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Key Points
- Bank of America just posted better-than-expected earnings and revenue, which beat analyst expectations.
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That all follows the strong earnings we’ve seen from JPMorgan Chase, Wells Fargo, and Goldman Sachs over the last few days.
- It sounds nuts, but SoFi is giving new active invest users up to $1k in stock, see for yourself (Sponsor)
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Live Updates
Updates will appear here as they are published.
After yesterday’s massive swings, the Vanguard S&P 500 ETF (NYSEMKT: VOO) is showing big signs of life thanks to impressive earnings.
All of which overshadowed the latest trade war fiasco.
Bank of America (NYSE: BAC), for example, just posted better-than-expected earnings and revenue, which beat analyst expectations. In fact, its EPS of $1.06 was better than the anticipated 95 cents. Revenue of $28.24 billion was also better than expectations of $27.5 billion. That all follows the strong earnings we’ve seen from JPMorgan Chase, Wells Fargo, and Goldman Sachs over the last few days.
Morgan Stanley (NYSE: MS) also posted better-than-expected earnings.
EPS of $2.80 were better than estimates of $2.10. Revenue of $18.22 billion was also far better than expectations of $16.7 billion.
For now, those earnings are overshadowing the trade war.
On one side, President Trump has warned of 100% tariffs on Chinese exports by November 1, after Beijing warned of strict export controls on rare earth metals.
President Trump also threatened a cooking oil embargo on China.
“I believe that China purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers, is an Economically Hostile Act. We are considering terminating business with China having to do with Cooking Oil, and other elements of Trade, as retribution,” he wrote in a Truth Social post, as noted by CNBC. “As an example, we can easily produce Cooking Oil ourselves, we don’t need to purchase it from China.”
That news sent stocks such as Bunge Global (NYSE: BG) up about 5% in premarket. Archer-Daniels-Midland (NYSE: ADM) is up about 2.8% on that news.
Analysts at Guggenheim Just Upgraded Uber to a Buy Rating
Analysts at Guggenheim just upgraded S&P 500 component Uber (NYSE: UBER) to a buy rating with a price target of $140 a share.
“Our BUY thesis is underpinned by the company’s asset base consisting of industry-leading 1) network, 2) technology, and 3) brand equity. Uber’s multi-platform network is >3x that of next ‘Gig’ peer, with reach positioning the Rideshare leader for increased Autonomous Vehicle (AV) adoption,” said the firm, as quoted by CNBC.
Last trading at $94.25 as of Tuesday’s close, we’d like to see the ride-sharing stock initially retest its recent high of $100.18 a share.
Major Earnings Set to Hit the Market
Thursday, October 16: J.B. Hunt Transport Services (NASDAQ: JBHT), KeyCorp (NYSE: KEY), M&T Bank (NYSE: MTB), Travelers Companies (NYSE: TRV), and CSX Corp. (NASDAQ: CSX).
Friday, October 17: Fifth Third Bancorp (NASDAQ: FITB), Interactive Brokers (NASDAQ: IBKR), State Street Corp. (NYSE: STT), Truist Financial (NYSE: TFC), and American Express Company (NYSE: AXP).