigroup, ExxonMobil, Natural Resources, Midland Basins, New York Gov, New York, United Federation of Teachers Manhattan, New Locations: Wells Fargo, BlackRock, United States, Midland , Texas, Delaware, Midland, New York

☆ Cramer examines the consumer price index report, says inflation was 'slightly too hot'
▼ + stars: | 2023-10-12 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer gave his take on Thursday's consumer price index report for September. "In the end, the CPI report wasn't great but it wasn't that bad either, and investors kept their composure, taking the slightly too hot inflation number in stride," he said. In September, CPI increased 0.4% month over month and 3.7% year over year, slightly higher than Wall Street estimates. Cramer highlighted one category in the report: services excluding energy, which was up 5.7% from September 2022. Cramer also said mortgage rates edging toward 8% will affect the price of homes and eventually filter down to rent.

Persons: CNBC's Jim Cramer, Cramer, nonfarm, —, I'm, we've Organizations: Wall

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