Bradley Keoun covers markets and finance for TheStreet.
A former reporter and editor for Bloomberg News in New York and Mexico City, he covered the financial crisis of 2008 and has written about U.S. banks, the energy industry and emerging markets.
Keoun, who previously worked for the Gainesville (Fla.) Sun and Chicago Tribune, has a master's in journalism from the University of Florida and a bachelor's in electrical engineering from Duke University. You can reach him at email@example.com and follow him on Twitter @liqquidity.
Bank of America said second-quarter profit rose 8% from a year earlier to $7.3 billion. Earnings per share were 74 cents, exceeding the 71-cent average estimate of Wall Street analysts.
Federal Reserve Chair Jerome Powell says 'uncertainties about the outlook have increased,' as many traders bet that the central bank will cut U.S. interest rates later this month for the first time since before the 2008 financial crisis.
Retail sales rise by 0.4% in June, a government report shows. Economists had projected an increase of 0.2% from May levels.
Goldman Sachs said second-quarter profit fell by 6% from a year earlier to $2.42 billion. Earnings per share were $5.81, exceeding the $4.89 average estimate of Wall Street analysts.
JPMorgan said second-quarter profit rose 16% from a year earlier to $9.65 billion. Earnings per share were $2.82, or $2.59 excluding a big benefit from tax credits. On that basis, the figure exceeded the $2.50 average estimate of Wall Street analysts.
Citigroup CFO Mark Mason said on a conference call that its quarterly lending revenue would be about $50 million lower if the Fed cuts official U.S. interest rates by 0.25 percentage point.
Citigroup said second-quarter profit rose 7% from a year earlier to $4.8 billion. Earnings per share were $1.95, though that figure included an accounting gain of $350 million on an investment in an electronic trading platform. Excluding unusual items, earnings per share were $1.83, exceeding the $1.81 average estimate of Wall Street analysts.
Big Wall Street firms like JPMorgan Chase, Citigroup and Goldman Sachs, which are scheduled to release their second-quarter results next week, probably suffered revenue declines in their juggernaut bond- and stock-trading divisions, analysts say.
Prices on consumer purchases, excluding food and energy, rise by 0.3% in June after gaining 0.1% in May, a report from the Labor Department's Bureau of Labor Statistics shows.
Bank of America economists last week had projected that the Federal Reserve wouldn't cut interest rates at a meeting later this month - a remarkable out-of-consensus call by the second-largest U.S. bank. But after Fed Chairman Jerome Powell's testimony on Wednesday before the House of Representatives, the economists now say there's little point in resisting the central bank's apparent resolve to move forward with a reduction.
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