Daily Market Update
with JJ Kinahan

5 min read

Goldman Sachs Reports a Miss as Investor Fear Rises on Oil Prices and Interest Rates

JJ Kinahan, Chief Market Strategist, TD Ameritrade

(Tuesday Market Open) Equity index futures are pointing to a lower open and are not being helped by earnings announcements from major financial companies. Goldman Sachs (GS) reported lower-than-expected earnings despite stronger-than-expected revenue. Meanwhile, PNC Financial (PNC) missed on revenue, but beat on earnings. Truist Financial (TFC) beat on earnings and hit the revenue estimate on the nose. Finally, Bank of NY Mellon (BK) beat on both top and bottom line numbers. The respective stock prices are mixed in premarket trading. Goldman was down 3.76%, PNC was also down 0.20%, Truist was up 0.13%, and Mellon fell 0.96%.

Financials were expected to see higher profits because of favorable interest rates. However, Goldman saw a 13% decline profit. Like JP Morgan (JPM) and Citigroup (C) last week, Goldman saw a boost in investment banking revenue from mergers and acquisitions. But revenue from stock trading was down in the previous quarter and bond trading revenue was flat.

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