Bigger banks rise while regionals slump as Q1 earnings season kicks off

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Shares in U.S. banks were a mixed bag on Friday with JPMorgan Chase soaring 7.0% after its quarterly report impressed investors while PNC Financial was among regional bank decliners after it reduced growth expectations for 2023.

, which gave loan and revenue growth guidance for 2023 that fell short of Wall Street's expectations.

PNC's net interest income, while higher than the year-ago quarter, was roughly 1% shy of the mean analyst expectation.Credit Suisse analyst Susan Katzke also noted in research that PNC's 2023 revenue guidance for growth of 4% to 5% was lower than previous expectations for 6% to 8% growth, while its estimate for average loan growth fell to a 5% to 7% range from a 6% to 8% range.shares fell 3.0%. First Republic shares fell 1.5%.

JPMorgan shares hit their highest level since early March and were on track for their biggest one-day percentage gain since November 2020. Citi shares rose 4.2% and Bank of America was up 3.0% as their investors appeared to be encouraged by JPM's news. Morgan Stanley shares rose 0.9% while Goldman shares were up 1.1%.Friday's big jump in bank stocks helped a trader reap a big gain on a timely trade in Financial Select Sector SPDR Fund'sA trader, who had bought 100,000 of the XLF April $33.5 call options for about $1.

 

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