🚀 Bank Earnings

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Bank Earnings:

   1. Goldman Sachs exceeded expectations for Q3, reporting earnings of $8.40 per share on $12.7 billion in revenue, beating estimates. Profit surged 45% from a year earlier, driven by strong stock trading and investment banking results. Equities trading posted an 18% revenue increase to $3.5 billion, while investment banking revenues rose 20% to $1.87 billion, thanks to strength in debt and equity underwriting. Asset and wealth management also outperformed, contributing to the bank's solid performance amidst improving market conditions.

   2. Bank of America exceeded Q3 expectations with earnings of $0.81 per share and $25.49 billion in revenue. While net income dropped 12% to $6.9 billion due to higher loan loss provisions and rising expenses, trading results and investment banking fees provided a boost. Fixed-income trading revenue grew by 8%, and equities trading surged by 18%. Net interest income fell 2.9%, slightly beating estimates, and the bank expects improvement in this key metric. Shares rose about 2% following the report.

2. ASML shares fell 15.6% after publishing a lower-than-expected sales forecast for 2025, projecting €30-35 billion in revenue. The semiconductor equipment maker cited a slower-than-expected recovery in non-AI market segments. Additionally, net bookings for Q3 were significantly below expectations at €2.6 billion, while China’s revenue is expected to normalize at around 20% next year due to U.S. and Dutch export restrictions. Despite these challenges, analysts affirm that AI demand remains strong, with no change in the overall AI growth story.

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4. Headlines

   1. Walgreens is planning to close 1,200 stores in the next three years.

   2. Kamala Harris’ Opportunity Plan for Black Men is facing pushback over potential constitutional issues.

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