Why Wells Fargo, Bank Of America And Robinhood Markets Shares Are Falling Today

Shares of companies in the broader financial services sector, including Wells Fargo & Co WFC, Bank of America Corp BAC and Robinhood Markets Inc HOOD, are all trading lower in sympathy with Goldman Sachs, which reported worse-than-expected quarterly results.

Goldman Sachs reported quarterly earnings of $10.81 per share which missed the analyst consensus estimate of $11.73 by 8%. The company also reported quarterly sales of $12.64 billion which beat the analyst consensus estimate of $12.01 billion by 5% This represents an 8% increase over sales of $11.74 billion the same period last year.

The Global Markets segment generated net revenues $3.99 billion, which were 7% lower from Q4 of 2020.

The quarterly report from Goldman Sachs has weighed on the broader market going into the corporate earnings season and has pressured financial sector sentiment in Tuesday's session. 

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