JPMorgan Chase & Co. (JPM), Citigroup (C), and Wells Fargo (WFC) kicked off earnings season by reporting their first-quarter results, all topping their quarterly estimates. The Big Bank stocks have all since slid lower Friday morning.
HSBC Head of US Financials Research Saul Martinez explains the most important figures from these three major banks, including quarterly net interest income while the financial sector traverses inflation and higher for longer interest rates.
“If you think back to the first quarter, we had six rate cuts priced in. Now we have around two rate cuts. So I think there was some hope that that change in the rate outlook coupled with the fact that JPMorgan has been fairly conservative in their net interest income guidance, that that would lead to an increase in the outlook,” Martinez tells Yahoo Finance’s Morning Brief. “The tone was, in my view, was somewhat…
