Business & Investment

Wall Street will open higher as JP Morgan and Goldman will launch Reuters banking earnings

© Reuters.File Photo: You can see the road sign Wall Street outside the New York Stock Exchange (NYSE) in New York City, NY

Shivani Kumaresan

(Reuters)-The US stock index opens Wednesday after bright earnings reports from Goldman Sachs and JP Morgan boost investors’ expectations of a strong US backlash in a swift COVID-19 vaccination. It was set to rise.

Goldman Sachs Group Inc (NYSE :) rose 1.5% as it reported a significant increase in first-quarter profits using record-level global trading activity.

JPMorgan Chase & Co (NYSE :) shares secured more than $ 5 billion to cover coronavirus-led loan defaults, despite a nearly 400% surge in US largest bank earnings in the first quarter It fell 0.6% due to the release of reserves. ..

“It’s definitely a solid quarter (for banks). Stocks come across the news and at least the first reaction is to make a profit. I saw it at JP Morgan this morning,” said Rick Meckler, a partner at Cherry Lane. “. Investing in New Vernon, NJ.

“Investors who have invested in the banking sector are likely to be happy with the results and retain their investment in the banking sector.”

Despite the Federal Reserve Board’s promise to maintain low interest rates in the near future, the financial sector performed best in the first quarter, rising 15%.

Federal Reserve Board Chair Jerome Powell will attend an interview with the Washington, D.C. Virtual Economy Club later that day.

According to Refinitiv IBES data, first-quarter revenue for S & P 500 companies is estimated to have increased by 25% in the quarter. This will be the largest quarterly profit since 2018, when tax cuts under former President Donald Trump boosted profit growth.

Revenues of S & P 500 companies fell 12.8% in the first quarter of 2020 and 30.6% in the second quarter, according to Refinitiv’s IBES data.

At 8:32 EST, it rose 15 points (0.04%), 3.25 points (0.08%), and 39.5 points (0.28%).

The S & P 500 was a record high in the previous session as the surge in high tech stocks helped offset the impact of stronger-than-expected inflation data and the suspension of COVID use by Johnson & Johnson (NYSE :). Closed at -19 Vaccines.

Apple Inc (NASDAQ :), Alphabet (NASDAQ :) Inc, Microsoft Corp (NASDAQ :) and Tesla (NASDAQ :) Inc have risen.

Cryptocurrency and blockchain companies such as Riot Blockchain (NASDAQ :) and Marathon Digital Holdings rose 4.5% and 1.5% before Coinbase Global Inc went public on Nasdaq the day after Bitcoin hit a record high of over $ 63,000. Did.

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Wall Street will open higher as JP Morgan and Goldman will launch Reuters banking earnings Wall Street will open higher as JP Morgan and Goldman will launch Reuters banking earnings

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