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Good humor prevails today in the US stock markets. USA, with the Dow jumping over 500 extra points. Investors appear to have breathed a little bit of concerns about the coronavirus and are focusing more on corporate flash reporting as the quarterly reporting season has begun in the United States.
The banking sector is starting the line again, and today, in the pre-opening trade, two big US ones. The US, JP Morgan and Wells Fargo, also released their quarterly figures.
- At just 1 cent, EPS per share for Wells Fargo 2020 was in the first quarter of 2020, well below analyst expectations and last year’s base as well. The great bank of the United States had revenues of $ 17.72 billion for the quarter, below $ 1.5 billion of expectations. Wells Fargo shares fell 4.5 percent in trading today.
- JP Morgan’s earnings per share were less than half of what the market had expected. The bank was disappointed not only in terms of earnings but also in terms of revenue. The picture is nuanced by the fact that the bank had a much stronger reserve than expected due to the coronavirus, so its profits fell so much. However, the JP Morgan exchange rate falls, falling 3.5 percent in today’s trading.
Among benchmarks, the Dow is up 2.3 percent, the S&P 500 is up 2.8 percent and overweight Nasdaq technology is outpacing its 3.7 percent gain.
From the tech docs, Amazon has rocketed to a new all-time high today, after the company is also growing in a closed economy due to the coronavirus. The company reported Monday that it will increase its workforce by another 75,000 after 100,000 employees hired in the past 4 weeks, and will spend $ 500 million to raise wages instead of the previously expected $ 350 million.
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