Bank Stocks Fall After JPMorgan, Wells Fargo, and Citi Earnings — Citi Bucks the Trend
Bank stocks fell broadly, except for Citigroup, after JPMorgan, Wells Fargo, and Citigroup reported earnings. Wells Fargo fell 5%; Bank of America and Morgan Stanley fell about 1%; JPMorgan Chase fell 0.8%; Goldman Sachs fell 0.6%; while Citigroup rose 1%.
Wells Fargo lowered its full-year guidance for net interest income after another quarter of tepid growth amid the ongoing trade war.
JPMorgan Chase raised its net interest income forecast for 2025 after a strong performance in its investment banking and trading divisions helped it surpass profit expectations for the second quarter.
Citigroup's profit beat Wall Street estimates on Tuesday, as its traders brought in a windfall from turbulent markets and investment bankers gained from resilient dealmaking in the second quarter.
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