earnings season kicks off, the market looks set to open higher after several major banks have already reported better-than-expected results, a sign that the Federal Reserve’s rate cut isn’t having as big of a negative impact on financial companies as Wall Street feared.
As of 8:45 a.m. EST, S&P 500 futures were up 0.23%, while futures for the Dow Jones Industrial Average were up 0.49%.J.P.Morgan Chase shares surged Tuesday morning, after the bank reported of over $30 billion and better-than-expected profit, which was 23 cents a share higher than Wall Street estimates.also beat expectations, by 19 cents a share, with the company’s assets under management also rising 8% to just under $7 trillion, although year-over-year profits fell slightly.: The bank reported sliding profits, with earnings of $1.12 a share slightly lower than the $1.15 expected—although revenue did come in slightly higher than expected.
Citigroup’s third-quarter earnings also came in higher than expected, with both profit and revenue just beating out Wall Street estimates, thanks to strong trading results that
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