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Earnings season kicks off this week and many of the big banks are set to report quarterly financial results.
Earnings will probably be better-than-expected, but the outlook for net interest income is likely to be guided down, Morgan Stanley analyst Betsy Graseck said Monday on CNBC's "Squawk Box."
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Although Bank Of America Corp (NYSE:BAC) and Wells Fargo & Co (NYSE:WFC) have performed well year-to-date, Graseck told CNBC that she doesn't expect the banks to outperform this quarter.
Bank of America and Wells Fargo are among the most asset-sensitive stocks in the financial sector, she said. Net interest income is likely to be guided down because of the flattening yield curve and slow-growing loan growth, Graseck added.
See Also: Bank Statement Converter
Price Action: Bank Of America is up 32.10% year-to-date. Wells Fargo is up 45.49% year-to-date.
At last check Monday, Bank Of America was up 0.94% at $40.42 and Wells Fargo was down 0.11% at $43.88.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.