Big banks post strong Q3 profits, but warn higher rates and inflation could bite
- September consumer prices rose 3.7% year-on-year, exceeding the 3.6% economists expected, according to the Labor Department, sending major indices lower as Treasury yields surged.
- Core inflation, stripping out volatile food and energy costs, topped forecasts at 2.6% versus 2.5% expected. Skyler Weinand, chief investment officer at Regan Capital, commented that "inflation is stubborn and moving in the wrong direction."
- Investor expectations of a quarter-point rate hike at this month's Federal Reserve meeting nearly doubled to 44 percent, according to CME Fedwatch, pressuring rate-sensitive stocks like Rocket, Hudbay, and Wayfair.
- Treasury yields reacted sharply, with the 10-year yield rising 7 basis points to 5.29%, while gold prices fell 1.1% to $4,116 as higher rates reduced the non-interest-paying asset's appeal.
- Annual headline inflation reached its highest level since May, prompting eToro analyst Bret Kenwell to note traders may "reassess the odds of a Fed rate hike later this month." The Federal Reserve meets October 27-28.
256 Articles
256 Articles
Oskaloosa Herald
US futures mostly higher as Wall Street braces for latest consumer inflation report
U.S. futures are mostly higher as Wall Street braces for one of the last price reports the government will issue before the midterm elections. Consumer prices are forecast to have risen 3.6% in September compared with a year earlier, up…
Asia and Pacific grants contrasted despite the resumption of semiconductor securities. To affect high oil prices and caution in view of the inflation data in the United States that limited earnings. (ANSA)
![[your]NEWS](/_next/image?url=https%3A%2F%2Fgroundnews.b-cdn.net%2Finterests%2Ffb6dc495f74049f513563c33352175eaa0ecd509.jpg%3Fwidth%3D24&w=64&q=75){kind=small}
Nasdaq Slips as Chip Stocks Extend Losing Streak and Bank Earnings Deliver Mixed Results
Wall Street ended Tuesday slightly lower as semiconductor stocks continued their retreat, while mixed earnings from major banks and concerns about artificial intelligence spending weighed ... The post Nasdaq Slips as Chip Stocks Extend Losing Streak and Bank Earnings Deliver Mixed Results first appeared on [your]NEWS.
The major American banks Goldman Sachs, Citigroup, and Wells Fargo released quarterly figures that were better than expected. The three banks benefited primarily from increased earnings from equities. JPMorgan Chase, however, disappointed and reported figures that were lower than expected. Traditionally, the major banks mark the start of the earnings season.
Coverage Details
Bias Distribution
- 50% of the sources are Center
![[your]NEWS](/_next/image?url=https%3A%2F%2Fgroundnews.b-cdn.net%2Finterests%2Ffb6dc495f74049f513563c33352175eaa0ecd509.jpg%3Fwidth%3D60&w=128&q=75)
Factuality
To view factuality data please Upgrade to Premium
