Hello MarketClub members everywhere. Stocks are trading higher today as all eyes turned to Washington for Donald Trump's inauguration.
The Dow gained more than 100 points before sliding lower as Trump took office, with The Procter & Gamble Company (NYSE:PG) and International Business Machines Corporation (NYSE:IBM) contributing the most gains.
The broader stock market had rallied significantly since Trump's victory on the hopes of more government spending, lower corporate taxes and deregulation of some sectors. However, stocks have traded mostly sideways for the past month as investors look for more details about Trump's proposed policies. Which trend will prevail in the long-run?
Hello MarketClub members everywhere. J.P. Morgan Chase & Co. (NYSE:JPM) quarterly earnings pushed well past analysts' expectations, helped by double-digit growth in deposits and record credit card sales. The company reported fourth-quarter earnings of $1.71 vs. estimates of $1.44 per share on revenue of $24.333 billion. It's stock price edged higher in intraday trading this morning, but has backed off the highs this afternoon.
"Our results this quarter were a strong end to another record year, reflecting our intense client focus and solid performance across our businesses," Dimon said in a release, citing a U.S. economy that may be building momentum.
Some in the media have dubbed it, "the best quarter ever for a bank". What do you think?
Hello MarketClub members everywhere. Earning season kicks off with a trio of big banks, J.P. Morgan Chase & Co. (NYSE:JPM), Bank of America Corporation (NYSE:BAC) and Wells Fargo & Company (NYSE:WFC) are all due to release earnings on Friday. Wells Fargo will be in the spotlight after its high-profile stumbles in 2016, including the account-opening scandal that led to the ouster of its CEO and the failure to get its living will approved by regulators. Investors will be watching for how these issues are impacting the bank's financial results.
On the data side, retail sales will be eyed. The November data showed a slowdown from the previous two months. We'll see if higher consumer sentiment readings translate into a strong month for sales.