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

, 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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JPMorgan Chase reports record revenue | CNN BusinessJPMorgan Chase on Friday reported first-quarter profit and revenue that roundly beat expectations. Good for them! Now shore up your investments so that you don’t have to force taxpayers to bail you out later. Davidlaz That profit is from money that they allowed to be unlawfully, unauthorized wires and taken out of their customers accounts and refused to give back. It’s been going on for years and they still are asking for your account number and debit card information.
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