Stock market news today
“Second-quarter earnings results for a slew of financial companies will be in focus Tuesday morning, with JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC) set to report before market open.
Here’s what Wall Street expects some of the firms to report:
JPMorgan Chase & Co. (JPM) is expected to report adjusted earnings of $1.11 per share on revenue of $30.57 billion
Wells Fargo (WFC) is expected to report an adjusted loss of 1 cent per share on revenue of $18.5 billion
Citigroup (C) is expected to report adjusted earnings of 38 cents per share on revenue of $19.16 billion
Later in the morning, market participants will also receive the Commerce Department’s June Consumer Price Index (CPI) which is expected to show still-muted inflationary pressures amid the pandemic. Consensus economists expected headline CPI will have risen 0.5% following May’s 0.1% decline, with core CPI excluding volatile food and energy categories up an even more sanguine 0.1%.
“We have no argument with the FOMC’s [Federal Open Market Committee’s] view that the Covid crisis is a disinflationary event, but the run of three straight outright month-to-month declines in the core CPI likely came to an end in June,” Ian Shepherdson, Pantheon Macroeconomics chief economist, said in a note. “A meaningful rebound is not in prospect, though; we expect [Tuesday’s] report to show that the core index was unchanged last month.”
Stock market source: https://finance.yahoo.com/news/stock-market-news-live-july-14-2020-221802899.html
Stock market commentary
Bank stocks today will be on focus today and their earnings reports can move the stock market today. Higher stock market volatility is expected and that may bring several opportunities for stock trading, stock investing.