Citigroup, Bank of America and Wells Fargo advanced in overnight trading on brokerage Robinhood.24/7 New York news stream: Watch NBC 4 free wherever you are
These moves come as traders followed results trickling out on the race for the White House. Former President Donald Trump isby NBC News' count, though several key states have yet to be called. NBC did project Trump to win swing state North Carolina. Bank stocks are expected to benefit under GOP control given the party's posture toward deregulation. TD Cowen analyst Jaret Seiberg noted a pullback on Consumer Financial Protection Bureau oversight can particularly benefit finance names.
"Donald Trump is the candidate where you ignore what he says and focus on what you expect him to do," Seiberg wrote in a note to clients recently."It is why he offers the promise of deregulation for financials as his regulators are likely to roll back much of the CFPB enforcement agenda and rethink safety and soundness changes for big banks.
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