S&P 500 and Nasdaq notch best week since November
The S&P and Nasdaq each posted their second consecutive positive week and best weekly performance since November 2022.
* Wells Fargo, whose profits for the last quarter had been cut by half
* JPMorgan Chase posted revenue that beat expectations
* The CEOs of Citigroup and Bank of America also said they’re anticipating a “mild recession.”
* Bank earnings show U.S. consumer still holding up, at least for now
* Lots of companies cutting 2023 earnings estimates, Berenberg says
“Based on 12-month forward consensus earnings, the net balance of upgrades/downgrades is hitting a tipping point, as we head into net downgrade territory,” Berenberg said. “When this has happened previously during the past 30 years, there has subsequently been a reasonable to meaningful earnings reset over the following 1-2 quarters.”
* 60% of S&P 500 stocks are short-term overbought, chart analyst says
* Bank of America upgrades Caterpillar, says stock can perform as peers feel impacts of economic tightening
* JPMorgan credit loss provisions accelerated faster than its rivals
* Inflation outlook softens again, traders fully price in quarter-point rate hike
* Citigroup fourth-quarter profit falls 21%
* Consumer sentiment rises for second straight month
* Guggenheim says to sell Tesla
* Goldman downgrades Lockheed Martin, shares fall
* SEC sues crypto firms Genesis and Gemini