• Ocwen2.71+0.04 +1.50%
  • Zillow42.87-0.36 -0.83%
  • Trulia47+0 +0%
  • NationStar17.37-0.19 -1.08%
  • CoreLogic41.81+0.10 +0.24%
  • RE/MAX55.25-0.40 -0.72%
  • Fannie Mae2.81+0.08 +2.93%
  • Freddie Mac2.675+0.055 +2.099%
  • Wells Fargo53.02-0.72 -1.34%
  • CitiMortgage61.07+0.37 +0.61%
  • Bank of America24.00-0.07 -0.29%
  • Lennar50.39-0.60 -1.18%
  • Fidelity National Financial40.39-0.08 -0.20%
  • D.R. Horton33.07-0.18 -0.54%
  • PulteGroup22.75-0.27 -1.17%
  • First American41.66-0.40 -0.95%
  • BKFS39.10+0.20 +0.51%
  • AUDUSD=X0.7384+0.0006 +0.0745%
  • USDJPY=X113.2800-0.5410 -0.4753%
To show sotck chart
Home >> Daily Dose >> What Happened to the Financial Market?
Print This Post Print This Post

What Happened to the Financial Market?

Wells Fargo, Citigroup, and JPMorgan Chase all reported their second quarter financial earnings on Friday before the market opened in the morning; but, despite reporting earnings and total revenue greater than initial market expectations, the financial market took a broad hit.

JPMorgan Chase reported a record quarter, which Fortune contributes to the Fed’s three separate rate hikes. In terms of income, the bank’s numbers rose to $1.82 per share, significantly higher than the expected earnings of $1.57 cents per share. Total revenue was over 4 percent above the forecast: $26.4 billion instead of $24.8 billion. Profits were up 13 percent to 7.03 billion. The bank elected to keep dividends at $0.50 per share, despite go-aheads for higher payouts after successfully completing the recent stress test.

Wells Fargo also reported higher than expected earnings for the second quarter, at $1.07 per share, five cents above the expected $1.01 per share earnings, and a 5 percent increase year-over-year. Their revenue report, however, did not live up to expectations, falling shy of the forecasting $22.5 billion and coming in at $22.2 billion.

Citigroup reported greater numbers than expected in both revenue and price per share. While it was expected to report $1.21 per share earnings, the bank reported $1.28 per share, which is a five-cent increase since Q2 of 2016. It also reported a revenue of $17.9 billion when it was only expected to report $17.3 billion.

At time of press, Bank of American showed a -2.01 percent change, while Wells Fargo was down 1.93 percent. PNC’s stock fell 1.20 percent, and Citigroup was down 0.88 percent, whereas U.S. Bancorp took a hit at as well, at 0.69 percent.

Bank of America will report their Q2 earnings on Tuesday, July 18.

About Author: Joey Pizzolato

Profile photo of Joey
Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected]

Leave a Reply

Your email address will not be published. Required fields are marked *

*

Scroll To Top