Sun, May 19, 2024

Trade War Drops US Futures, Boosts US Banks | Wibest

US Futures: China and USA flag.

Business investors boosted the US banking sector, but US futures dipped at fresh US-China trade war concerns. 

Dow e-minis went down 51 points or 0.19% while S&P 500 e-minis fell 5.75 points or 0.19%. Nasdaq 100 e-minis lost 16.25 points or 0.2%.

Analysts forecasted S&P 500 companies’ worst quarterly performance in almost three years.

The opposing countries’ economies took a hit on financial markets during their 15-month long war. New problems arise as the US legislature made moves supporting the Hong Kong Human Rights protest. 

PNC Financial Services Group Inc gained 0.8% after they beat Wall Street for quarterly profit.

Bank of America gained 2% in trade after its profit beat Wall Street forecasts from strong consumer lending numbers. 

In the Commerce sector, analysts predict a 0.3% rise in September after a 0.4% gain in August. 

Entertainment giant Netflix lost 0.11% or 0.31 while International Business Machine downed 0.80% or 1.14.

In medical stocks, Alexion Pharmaceuticals Inc helped boost Achillion Pharmaceuticals Inc by 86.8% after the drugmaker agreed to buy the biotech firm at $930 million. 

Meanwhile, MGM Resorts reportedly rose 1.5% after hinting that it was selling two of its resorts in separate deals. 

Step Aside, it’s US Banking’s Turn

Two US banking corporations beat Wall Street estimates after their profits rose higher than forecasts. Bank of America and PNC Financial Services signaled a higher start to the Q3 earnings season.

BoA’s lender’s share rose 1.6% in premarket trading. As its biggest business, it showed strength in the face of uncertainties in the financial markets. The banking business also rose 3% to $9.7 billion.

Wall Street benefitted from higher interest rates since 2015. This year, markets prefer lower interest rates as macroeconomic conditions worsen.

The bank’s net interest came in more than half of its total revenue at $12.34 billion. 

Higher loan growth boosted PNC’s third-quarter estimates by 6.5% at $237.4 billion. 

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