Stock futures (YM=F, ES=F, NQ=F) are trading lower on Friday as earnings results from major banks, including JPMorgan (JPM), Wells Fargo (WFC), and Citigroup (C), have disappointed investors. To discuss the market outlook following these earnings, IG North America CEO JJ Kinahan joins The Morning Brief.
Focusing on JPMorgan's earnings specifically, Kinahan says the stock fell due to "some of the statements that came out around it." He notes that JPMorgan CEO Jamie Dimon stated the bank was under pressure due to "factors that were out of their control" and was preparing "for a large variety of outcomes." As markets hope earnings season will carry stocks to the upside, Kinahan explains that with "so much going on in the macroeconomic environment" combined with rate cut uncertainty, "the market is struggling."
Kinahan suggests that if interest rates remain unchanged, markets may be able to "stay in a trading range." However, he expresses concern about the performance of the "Magnificent Seven" tech giants, which he now sees as the "magnificent two or three," with Microsoft (MSFT) and Amazon (AMZN) potentially emerging as the top performers despite the high-rate environment.
#youtube #banks #stocks
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
- Get the latest news and data at finance.yahoo.com
- Download the Yahoo Finance app on Apple ([ Ссылка ]) or Android ([ Ссылка ])
- Follow Yahoo Finance on social:
X: [ Ссылка ]
Instagram: [ Ссылка ]
TikTok: [ Ссылка ]
Facebook: [ Ссылка ]
LinkedIn: [ Ссылка ]
