The Club's top 10 things to watch in the stock market Wednesday
CNBC • • business
Key Points:
- The S&P 500 was expected to open lower following disappointing bank earnings, including JPMorgan’s weak investment banking fees, which also negatively impacted Wells Fargo and Goldman Sachs shares.
- Wells Fargo missed revenue expectations slightly, causing its stock to drop 2.5%, despite earnings per share beating estimates and a $5 billion share buyback; its 2026 net interest income and expenses are forecasted just below consensus.
- Bank of America reported strong Q4 results with revenue and EPS surpassing estimates, driven by a 9.7% rise in net interest income and positive equities trading, while Citigroup also beat expectations amid ongoing restructuring efforts.
- Mortgage rates fell to 6.18%, the lowest since 2022
