Earnings season begins this morning as the big banks release quarterly statements. Although this is the first earnings release of 2020, the financial performances are actually from the last quarter of 2019. Still, this can give traders a closer look at how the holiday season went, particularly for the retail sector, and big banks can help gauge the health of the consumer. Wells Fargo & Co WFC missed on the top and bottom line this morning, and net charge-offs were $769 million for their fourth quarter. Citigroup Inc C, however, beat on top and bottom line, as did JPMorgan Chase & Co JPM.
Wells Fargo has been dogged by issues of its own for years, which could account for the worse performance. Tomorrow, Bank of America Corp BAC, Goldman Sachs Group Inc GS, U.S. Bancorp USB, and PNC Financial Services PNC all report in the premarket, giving traders further insight into the finance sector's performance. Tune into the TD Ameritrade Network for in-depth breakdowns of earnings reports this week and more!
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