Major U.S. banks reported strong fourth-quarter 2024 earnings on Wednesday, with better-than-expected results across the board <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42984073/banks-kick-off-earnings-season-on-wednesday-retail-traders-bet-big-on-financials-ahead-of-regulatory-tailwinds">and upbeat 2025 guidance. </a>



The performance was driven by robust net interest income (NII), resilient fee revenue, and disciplined expense management. 



These positive earnings results sent financial stocks higher, with the Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) rising 1.9% on Wednesday, eyeing the strongest one-day rally since Nov. 6, 2024, when financial stocks rallied in response to Donald Trump&#8216;s victory at the presidential elections.



The SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) jumped 3.1%, reflecting strength among regional banks.



<h3 class="wp-block-heading">Bank Earnings In Focus</h3>



JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) reported fourth-quarter earnings per share of $4.81, far exceeding the consensus estimate of $4.11, representing a 17% surprise, according to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent011525&amp;t=be2bearmibe3na1">Benzinga Pro</a> data.



Revenue came in at $43.74 billion, beating estimates by 4.9%. The bank's strong performance was attributed to higher NII, which totaled $94 billion for 2025 guidance, above expectations, along with lower-than-anticipated credit costs.



The world&#8217;s largest bank repurchased $4 billion in shares during the quarter, bringing its Common Equity Tier 1 ratio to 15.8%, up 30 basis points quarter-over-quarter.



Shares of JPMorgan Chase &amp; Co. rose 0.5% by 10:00 a.m. in New York. 



Read also: <a href="https://www.benzinga.com/25/01/43000684/jpmorgan-q4-earnings-shine-investment-banking-revenue-jumps-46-yy-jamie-dimon-says-inflation-may-persist-for-some-time">JPMorgan Chase Q4 Earnings: Investment Banking Revenue Jumps 46%, CEO Jamie Dimon Says &#8216;Inflation May Persist For Some Time&#8217;</a>



Goldman Sachs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) delivered a standout performance with EPS of $11.95, a sharp 45.4% surprise over the $8.22 consensus. Revenue reached $13.87 billion, 11.9% above estimates, driven by strong trading revenue, up by 13%, and better-than-expected equity underwriting, up 41%.



According to Bank of America analysts, Goldman remains &#8220;a favored way to gain exposure to rebounding investment banking activity.&#8221;



The bank repurchased $2 billion in shares and ended the quarter with a 15% CET1 ratio. Return on equity for 2024 stood at 12.5%, slightly below the bank&#8217;s mid-teens target but still solid.



Goldman Sachs rallied 6% in response to fourth-quarter results, reaching highs last seen in early December 2024 and eyeing the strongest 1-day rally since Nov. 6 2024.



Read also: <a href="https://www.benzinga.com/news/earnings/25/01/43000353/goldman-sachs-q4-earnings-equity-and-debt-underwriting-fuel-revenue-boost-assets-under-management-hit-record-314-trillion">Goldman Sachs Q4 Earnings: Underwriting Boosts Revenue, Assets Reach Record $3.14 Trillion</a>



Wells Fargo Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) posted EPS of $1.42, beating estimates by 5.2%, driven by stronger-than-expected NII and fee revenue. 



Overall revenue was slightly below estimates at $20.38 billion, yet the bank's 2025 guidance surprised to the upside, with NII expected to grow 1-3% year-over-year, implying $48.98 billion—higher than analyst expectations.



Wells Fargo's CET1 ratio stood at 11.1%, down 20 basis points quarter-over-quarter, but the bank returned $4 billion to shareholders through buybacks. 



Credit trends remained stable, and expenses were well-managed, positioning the bank for a solid year ahead.



Shares of Wells Fargo roared 5.7% to early December highs. 



Read Also: <a href="https://www.benzinga.com/news/earnings/25/01/43002392/wells-fargo-q4-earnings-investors-cheer-50-jump-in-net-profit-roe-improvement-bank-expects-up-to-3-jump-in-2025-nii">Wells Fargo Q4 Earnings: Investors Cheer 50% Jump In Net Profit, ROE Improvement, Bank Expects Up To 3% Jump In 2025 NII</a>



Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) reported EPS of $1.34, beating the $1.22 consensus by 9.8%, while revenue of $19.58 billion narrowly exceeded expectations. 



The results reflected solid execution across the bank's core operations, with a particular boost from strong trading revenues.



Though the bank still faces challenges in certain areas, analysts at Bank of America see improving operational efficiency and regulatory easing as potential tailwinds. 



Citigroup's stock rose 5.7% following the earnings release, reflecting growing investor optimism.



Read also: <a href="https://www.benzinga.com/news/buybacks/25/01/43002760/citigroup-q4-earnings-12-topline-growth-2-9-billion-net-income-20-billion-share-buyback-gains-in-wealth-and-market-segments">Citigroup Q4 Earnings: 12% Topline Growth, $2.9 Billion Net Income, $20 Billion Share Buyback, Gains In Wealth And Market Segments</a>



Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) posted EPS of $1.72, exceeding estimates by 10.3%, while revenue of $4.85 billion beat projections by 4.2%. The results were driven by robust pre-provision net revenue growth, up 9.5% year-over-year, fueled by NII growth of nearly 14%.



The bank achieved its medium-term targets of a 33% pre-tax margin and 23% return on tangible common equity (ROTCE), highlighting disciplined expense management. 



Shareholder returns were also strong, with $1.1 billion returned in the fourth quarter, including $750 million in buybacks.



Shares rallied by 5.7%, eyeing their highest one-day surge since July 2022. 



<h3 class="wp-block-heading">Looking Ahead</h3>



The market spotlight will shift to Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>), First Horizon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FHN#NYSE">FHN</a>), PNC Financial Services Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>), and M&amp;T Bank Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) all slated to report earnings on Thursday, before the market open. 



Here's what investors will be watching, according to Benzinga Pro data:



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Bank</th><th>Estimated Revenue</th><th>Estimated EPS</th></tr></thead><tbody><tr><td>Bank of America Corp.</td><td>$25.24 billion</td><td>$0.77</td></tr><tr><td>Morgan Stanley</td><td>$15.03 billion</td><td>$1.70</td></tr><tr><td>PNC Financial Services Group Inc.</td><td>$5.50 billion</td><td>$3.33</td></tr><tr><td>U.S. Bancorp</td><td>$6.99 billion</td><td>$1.05</td></tr><tr><td>M&amp;T Bank Corp.</td><td>$2.34 billion</td><td>$3.73</td></tr><tr><td>First Horizon Corp.</td><td>$820.7 million</td><td>$0.39</td></tr></tbody></table></figure>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/25/01/42997625/blackrock-beats-q4-estimates-fueled-by-record-inflows-116-trillion-aum-milestone">BlackRock Q4 Earnings: Record Inflows Fuel Revenue And Earnings Beat, AUM Hits $11.6 Trillion Milestone</a></li>
</ul>



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Earnings

Equities

Large Cap

Mid Cap

Sector ETFs

Small Cap

Economics

ETFs

Big Banks Crush Q4 Earnings Forecasts: Financial Stocks Set For Biggest 1-Day Rally Since Trump's Election

Major indices rallied on Wednesday after December inflation data showed underlying price pressures slowing, reducing fears of a prolonged pause in interest rate cuts <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/43001512/inflation-rises-to-29-in-december-core-slows-yet-rising-energy-costs-put-feds-target-at-risk">by the Federal Reserve. </a>



The headline Consumer Price Index rose 2.9% year-over-year in December, up from November's 2.7%, matching economist forecasts. On a monthly basis, headline inflation increased 0.4%, accelerating from the 0.3% surge in November and marking the largest monthly rise since March 2024.



Core inflation, which excludes volatile food and energy prices, rose 3.2% year-over-year, slightly below the expected 3.3%. Month-over-month, core prices gained 0.2%, in line with forecasts.



The inflation data boosted expectations for Fed rate cuts in 2025. The probability of a rate cut by June rose to 68% from 55% the previous day, with December futures now indicating a 58% chance of two cuts by year-end.



<h3 class="wp-block-heading">Wall Street Gains As Bond Yields Retreat, Financial Stocks Soar</h3>



The S&amp;P 500 index – as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – surged 1.5% in early New York trading, led by financial stocks after major banks reported strong fourth-quarter earnings.



JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) and BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) all topped earnings forecasts for the fourth quarter and released upbeat guidance, reiterating that the financial sector thrived heading to the end of last year.



The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) rose 2.2%, leading all S&amp;P 500 sectors, while the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) jumped 3.4%, reflecting strong performance among regional banks.



The Dow rose 1.6%, while the Russell 2000 index outperformed, climbing 2.6%. Tech stocks, tracked by the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), gained 1.7%, boosted by falling Treasury yields.



Yields on the policy-sensitive 2-year Treasury note fell 9 basis points to 4.27%, while 30-year yields dropped 9 basis points to 4.88%. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) gained 1.6% as bond prices rallied.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 2% to over $99,000, supported by rising hopes for Fed rate cuts. Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), added 0.5%.



<h3 class="wp-block-heading">Top Movers</h3>



S&amp;P 500 Gainers:



<ul>
<li>Texas Pacific Land Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPL#NYSE">TPL</a>): +5.85%</li>



<li>BlackRock Inc.: +5.54%</li>



<li>Assurant Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIZ#NYSE">AIZ</a>): +5.49%</li>



<li>Bio-Techne Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TECH#NASDAQ">TECH</a>): +5.36%</li>



<li>Citigroup Inc.: +5.16%</li>
</ul>



Nasdaq 100 Movers:



<ul>
<li>Copart Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPRT#NASDAQ">CPRT</a>): +4.62%</li>



<li>Intuitive Surgical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>): +4.60%</li>



<li>AppLovin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>): +4.43%</li>



<li>Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>): +4.30%</li>



<li>The Trade Desk Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>): +3.39%</li>
</ul>



Top Gainers In The Invesco KBW Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NYSE">KBWB</a>):



<ul>
<li>Citigroup Inc.: +5.27%</li>



<li>Wells Fargo &amp; Co.: +4.80%</li>



<li>Bank of New York Mellon Corp.: +4.35%</li>



<li>Western Alliance Bancorp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>): +4.13%</li>



<li>Goldman Sachs Group Inc.: +4.02%</li>
</ul>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/25/01/43000684/jpmorgan-q4-earnings-shine-investment-banking-revenue-jumps-46-yy-jamie-dimon-says-inflation-may-persist-for-some-time">JPMorgan Chase Q4 Earnings: Investment Banking Revenue Jumps 46%, CEO Jamie Dimon Says &#8216;Inflation May Persist For Some Time&#8217;</a></li>
</ul>



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Macro Economic Events

Bonds

Broad U.S. Equity ETFs

Econ #s

Federal Reserve

Tech

$BTC

CPRT

ISRG

KBWB

PLTR

TECH

Stocks Rise On Core Inflation Slowdown, Banks Rally After Strong Q4 Earnings, Treasury Yields Plummet

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is eyeing a march toward the $100,000 mark following <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/43001512/inflation-rises-to-29-in-december-core-slows-yet-rising-energy-costs-put-feds-target-at-risk">CPI data that aligned with market expectations</a>. 



What Happened: The report has rekindled optimism across markets, with the S&amp;P 500 index – as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) &#8211; gaining 1.7%. 



Major cryptocurrencies have surged across the board:



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>&nbsp;$99,251.48</td><td>+2.6%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$3,304.57</td><td>+3.1%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$194.45</td><td>+4%</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td> $2.97</td><td>+15.4%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.367</td><td>+4.6%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>&nbsp;$0.00002198</td><td>+2.4%</td></tr></tbody></table></figure>



Trader Notes: Lark Davis, a Bitcoin investor and entrepreneur, noted that Bitcoin &#8220;is loving&#8221; the macroeconomic data released.



Prominent technical analyst Kevin observed that the cooler CPI figures reduced yields and the dollar's strength, boosting asset prices. 



He remains cautious about whether this trend can be sustained.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">CPI comes in at 2.9% as expected.<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> is loving it. <a href="https://t.co/EqYJ0KMByQ">pic.twitter.com/EqYJ0KMByQ</a>&mdash; Lark Davis (@TheCryptoLark) <a href="https://twitter.com/TheCryptoLark/status/1879522899771498565?ref_src=twsrc%5Etfw">January 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Economist Robin Brooks commented on the benign core CPI reading for December, with underlying inflation <a href="https://x.com/robin_j_brooks/status/1879522953987342551">trending</a> at 0.25% month-over-month. 



He expects a temporary uptick in Q1 2025 due to seasonal price resets, <a href="https://x.com/robin_j_brooks/status/1879523749252514190">echoing</a> patterns seen in early 2023 and 2024.



What's Next: Crypto trader Jelle now marks $97,000 turning into support and with prices pushing towards $100,000 he <a href="https://x.com/CryptoJelleNL/status/1879524740219728355">concluded</a> "Break that, and all bets are off."



Glassnode <a href="https://x.com/glassnode/status/1879483017220997356">data</a> highlighted that the BTC price action validated two key levels flagged by on-chain data. 



It sees support at $89,000 which aligns with Short-Term Holder Realized Price ($88,500). 



Resistance is below $98,000 which is largest accumulation level above spot.



As Bitcoin inches closer to the psychological $100,000 barrier, the market remains divided on whether the rally will be sustained. 



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42998035/bitcoin-adoption-still-early-blackrock-says">Bitcoin Adoption Still Early, BlackRock Says</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

News

$DOGE

$ETH

$SHIB

$SOL

$XRP

Bitcoin Up To $99,000 'Is Loving' Inflation Data Release, XRP, Dogecoin Follow Higher

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are trading nearly flat premarket after it reported <a href="https://www.benzinga.com/pressreleases/25/01/b42997622/jpmorganchase-reports-fourth-quarter-and-full-year-2024-financial-results" target="_blank" rel="noreferrer noopener">fourth-quarter FY24 results</a>.



Reported revenue&nbsp;rose&nbsp;11% year-on-year to&nbsp;$42.8&nbsp;billion. Net revenue (<a target="_blank" href="https://jpmorganchaseco.gcs-web.com/node/723716/html#a4q24erfexhibit991narrative.htm" rel="noreferrer noopener">managed</a>) was&nbsp;$43.7 billion&nbsp;(+10%&nbsp;Y/Y), beating the&nbsp;consensus of&nbsp;$41.707 billion.



Consumer &amp; Community Banking (CCB) revenue rose 1%&nbsp;Y/Y to&nbsp;$18.362&nbsp;billion, and Commercial &amp; Investment Bank revenue was&nbsp;$17.598&nbsp;billion&nbsp;(+18% Y/Y) in the quarter.



Investment Banking revenue was&nbsp;$2.6&nbsp;billion, up&nbsp;46% Y/Y, in the quarter. Investment Banking fees rose 49% Y/Y, led by higher fees across all products.



Asset and Wealth Management revenue was&nbsp;$5.8&nbsp;billion&nbsp;(+13%&nbsp;Y/Y), and Corporate revenue stood at&nbsp;$2.00&nbsp;billion&nbsp;(+13%&nbsp;Y/Y) in the quarter.



In AWM,&nbsp;Assets under management stood at&nbsp;$4.0&nbsp;trillion, and client assets stood at&nbsp;$5.9&nbsp;trillion&nbsp;(up&nbsp;18%), driven by higher market levels and continued net inflows.



Net interest income fell 3% Y/Y to $23.5 billion in the quarter. Net interest income excluding Markets&nbsp;stood at $23.0 billion, down 2% Y/Y, due to lower rates and deposit margin compression along with lower deposit balances in CCB.&nbsp;



Noninterest revenue was&nbsp;$20.3 billion, up&nbsp;29%&nbsp;Y/Y, in the quarter. Noninterest revenue, excluding Markets,&nbsp;increased 30% Y/Y to $13.7 billion, led by higher asset management fees in AWM and CCB, increased investment banking fees and lower net investment securities losses.



Noninterest expense decreased&nbsp;7%&nbsp;Y/Y to&nbsp;$22.8&nbsp;billion in the quarter. Average loans rose&nbsp;2%&nbsp;Y/Y and up 1% quarter-over-quarter; average deposits were up&nbsp;2%&nbsp;Y/Y and 1% Q/Q.



In CCB, Debit and credit card sales volume increased by&nbsp;8% Y/Y, and active mobile customers were up&nbsp;7%&nbsp;Y/Y.&nbsp;



In CIB, Market revenue rose&nbsp;21% Y/Y, with Fixed Income Markets increasing 20% and Equity Markets up&nbsp;22% in the quarter.



JPM&#8217;s provision for credit losses was&nbsp;$2.6 billion&nbsp;(-5%&nbsp;Y/Y), including net charge-offs of&nbsp;$2.4&nbsp;billion&nbsp;and a net reserve build of&nbsp;$267 million.&nbsp;



Net income rose 50% Y/Y to&nbsp;$14.0&nbsp;billion&nbsp;in the quarter. EPS of&nbsp;$4.81 exceeded&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the consensus of&nbsp;$4.11</a>.



The CET1 capital ratio stood at&nbsp;15.7%, and the advanced CET1 capital ratio was&nbsp;15.8%. The bank&#8217;s capital distributions included a dividend per share of&nbsp;$1.25&nbsp;and $4.0 billion of common stock net repurchases.



<a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2024/4th-quarter/9aff0e71-2b8c-4f41-ac93-8da74c263894.pdf" rel="noreferrer noopener">Outlook</a>: JPMorgan expects FY25 net interest income,&nbsp;excluding Markets, of ~$90 billion and project card&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">services NCO rate of ~3.60%.</a>



Jamie Dimon, Chairman and CEO, said, &#8220;The U.S. economy has been resilient. Unemployment remains relatively low, and consumer spending stayed healthy, including during the holiday season. Businesses are more optimistic about the economy, and they are encouraged by expectations for a more pro-growth agenda and improved collaboration between government and business.&#8221;



&#8220;However, two significant risks remain. Ongoing and future spending requirements will likely be inflationary, and therefore, inflation may persist for some time. Additionally, geopolitical conditions remain the most dangerous and complicated since World War II.&#8221;



Read: <a target="_blank" href="https://www.benzinga.com/news/management/25/01/42994008/jamie-dimon-oversees-major-leadership-shake-up-at-jpmorgan-chase-as-president-daniel-pinto-prepares-to-step-down" rel="noreferrer noopener">Jamie Dimon Oversees Major Leadership Shake-Up At JPMorgan Chase As President Daniel Pinto Prepares To Step Down</a>



Investors can gain exposure to the stock via&nbsp;IShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;iShares U.S. Financial ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>).



Price Action: JPM shares are up 0.29% at $248.18  premarket at the last check Wednesday.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/01/42996752/us-stocks-to-open-higher-ahead-of-december-inflation-data-all-eyes-on-baking-earnings-by-jpm-goldman-citi-wells-fargo" target="_blank" rel="noreferrer noopener">US Stocks To Open Higher Ahead Of December Inflation Data: All Eyes On Banking Stocks As JPMorgan, Goldman, Citi, Wells Fargo Report Quarterly Earnings</a></li>
</ul>

Guidance

Movers

JPMorgan Chase Q4 Earnings: Investment Banking Revenue Jumps 46%, CEO Jamie Dimon Says 'Inflation May Persist For Some Time'

On Wednesday, Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>)&nbsp;shares traded higher after the <a target="_blank" href="https://www.goldmansachs.com/pressroom/press-releases/2025/2025-01-15-q4-results" rel="noreferrer noopener">company reported its fourth-quarter</a> and full-year 2024 financial results.



Goldman Sachs reported fourth-quarter revenue of $13.87 billion, beating the consensus of $12.39 billion. Revenue increased by 23% year-over-year, reflecting growth across all segments, with significant growth in Global Banking &amp; Markets.



Full-year revenue was $53.51 billion, up 16% YoY, beating the consensus of $51.98 billion.



Net interest income for 4Q24 was $2.35 billion, 75% higher YoY, reflecting a shift towards higher-yielding assets, and was essentially unchanged QoQ. Average interest-earning assets were $1.59 trillion.



Also read: <a target="_blank" href="https://www.benzinga.com//node/42960000" rel="noreferrer noopener">Goldman Sachs Restructures Business for Financing Growth</a>



Segment Revenues: Global Banking &amp; Markets revenues were&nbsp;$8.48 billion, up&nbsp;33% Y/Y. This was boosted by a&nbsp;24% Y/Y increase in investment banking fees to&nbsp;$2.05 billion, led by higher revenues in Debt and Equity underwriting. Investment banking fees backlog increased QoQ, primarily driven by Equity underwriting.



Net revenues in Fixed Income, Currency, and Commodities (FICC) were&nbsp;$2.74 billion,&nbsp;up 35% year over year, primarily reflecting higher net revenues in FICC intermediation and financing.



Net revenues from Equity grew 32% YoY to $3.45 billion, reflecting significantly higher net revenues in intermediation and financing.



Asset &amp; Wealth Management revenue was&nbsp;$4.72 billion,&nbsp;8% higher than last year. Total Wealth management client assets soared to ~$1.6 trillion.



Goldman Sachs clocked fourth-quarter GAAP EPS of&nbsp;$11.95,&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;$8.30</a>. Full-year GAAP EPS was $40.54, beating the consensus of $36.55.



Provision for credit losses was&nbsp;$351 million for the&nbsp;fourth quarter, down 39% year over year, reflecting net provisions related to the credit card portfolio (primarily driven by net charge-offs).



In the fourth quarter, total Assets Under Supervision (AUS) saw a net inflow of $92 billion. Total AUS for 2024 increased by $325 billion to a record $3.14 trillion.



Stock Buyback: In the fourth quarter, Goldman Sachs repurchased stock worth $2 billion, bringing the yearly stock buyback to $8 billion.



The Standardized CET capital ratio increased to 15%, and the Advanced CET capital ratio increased to 15.4%. The book value per common share increased to $336.77 YoY, compared to $313.56.



In the last 12 months, Goldman Sachs stock has gained 50%, outperforming the S&amp;P500 and the Dow by a huge margin.



Analyst Ratings: In the last 15 days, Oppenheimer lowered Goldman Sachs stock <a href="https://www.benzinga.com/quote/GS/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast</a> from $677 to $639, UBS downgraded the stock to a Neutral rating with a price forecast of $610, and Barclays raised the price forecast from $588 to $713.



Investors can gain exposure to the Goldman Sachs stock via Shares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>), SPDR Dow Jones Industrial Average ETF Trust (NYSE:<a href="https://www.benzinga.com/stock/DJIA#NYSE" target="_blank" rel="noreferrer noopener"> </a>DIA), and Invesco KBW Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NYSE">KBWB</a>).



Price Action:&nbsp;GS shares are up 2.54% at $586.05 premarket at the last check on Wednesday.



Read Next:



<ul>
<li><a href="https://www.benzinga.com//node/42429413" target="_blank" rel="noreferrer noopener">Goldman Sachs CEO Says Bank Can Consider Bitcoin, Ethereum Spot Trading If Regulations Allow</a></li>
</ul>



Photo via Shutterstock

Trading Ideas

Goldman Sachs Q4 Earnings: Underwriting Boosts Revenue, Assets Reach Record $3.14 Trillion

Consumer inflation surged for the third straight month in December, rekindling concerns that the months-long cooling of price pressures could be over and casting doubt on the Federal Reserve&#8217;s ability to steer inflation <a href="https://www.benzinga.com/topic/inflation">toward its 2% target.</a>



The headline Consumer Price Index rose 2.9% year-over-year in December, according to Wednesday&#8217;s data from the Bureau of Labor Statistics. This marks an increase from November's 2.7% and matches economist forecasts. Notably, it represents the third straight inflation increase and highest annual rate since July 2024.



On a monthly basis, consumer prices increased 0.4%, up from both the previous month's 0.3% gain and the 0.3% predicted by analysts.



The energy index climbed 2.6% in December, contributing to over 40% of the monthly increase in overall prices, with the gasoline index rising 4.4% during the month.



Core inflation, which strips out the volatile food and energy categories, rose by 3.2% on a year-over-year basis, below the 3.3% estimate. Month-over-month, core prices marked a 0.2% increase, matching estimates.



Items that witnessed an increase in December include shelter, airline fares, used cars and trucks, new vehicles, motor vehicle insurance and medical care.



<h3 class="wp-block-heading">Market Reactions: Yields, Dollar Tumble </h3>



Prior to the release of the CPI report, traders priced in one 25-basis-point rate cut by December 2025, according to the CME FedWatch tool.



The mixed December inflation data could keep hopes for more than one rate cut by year-end quite stretched.



Treasury yields tumbled in response to the data, with the policy-sensitive two-year yield down 9 basis points to 4.28%. The U.S. dollar also weakened, with a key index tracking the greenback falling 0.5% during the session.



Equity markets reacted with optimism. Pre-market futures on the S&amp;P 500 rallied 1.5%, while contracts tied to the Nasdaq 100 soared 1.6%. 



On Tuesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) inched up 0.1%, while the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) declined 0.1%. 



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/01/42996752/us-stocks-to-open-higher-ahead-of-december-inflation-data-all-eyes-on-baking-earnings-by-jpm-goldman-citi-wells-fargo">US Stocks To Open Higher Ahead Of December Inflation Data: All Eyes On Banking Stocks As JPMorgan, Goldman, Citi, Wells Fargo Report Quarterly Earnings</a></li>
</ul>



Photo via Shutterstock.

Markets

Inflation Rises To 2.9% In December: Core Slows, Yet Rising Energy Costs Put Fed's Target At Risk

U.S. stock futures advanced on Wednesday following Tuesday&#8217;s mixed close. Futures of all four major indices rose in premarket trade.



Traders await the December Consumer Price Index will provide fresh insights into inflation&#8217;s trajectory, potentially influencing the Federal Reserve's policy stance amid mounting uncertainty over interest rates.



The headline inflation rate is <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42988894/all-eyes-on-december-inflation-betting-odds-signal-risk-of-fed-struggling-to-tame">projected </a>to rise 2.9% year-over-year, according to TradingEconomics, marking an increase from November&#8217;s 2.7% pace. On a monthly basis, headline inflation is expected to grow by 0.3%, maintaining the same pace as the prior month. 



Amid rotation, technology stocks dragged the Nasdaq down on Tuesday as well, whereas Dow Jones, which has the least number of tech constituents, rose over 220 points.



The 10-year and two-year Treasury notes yielded 4.77% and 4.35%, respectively. The probability of having no change in the interest rates for the upcoming Jan. 31, 2025 decision was at 97.3%, according <a href="http://The 10-year and two-year Treasury notes yielded 4.77% and 4.35%, respectively. The probability of having no change in the interest rates for the upcoming Jan. 31, 2025 decision was at 97.3%, according to CME Group's FedWatch tool. --https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">to</a> CME Group&#8217;s FedWatch tool.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.22%</td></tr><tr><td>S&amp;P 500</td><td>0.14%</td></tr><tr><td>Dow Jones</td><td>0.18%</td></tr><tr><td>Russell 2000</td><td>0.51%</td></tr></tbody></table></figure>



In premarket trading on Wednesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was up 0.18% to $583.22&nbsp; and the Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.23% to $506.25, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From The Last Session



U.S. stock market closed with a mixed performance on Tuesday. The Dow Jones Industrial Average saw a significant intraday surge following the release of Producer Price Index data.



PPI increased by 0.2% in December, lower than the expected 0.3% and November&#8217;s 0.4% increase. This positive economic indicator boosted investor sentiment.



However, Big Tech stocks weighed heavily on the Nasdaq. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) experienced notable declines, contributing to the index&#8217;s negative performance.



Sectoral performance was varied across the S&amp;P 500. Utilities, materials, and financial sectors closed higher, while communication services and healthcare sectors underperformed.



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.23%</td><td>19,044.39</td></tr><tr><td>S&amp;P 500</td><td>0.11%</td><td>5,842.91</td></tr><tr><td>Dow Jones</td><td>0.52%</td><td>42,518.28</td></tr><tr><td>Russell 2000</td><td>1.13%</td><td>2,219.24</td></tr></tbody></table></figure>



Insights From Analysts



Howard Marks, a veteran investor who accurately predicted the dot-com bubble, warns of <a href="https://www.benzinga.com/markets/equities/25/01/42995814/billionaire-investor-who-predicted-the-dot-com-crash-25-years-ago-warns-of-another-market-storm-brewing-in-the-us">potential market risks</a> in his latest memo, &#8220;On Bubble Watch.&#8221; 



Marks highlights several concerning signs:



<ul>
<li>Over-optimism: High market exuberance and elevated S&amp;P 500 valuations.</li>



<li>AI Hype: Excessive enthusiasm for AI may be inflating valuations in the tech sector.</li>



<li>Magnificent 7 Reliance: Over-reliance on the continued success of a small group of dominant tech companies.</li>



<li>Index Investing Bias: Index fund inflows may be driving up prices regardless of intrinsic value.</li>
</ul>



While not definitively declaring a bubble, the co-founder and co-chairman of Oaktree Capital Management, Marks stresses the importance of acknowledging these risks. He acknowledges counterarguments, such as reasonable valuations for the &#8220;Magnificent Seven&#8221; and a moderate P/E ratio for the S&amp;P 500.



Ultimately, Marks concludes that the market may be expensive and slightly overheated, but it doesn&#8217;t yet display the irrational exuberance typical of a true bubble.



&#8220;The markets are likely to remain listless until Monday&#8217;s Inauguration Day, when President Donald Trump is expected to issue numerous Executive Orders which might muddy rather than clarify the economic outlook,&#8221; said Ed Yardeni of Yardeni Research in his QuickTakes.



Carson Research in their 2025 markets outlook, released on Tuesday said that they expect U.S. growth likely to outpace other global economies this year. They expect a 12-15% return from stocks.



&#8220;Looking at forward 12-month S&amp;P 500 earnings we once again see new highs, now at $271 per share, up from $225 in early 2023,&#8221; the report said.



&#8220;We are overweight equities and believe current forward earnings growth expectations remain supportive of stock gains given the economic backdrop.&#8221;



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures </a>



Upcoming Economic Data



<ul>
<li>On Wednesday, the headline and core consumer price index for December and the Empire State manufacturing survey data for January will be announced at 8:30 a.m., ET.</li>



<li>Richmond Fed President Barkin will speak at 9:00 a.m., ET.</li>



<li>New York Fed President Williams will speak at 11:00 a.m., ET.</li>



<li>Chicago Fed President Goolsbee will speak at noon, ET.</li>



<li>On Thursday, initial jobless claims till Jan. 11 will be released at 8:30 a.m., ET.</li>



<li>December&#8217;s U.S. retail sales, import price index, and Philadelphia Fed manufacturing survey will be announced at 8:30 a.m., ET.</li>



<li>Business inventory data for November and the Home builder confidence index for January will be released at 10:00 a.m., ET.</li>



<li>On Friday, housing starts and building permits data for December will be released at 8:30 a.m., ET.</li>



<li>The industrial production and capacity utilization for December will be announced at 9:15 a.m., ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>JPMorgan Chase &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) was up 0.21% in premarket on Wednesday as Wall Street expects it to report quarterly earnings of $4.04 per share on revenue of $41.56 billion before the opening bell.</li>



<li>Wells Fargo &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) was up 2.39% ahead of its earnings before the opening bell. Analysts expect it to report quarterly earnings of $1.35 per share on revenue of $20.58 billion.</li>



<li>Goldman Sachs Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) was up 0.26% as analysts expect it to post quarterly earnings of $8.35 per share on revenue of $12.46 billion before the opening bell.</li>



<li>Citigroup Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) was up 0.39% ahead of its earnings before the opening bell. Analysts expect it to post quarterly earnings of $1.24 per share on revenue of $19.51 billion. The company will release earnings before the markets open.</li>



<li>Applied Digital Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) was down 6.21% despite beating the second-quarter revenue and EPS estimates on Tuesday.</li>



<li>Safe &amp; Green Holdings Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGBX#NASDAQ">SGBX</a>) was up 122.22% as it decided to acquire 100% of New Asia Holdings, including its subsidiaries Olenox Corp and Machfu.com.</li>



<li>Vision Marine Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VMAR#NASDAQ">VMAR</a>) was up 46.43% after it filed its patent application with the United States Patent and Trademark Office for a Battery Authentication Encryption Technology.</li>
</ul>



Commodities, Gold And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 0.62% to hover around $76.84 per barrel.



The gold spot index was up by 1.04% to $2,710.19 per ounce. The Dollar Index was down 0.20% at 109.050 level.



Asian markets closed mixed on Wednesday as Hong Kong&#8217;s Hang Seng, and India&#8217;s S&amp;P BSE Sensex index advanced. Whereas, China&#8217;s CSI 300, Australia&#8217;s ASX 200, Japan&#8217;s Nikkei 225, and South Korea&#8217;s Kospi index fell. European markets were also trading higher.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/01/42967576/meta-investors-push-mark-zuckerberg-to-replace-72b-cash-with-bitcoin-to-combat-inflation-heres-what-it-means-for-investors">Meta Investors Push Mark Zuckerberg To Replace $72B Cash With Bitcoin To Combat Inflation: Here&#8217;s What It Means For Investors</a></li>
</ul>



Photo courtesy: Wikimedia

Analyst Color

Futures

Pre-Market Outlook

Analyst Ratings

APLD

NVDA

SGBX

VMAR

US Stocks To Open Higher Ahead Of December Inflation Data: All Eyes On Banking Stocks As JPMorgan, Goldman, Citi, Wells Fargo Report Quarterly Earnings

Investment giant&nbsp;BlackRock, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) stock is trading higher after the company&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b42996688/blackrock-reports-full-year-2024-diluted-eps-of-42-01-or-43-61-as-adjusted-fourth-quarter-2024-dil" rel="noreferrer noopener">reported&nbsp;fourth-quarter&nbsp;results</a>.



Revenue grew 23% year over year to&nbsp;$5.68 billion, beating the consensus of&nbsp;$5.53 billion.&nbsp;



Investment advisory, administration fees, and securities lending revenues increased to&nbsp;$4.4 billion&nbsp;from&nbsp;$3.6 billion&nbsp;a year ago, led by higher organic base fee, the impact of market beta on average AUM and, around $230 million of fees related to AUM acquired in the GIP Transaction.



Technology services revenue rose to&nbsp;$428 million&nbsp;from&nbsp;$379 million&nbsp;the prior year, led by the successful onboarding of several new clients.



BlackRock stated that net inflow stood at&nbsp;$281 billion&nbsp;in the quarter and $641 billion in 2024.



Total AUM stood at&nbsp;$11.6 trillion at the end of the year compared to $10.0 trillion in 2023.



Adjusted operating income rose&nbsp;36%&nbsp;Y/Y to&nbsp;$2.33 billion, with the margin expanding to&nbsp;45.5%&nbsp;from&nbsp;41.6%&nbsp;a year ago.



Adjusted EPS increased&nbsp;23%&nbsp;Y/Y to&nbsp;$11.93,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;$11.21.</a>



BlackRock repurchased shares worth&nbsp;$1.6 billion in the year.&nbsp;



Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42984073/banks-kick-off-earnings-season-on-wednesday-retail-traders-bet-big-on-financials-ahead-of-regulatory-tailwinds" rel="noreferrer noopener">Banks Kick Off Earnings Season On Wednesday: Retail Traders Bet Big On Financials Ahead Of Regulatory Tailwinds</a>



Laurence D. Fink, Chairman and CEO, said,&nbsp;&#8220;Client activity accelerated into the fourth quarter, resulting in 7% organic base fee growth and 12% technology services ACV growth.&#8221;



In December 2024, the company disclosed a definitive agreement to acquire&nbsp;HPS Investment&nbsp;Partners&nbsp;<a target="_blank" href="https://www.benzinga.com/24/12/42296768/blackrock-makes-12-billion-power-move-acquires-hps-to-bolster-private-credit-offerings" rel="noreferrer noopener">for around $12 billion</a>.



This transaction strengthens BlackRock&#8217;s offerings for insurance clients. The deal is expected to increase private markets fee-paying AUM and management fees by 40% and 35%, respectively, and be modestly accretive to BlackRock&#8217;s as-adjusted earnings&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">per share in the first full year post-close</a>.



Fink added, &#8220;Our record organic growth and financial results do not yet reflect the full integration or pending acquisitions of the high-growth businesses of GIP, HPS and Preqin. And we&#8217;ve steadily made organic investments ahead of structural trends that we expect to drive outsized growth in the years ahead.&#8221;



Investors can gain exposure to the stock via&nbsp;Fidelity Disruptive Finance ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDFF#NASDAQ">FDFF</a>) and&nbsp;Schwab US Dividend Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHD#NYSE">SCHD</a>).



Price Action: BLK shares are up 2.38% at $986.12 premarket at the last check Wednesday.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/01/42910264/trump-fallout-blackrock-exits-climate-alliance-cites-regulatory-pressure-and-client-confusion" target="_blank" rel="noreferrer noopener">Trump Fallout? BlackRock Exits Climate Alliance, Cites Regulatory Pressure And Client Confusion</a></li>
</ul>



Photo by rafapress on Shutterstock.

FDFF

SCHD

BlackRock Q4 Earnings: Record Inflows Fuel Revenue And Earnings Beat, AUM Hits $11.6 Trillion Milestone

Arthur Hayes, co-founder of cryptocurrency exchange&nbsp;BitMEX&nbsp;and Chief Investment Officer at&nbsp;Maelstrom&nbsp;Fund, stated that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) will thrive regardless of any government support or regulatory clarity under the incoming Donald Trump administration.



What Happened: In an interview with Benzinga, Hayes questioned the narrative that cryptocurrency-friendly regulations will serve as a bullish catalyst for the market



&#8220;Remember that we got to a total cryptocurrency market cap of over $3 trillion with no government support anywhere in the world. Why do we need it now?&#8221; Hayes argued.



As for Bitcoin, Hayes said that the leading cryptocurrency will flourish in spite of any regulations that would be enacted by Trump.



See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42936962/shytoshi-kusama-outlines-treat-tokens-usefulness-ahead-of-launch-optimistic-whales-buy-up-shiba-inu">Shytoshi Kusama Outlines TREAT Token&#8217;s Usefulness Ahead Of Launch, Optimistic Whales Buy Up Shiba Inu</a>



Hayes expressed doubt on potential cryptocurrency-friendly policies under Trump, saying that most of them will only benefit his lobbyists and close advisors.



&#8220;I fear that the crypto regulation that Trump enacts will be a Frankenstein bill that is an inchoate mishmash of different policies desired by this or that close advisor or large campaign donor,&#8221; he said.



&#8220;It will be a gift to lobbyists and lawyers and will not ultimately bring that much clarity, as it will be impossible to comply with unless you have hundreds of millions of dollars to spend on lawyers.&#8221;



Hayes has been a long-time Bitcoin bull, projecting the apex cryptocurrency to hit $1 million in the long term. 



Why It Matters: Hayes&#8217; remarks come at a time when the incoming Trump administration is expected to significantly alter the landscape of cryptocurrency regulation. 



Recent reports suggested that Trump could issue <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42962279/trump-could-sign-crypto-related-executive-orders-on-day-1-report">executive orders on day one of his presidency</a>, possibly addressing de-banking and&nbsp;<a href="https://www.benzinga.com/24/12/42502213/new-crypto-accounting-standards-from-todaywill-it-boost-bitcoins-corporate-adoption" target="_blank" rel="noreferrer noopener">fair value accounting</a>, which requires banks holding cryptocurrencies to count them as liabilities on their balance sheet.



Trump has rewarded supporters with high-level appointments in the incoming administration. He named venture capitalist David Sacks, who held a <a href="https://www.benzinga.com/24/12/42356067/venture-capitalist-david-sacks-appointed-as-white-house-ai-crypto-czar-by-trump">fundraising event for Trump&#8217;s campaign</a> at his home, as the &#8220;White House A.I. &amp; Crypto Czar.&#8221;



Price Action: At the time of writing, Bitcoin was exchanging hands at $93,573.37, down 0.90% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42935597/mark-cuban-advocates-bitcoin-over-gold-during-economic-turmoil-i-think-it-has-more-value-than-gold">Mark Cuban Advocates Bitcoin Over Gold During Economic Turmoil: &#8216;I Think It Has More Value Than Gold&#8217;</a></li>
</ul>

Government

Regulations

Exclusives

MSTR

Trump's Crypto Legislation Will Be A 'Frankenstein' Bill Of Mishmash, Says Arthur Hayes — Bitcoin Doesn't Need Government Support To Flourish

On Tuesday, January 14th, U.S. markets closed mixed, with the S&amp;P 500 edging higher and the Nasdaq slipping after a volatile session. Investors evaluated inflation data and prepared for quarterly earnings reports. The producer price index rose less than expected, while elevated Treasury yields and uncertainty surrounding Federal Reserve policy fueled caution. Earnings season kicks off Wednesday, led by major banks.



According to economic data, U.S. producer prices increased by 0.2% in December, down from 0.4% in November, and below market expectations of a 0.3% rise.



Most S&amp;P 500 sectors rose, led by utilities, materials, and financials, while communication services and healthcare declined.



The Dow Jones Industrial Average was up 0.52% and closed at 42,518.28, the S&amp;P 500 closed higher by 0.11% at 5,842.91, while the Nasdaq Composite slid 0.23% to finish at 19,044.39.



Big banks are supposed to kick off the fourth-quarter earnings season today.



Aisa Markets Today



<ul>
<li>On Wednesday, Japan&#8217;s Nikkei 225 closed higher by 0.09% at 38,471.50, led by gains in the Transportation Equipment, Chemical, Petroleum &amp; Plastic and Insurance sectors.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 fell 0.22%, ending the session at 8,213.30, led by losses in the IT, Telecoms Services, and Industrials sectors.</li>



<li>India&#8217;s Nifty 50 closed higher by 0.23% at 23,228.55, and the Nifty 500 gained 0.36%, closing at 21,558.75, led by gains in the Power, Real Estate, and Technology sectors.</li>



<li>China&#8217;s Shanghai Composite fell 0.43% and closed at 3,227.12, and the Shenzhen CSI 300 slid 0.64%, finishing the day at 3,796.03.</li>



<li>Hong Kong Hang Seng closed the session higher by 0.34% at 19,286.07.</li>
</ul>



Eurozone at 06:00 AM ET



<ul>
<li>The European STOXX 50 was up 0.36%.</li>



<li>Germany&#8217;s DAX gained 0.67%.</li>



<li>France&#8217;s CAC rose 0.36%.</li>



<li>U.K.&#8217;s FTSE index 100 traded higher by 0.74%.</li>
</ul>



Commodities at 06:00 AM ET



<ul>
<li>Crude Oil WTI was trading higher by 0.21% at $76.57/bbl, and Brent was up 0.15% at $80.04/bbl.</li>



<li>Natural Gas gained 0.78% to $3.999.</li>



<li>Gold was trading higher by 1.05% at $2,710.76, Silver was up 1.32% to $30.750, and Copper rose 0.10% to $4.3470.</li>
</ul>



U.S. Futures at 06:00 AM ET



Dow futures were up 0.19%, S&amp;P 500 futures rose 0.16% and Nasdaq 100 futures gained 0.21%.



Forex at 06:00 AM ET



<ul>
<li>The U.S. Dollar Index fell 0.11% to 109.06, USD/JPY declined 0.72% to 156.80, and USD/AUD slid 0.14% to 1.6119.</li>



<li>Global stocks rose cautiously ahead of U.S. inflation data and bank earnings, while bond yields dipped. December&#8217;s tame producer price data eased pressure on Treasuries.</li>
</ul>



Photo by Pavel Bobrovskiy via Shutterstock

Asia

Emerging Markets

Eurozone

Commodities

Forex

ADIV

AGOV

ASHR

BBEU

BOIL

CQQQ

EEMA

FLAX

IEMG

IEUR

KDIV

SPEM

USDU

Dollar Cools Off Ahead Of Bank Earnings, Asia Markets Mixed, Europe Up - Global Markets Today While US Slept

On Tuesday, the U.S. Securities and Exchange Commission initiated a lawsuit against Elon Musk, accusing him of failing to disclose his substantial stake in Twitter, now rebranded as X.



What Happened: The lawsuit outlines that before Musk completed his <a href="https://www.benzinga.com/general/education/25/01/42794433/if-you-invested-1000-in-dogecoin-when-elon-musk-acquired-twitter-heres-how-much-youd-have-now">$44 million acquisition of Twitter</a> in October 2022, he had already started amassing a significant number of shares.



By March 2022, Musk had acquired over 5% of Twitter&#8217;s common stock, a threshold that required disclosure to the SEC within 10 days.



This alleged non-disclosure allowed Musk to acquire shares at &#8220;artificially low prices,&#8221; according to the SEC.



The complaint, lodged in a federal court in Washington, D.C., accuses Musk and his wealth manager of withholding this crucial information to avoid a potential surge in Twitter&#8217;s stock price.



See Also: <a href="https://www.benzinga.com/25/01/42931833/hewlett-packard-enterprise-strikes-1b-ai-server-deal-with-elon-musks-x-report">Elon Musk&#8217;s X, Hewlett Packard Strike $1 Billion AI Server Deal: Report</a>



This alleged omission enabled Musk to underpay Twitter investors by more than $150 million for his stock purchases during this period.



According to the lawsuit, Musk increased his stake to 7% by purchasing nearly 3.5 million shares on March 25, 2022.



He later joined Twitter&#8217;s board and formally disclosed his stake in early April 2022, by which time he owned over 9% of the company, causing Twitter&#8217;s stock price to rise by more than 27%.



Why It Matters: Last month, <a href="https://www.benzinga.com/government/regulations/24/12/42487993/elon-musk-faces-deadline-to-settle-with-sec-over-twitter-buyout-lawyer-alleges-years-of-harassment">Musk faced a deadline</a> to settle with the SEC over his Twitter buyout, with his lawyer alleging &#8220;years of harassment&#8221; by the agency. The inquiry focused on Musk&#8217;s sale of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares and his growing investment in Twitter before announcing a leveraged buyout of the social media platform in 2022.



In October 2024, the SEC rejected Musk&#8217;s offer to pay $2,923 for <a href="https://www.benzinga.com/news/24/10/41559160/elon-musks-2-9k-offer-rejected-by-sec-agency-requests-judge-to-sanction-billionaire-over-missed-depo">missing a deposition</a> related to his 2022 Twitter purchase, seeking sanctions against him instead.



Musk and Vivek Ramaswamy, co-leading the &#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42035165/coinbase-ceo-brian-armstrong-says-doge-department-is-a-once-in-a-lifetime-opprtunity-advocates-abolishing-individual-income-tax">Department of Government Efficiency</a>&#8221; in Donald Trump's administration, have previously criticized the SEC, labeling it as a &#8220;weaponized institution.&#8221;&nbsp;Their statement came following the Fifth Circuit Court decision that the <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42469967/elon-musk-vivek-ramaswamy-slam-sec-just-another-weaponized-institution">SEC exceeded its authority</a> by approving Nasdaq&#8217;s diversity quota policy.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/social-media/25/01/42833727/dana-white-wanted-elon-musk-mark-zuckerberg-in-cage-fight-now-hes-on-metas-board-of-directors">Dana White Wanted Elon Musk, Mark Zuckerberg In Cage Fight, Now He&#8217;s On Meta&#8217;s Board Of Directors</a></li>
</ul>



Image via Shutterstock



Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Legal

TSLA

Elon Musk Sued By SEC For Allegedly Hiding Twitter Stake That Allowed Him To Buy Stock At Artificially Low Prices

The CNN Money Fear and Greed index remained in the &#8220;Fear&#8221; zone on Tuesday.



U.S. stocks settled mixed on Tuesday, with the Dow Jones index surging more than 200 points during the session following the release of PPI data. U.S. producer prices rose 0.2% month-over-month in December compared to 0.4% in November, and versus market estimates of 0.3%.



Big Tech shares fell on Tuesday, weighing on the Nasdaq index. Shares of NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) fell 1.1%, while Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) lost 2.3% during the session.



Investors are now awaiting the consumer price index report, due to be released today. Economists expect headline CPI to increase 0.3% in December.



Most sectors on the S&amp;P 500 closed on a positive note, with utilities, materials and financials stocks recording gains on Tuesday. However, communication services and health care stocks bucked the overall market trend, closing the session lower.



The Dow Jones closed higher by around 221 points to 42,518.28 on Tuesday. The S&amp;P 500 rose 0.11% to 5,842.91, while the Nasdaq Composite fell 0.23% at 19,044.39 during Tuesday's session.



Investors are awaiting earnings results from Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) and JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) today.



At a current reading of 26.6, the index remained in the &#8220;Fear&#8221; zone on Tuesday, versus a prior reading of 26.7.



What is CNN Business Fear &amp; Greed Index?



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/25/01/42992639/how-to-earn-500-a-month-from-state-street-stock-ahead-of-q4-earnings">How To Earn $500 A Month From State Street Stock Ahead Of Q4 Earnings</a></li>
</ul>

Dow Rises Over 200 Points Ahead Of Inflation, Earnings Data: Greed Index Remains In 'Fear' Zone

Leading cryptocurrencies charged higher Tuesday amid softer-than-expected wholesale inflation data.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+2.53%</td><td>$97,071.13</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+2.83%</td><td>$3,219.18</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+5.58%</td><td>$0.3576</td></tr></tbody></table></figure>



What Happened: Bitcoin soared to a weekly high of $97,350 early this morning, holding on to its gains for the remainder of the day.&nbsp;



The dramatic turnaround comes just a day after the leading cryptocurrency slipped below $90,000 for the first time since November 2024.



Ethereum, the second-largest cryptocurrency, reclaimed the $3,200 zone a day after dipping below $3,000.&nbsp;



About $185 million were liquidated from the cryptocurrency market in the last 24 hours, with bearish bets accounting for $122 million.&nbsp;



The percentage of Binance traders going long on Bitcoin dipped from 62% to 55% in the last 24 hours, suggesting that the market was bracing for another correction.



The "Greed" sentiment strengthened from 63 to 70 in the last 24 hours, according to the Crypto Fear &amp; Greed Index



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:30 p.m. ET)</td></tr><tr><td>ai16z (AI16Z)</td><td>+21.07%</td><td>$1.36</td></tr><tr><td>DeXe (DEXE)</td><td>+20.48%</td><td>$16.41</td></tr><tr><td>Kaspa (KAS)</td><td>+16.19%</td><td>$0.1375</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.36 trillion, rising by 2.77% in the last 24 hours.



Major stock indexes moved north on Tuesday. The Dow Jones Industrial Average rose 221.16 points, or 0.52%, to 42,518.28. The S&amp;P 500 gained 0.11% to close at 5,842.91. The tech-focused Nasdaq Composite was the outlier, ending 0.23% lower at 19,044.39.



The rise followed<a href="https://www.benzinga.com/25/01/42979267/markets-rebound-on-cool-inflation-data-experts-await-wednesdays-cpi"> cooler-than-expected</a> Producer Price Index data for December. Focus shifts to the all-important <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42988894/all-eyes-on-december-inflation-betting-odds-signal-risk-of-fed-struggling-to-tame">Consumer Price Index</a> report, due for release on Wednesday, as investors look for signals about whether the Federal Reserve may soften its interest rate policy.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Widely followed cryptocurrency analyst Rekt Capital noted the importance of Bitcoin's daily close above $91,000.



"The $91000-$101000 range and early-stage higher low on the RSI have been preserved," the analyst remarked. "The exaggerated bullish divergence remains intact."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Daily Close above $91000 secured The $91000-$101000 range and early-stage Higher Low on the RSI have been preserved The exaggerated Bullish Divergence remains intact<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/UVZFMcEbfh">https://t.co/UVZFMcEbfh</a> <a href="https://t.co/GB3qPmyzrE">pic.twitter.com/GB3qPmyzrE</a>&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1879181211412697600?ref_src=twsrc%5Etfw">January 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Another popular cryptocurrency trader, Michaël van de Poppe, expressed optimism that sentiment toward altcoins would shift starting this week.



"The sentiment, in a negative manner, has gone through new roofs, people are expecting the bull market to be over. The ideal climate for altcoins to perform well," he added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I&#39;m confident the sentiment and climate for <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> is going to shift from these weeks onwards. The sentiment, in a negative manner, has gone through new roofs, people are expecting the bull market to be over. The ideal climate for altcoins to perform well.&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1879222698900910080?ref_src=twsrc%5Etfw">January 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by CMP_NZ on Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42935597/mark-cuban-advocates-bitcoin-over-gold-during-economic-turmoil-i-think-it-has-more-value-than-gold">Mark Cuban Advocates Bitcoin Over Gold During Economic Turmoil: &#8216;I Think It Has More Value Than Gold&#8217;</a></li>
</ul>

Bitcoin, Ethereum, And Dogecoin Rebound Sharply On Lighter Inflation Data: Top Trader Says Despite Expectations For Bull Market To Be Over, It's An Ideal Climate For Altcoins.

South Korean markets showed resilience Wednesday as President Yoon Suk Yeol was taken into custody, with the benchmark KOSPI rising 0.40% to 2,507.35 amid heightened political uncertainty.



Yoon, 64, was detained at 10:33 a.m. local time by a joint probe team investigating allegations related to his December martial law declaration, marking an unprecedented arrest of a sitting South Korean president. 



The arrest came after an initial failed attempt on Jan. 3 that resulted in a standoff between investigators and presidential security, <a href="https://www.koreaherald.com/article/10390439">reported</a> The Korean Herald.



Despite the political upheaval, major South Korean stocks held steady. SK Hynix Inc. led the gains, climbing 2.31% to 1,99,800 South Korean won ($136.90). Samsung Electronics Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) rose 0.37% to 54,100 South Korean won ($37.06), while KB Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KB#NYSE">KB</a>) gained 0.90%, reaching 89,500 South Korean won ($61.31). Hyundai Motor (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) saw a slight decline of 0.23%, trading at 2,21,500 South Korean won ($151.76). 



The iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>), a key indicator for U.S. investors, gained 0.94% on Tuesday.



The Korean won remained stable against the U.S. dollar, trading at 1,460.52 South Korean won, down marginally by 0.063%. 



The arrest warrant for President Yoon, which expires Jan. 21, includes charges of power abuse and insurrection. The investigation is led by the Corruption Investigation Office for High-ranking Officials.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/25/01/42993322/elon-musk-faces-sec-lawsuit-for-allegedly-hiding-twitter-stake-allowing-him-to-buy-shares-at-artificially-low-prices">Elon Musk Sued By SEC For Allegedly Hiding Twitter Stake That Allowed Him To Buy Stock At Artificially Low Prices</a></li>
</ul>



Image Via Shutterstock 



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

HYMTF

SSNLF

South Korean President Yoon Suk Yeol Arrested — KOSPI Edges Higher Despite Political Upheaval, Won Stable

As both JPMorgan Chase &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) and Wells Fargo &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) prepare to release their <a href="https://www.benzinga.com/earnings">fourth quarter earnings</a> on Wednesday before the market opens, the spotlight's on their technicals. 



Investors are betting big on both, but only one can come out on top when the numbers drop. Let's take a quick spin through the charts and see who's in the driver's seat ahead of the big reveal.



<h2 class="wp-block-heading">JPM Stock: Strong Bullish Momentum</h2>



JPM stock is cruising, and it's not just the bull market that's pushing it. 



<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent011425&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="630" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/14145142/Screenshot-2025-01-15-at-1.20.02-AM.png" alt="" class="wp-image-733331" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/14145142/Screenshot-2025-01-15-at-1.20.02-AM.png 630w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/14145142/Screenshot-2025-01-15-at-1.20.02-AM-300x233.png 300w" sizes="(max-width: 630px) 100vw, 630px" /></a></figure>



<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent011425&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



Trading at $245.75, JPM stock is firmly parked above its eight, 20, and 50-day simple moving averages (SMAs), signaling a roaring bullish trend. The stock has been soaking up buying pressure like a sponge, with investors clearly confident about its upcoming earnings report. 



The eight-day SMA of $242.38, 20-day SMA of $240.09 and 50-day SMA of $240.73 are all flashing bullish signals &#8211; an indication that JPM stock is firing on all cylinders.



Looking ahead, analysts are forecasting strong results: $4.11 in EPS and $41.7 billion in revenue. Given the strong upward momentum and positive technicals, JPMorgan looks primed to continue its bull run post-earnings, barring any major surprises.



With its 200-day SMA sitting at $214.20, the long-term bullish trend is also clearly intact.



Read Also: <a href="https://www.benzinga.com/markets/equities/25/01/42938578/jamie-dimon-calls-elon-musk-an-extraordinary-talent-jp-morgan-ceo-shares-why-trumps-election-victory-didnt-surprise-him">Jamie Dimon Calls Elon Musk &#8216;An Extraordinary Talent&#8217; — JP Morgan CEO Shares Why Trump&#8217;s Election Victory Didn&#8217;t Surprise Him</a>



<h2 class="wp-block-heading">WFC Stock: Cautionary Signals Amid Long-Term Strength</h2>



Meanwhile, WFC stock is a bit more on the fence. 



<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent011425&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="630" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/14145416/Screenshot-2025-01-15-at-1.20.16-AM.png" alt="" class="wp-image-733334" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/14145416/Screenshot-2025-01-15-at-1.20.16-AM.png 630w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/14145416/Screenshot-2025-01-15-at-1.20.16-AM-300x233.png 300w" sizes="(max-width: 630px) 100vw, 630px" /></a></figure>



<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent011425&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



Trading at $71.17, WFC stock is still above its eight, 20 and 200-day moving averages, suggesting a bullish short and long-term outlook. But the medium-term charts aren't quite as rosy. The 50-day SMA of $71.73 is giving off a bearish signal, indicating that WFC stock could be in for a bit of a pause, or even a minor pullback, before earnings. 



The 50-day SMA trading above the price further confirms this potential weakness, even though the 200-day SMA of $61.67 continues to signal bullishness in the long run.



<h2 class="wp-block-heading">The Verdict: JPM Looks Stronger for Now</h2>



In the grand scheme of things, Wells Fargo's longer-term trend is still bullish, but with technicals showing some indecision in the medium-term. So, WFC stock will need a solid earnings beat to kick things back into gear. 



JPM stock, on the other hand, is looking incredibly strong across the board, and its solid bullish momentum makes it the clear technical winner going into Wednesday's earnings report.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42984073/banks-kick-off-earnings-season-on-wednesday-retail-traders-bet-big-on-financials-ahead-of-regulatory-tailwinds">Banks Kick Off Earnings Season On Wednesday: Retail Traders Bet Big On Financials Ahead Of Regulatory Tailwinds</a></li>
</ul>



Image created using photos from Shutterstock.

Technicals

Previews

JPMorgan Vs. Wells Fargo: 1 Bank Stock Technically Stronger Ahead Of Earnings

Wednesday&#8217;s release of the December Consumer Price Index will provide fresh insights into inflation's trajectory, potentially influencing the Federal Reserve&#8217;s policy stance amid mounting <a href="https://www.benzinga.com/topic/interest-rates">uncertainty over interest rates.</a>



The eagerly awaited report follows Tuesday&#8217;s release of the Producer Price Index for December, which showed wholesale prices advancing 3.3% year-over-year, slightly below <a href="https://www.benzinga.com/25/01/42973016/producer-prices-rise-less-than-expected-offer-opportunity-for-market-rebound">the 3.4% expected. </a>



<h3 class="wp-block-heading">December CPI Preview: What To Watch</h3>



The headline inflation rate is projected to rise 2.9% year-over-year, according to TradingEconomics, marking an increase from November's 2.7% pace. On a monthly basis, headline inflation is expected to grow by 0.3%, maintaining the same pace as the prior month.



Core inflation, which excludes volatile food and energy prices, is forecasted to remain steady at 3.3% year-over-year, while core prices are anticipated to advance 0.2% month-over-month, down from 0.3% in November. 



Bank of America economist Stephen Juneau said his team expects core CPI to register a "soft 0.3% m/m, with risks of rounding down to 0.2%."



Juneau anticipates cooling in core goods prices while core services remain largely unchanged. Categories like airfares and lodging, which surprised to the upside in November, are projected to moderate.



"Shelter prices have cooled relative to earlier in 2024, but there is still room for improvement," Juneau added.



Juneau also indicated that the Fed is likely to remain on hold for an extended period but flagged the risk of a rate hike if inflation remains sticky. 



&#8220;If core PCE inflation exceeds 3% and long-term inflation expectations become unanchored, hikes will be in play,&#8221; he said.



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Metric</th><th>Econ. consensus</th><th>November 2024</th></tr></thead><tbody><tr><td>Headline CPI YoY</td><td>2.9%</td><td>2.7%</td></tr><tr><td>Headline CPI MoM</td><td>0.3%</td><td>0.3%</td></tr><tr><td>Core CPI YoY</td><td>3.3%</td><td>3.3%</td></tr><tr><td>Core CPI MoM</td><td>0.3%</td><td>0.2%</td></tr></tbody></table></figure>



<h3 class="wp-block-heading">Betting Markets Signal Confidence In Inflation Staying Elevated</h3>



According to data from CFTC-regulated prediction platform Kalshi:



<ul>
<li>There is a 99% probability of headline inflation coming in above 2.7% year-over-year.</li>



<li>75% probability it exceeds 2.8%.</li>



<li>28% probability it surpasses 2.9%.</li>



<li>Just 2% probability it breaks the 3.0% level.</li>
</ul>



Traders betting on headline CPI above 2.9% – an outcome that would top economist consensus estimates – stand to receive $3 for every $1 wagered if the event resolves to YES.


<iframe loading="lazy" style="border: 0;" src="https://kalshi.com/external-widgets/events/KXCPIYOY-24DEC?color_scheme=light&amp;widget_size=large&amp;utm_campaign=benzingawidget" width="552px" height="400px"></iframe>


For core CPI, the market shows:



<ul>
<li>A 99% chance it comes in above 2.9%.</li>



<li>96% probability it surpasses 3.0%.</li>



<li>93% chance it breaks 3.1%.</li>



<li>62% chance it exceeds 3.2%.</li>



<li>Only a 20% probability it rises above 3.3%.</li>
</ul>



A $1 wager on core CPI exceeding 3.3% could yield $4 if the event resolves positively.



Betting on monthly shelter inflation also reflects significant interest:



<ul>
<li>99% chance shelter inflation exceeds 0.1%.</li>



<li>81% chance it surpasses 0.2%.</li>



<li>A 51% probability it comes in above 0.3%.</li>



<li>A slim 7% chance it breaks 0.4%.</li>
</ul>



Those betting $1 on shelter inflation exceeding 0.4% stand to win $5 for every $1 wagered if the outcome resolves to YES.



<h3 class="wp-block-heading">Fed&#8217;s Dilemma: Hawkish Or Dovish?</h3>



The December inflation data will play a pivotal role in shaping expectations for the Federal Reserve's next policy moves. 



While Fed futures currently assign a 97% chance of holding rates steady in January and 78% in March, inflation&#8217;s persistence above the Fed's 2% target is complicating the outlook for 2025.



Bank of America no longer anticipates rate cuts this year, revising its forecast following December&#8217;s stronger-than-expected jobs report. "Inflation appears to have stalled moderately above the Fed&#8217;s target," Juneau said. The bank also flagged the risk of debates shifting towards rate hikes. 



Fed futures point to a 55% chance of a rate cut by June, but that likelihood increases to 70% by October, as per the CME FedWatch Tool. However, if inflation prints above expectations, markets could see further delays in rate cuts, with the first reduction potentially pushed into late 2025 or even 2026.



Conversely, a lower-than-expected inflation print could bolster the case for cuts as early as mid-2025, reinforcing speculation of monetary easing by summer.



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All Eyes On December Inflation: Betting Odds Signal Risk Of Fed Struggle

As investors look to navigate the volatility of <a href="https://www.benzinga.com/premium/ideas/2025-market-outlook-navigating-uncertainty-with-high-yield-strategies/">global markets in 2025</a>, Direxion's CEO, Douglas Yones, sees the technology and energy sectors as key growth areas.



In an exclusive interview with Benzinga, he asserted that while broader market uncertainty persists, the <a href="https://www.benzinga.com/topic/semiconductors">semiconductor</a> and <a href="https://www.benzinga.com/topic/energy">energy</a> industries are poised to stand out.



<h2 class="wp-block-heading">Semiconductors: A Key Growth Sector</h2>



Yones points to the semiconductor industry, driven largely by the increasing demand for AI technology. "Technology, particularly the AI and semiconductor industries, stands out as a key area for growth," he shares. 



As AI applications expand, the need for more advanced chips is set to rise, making this a high-potential sector. For traders looking to capitalize on this, Yones recommends leveraged ETFs such as the Direxion Daily Semiconductor Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXL#NYSE">SOXL</a>), which offer significant exposure to the semiconductor industry.



Read Also: <a href="https://www.benzinga.com/25/01/42961753/analyst-sees-broadening-rally-in-semis-coming-in-2025-2-top-stock-picks-and-2-to-avoid">Analyst Sees &#8216;Broadening Rally&#8217; In Semiconductors In 2025: 2 Top Stock Picks, 2 To Avoid</a>



<h2 class="wp-block-heading">Energy Sector Boosted By Policy Shifts</h2>



The energy sector is also expected to thrive in 2025, with favorable policies likely to drive growth in fossil fuel companies. "The Trump administration has made its stance on drilling very clear, and the administration may be more friendly to fossil fuel companies," says Yones. 



He believes this will likely hurt alternative energy stocks, but make energy ETFs like the Direxion Daily Energy Bull 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ERX#NYSE">ERX</a>) an appealing choice for traders.



<h2 class="wp-block-heading">Looking Ahead: 2025's Growth Potential</h2>



With AI driving technological advances and President-elect Donald Trump&#8216;s administration continuing its pro-fossil fuel stance, both semiconductors and energy stocks are expected to dominate investor portfolios in the year ahead.



"We expect energy and semiconductor stocks to benefit from both technology trends and government policies," Yones said.



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EXCLUSIVE: Energy, Semiconductors Could Dominate Portfolios In 2025, Says Direxion CEO

Banks reporting fourth-quarter earnings on Wednesday will take center stage, with investors watching closely for insights on the health <a href="https://www.benzinga.com/news/econ-s">of the U.S. economy. </a>



Traditionally seen as a barometer for broader economic performance, strong results from banks could set a positive tone for other sectors and the outlook for 2025.



Meanwhile, retail investors seem to have flocked to financial stocks ahead of earnings, anticipating strong results and positive commentary on the regulatory landscape going forward. 



<h1 class="wp-block-heading">What To Expect From Banks Q4 Results: Earnings And Revenue Projections</h1>



According to data from <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent011425&amp;t=be2bearmibe3na1">Benzinga Pro</a>:



<ul>
<li>Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) is projected to report an estimated earnings per share of $8.17, a significant 49% increase from the $5.48 it posted in the same quarter of 2023. Revenue is forecast at $12.25 billion, reflecting an 8% gain from $11.32 billion a year earlier.</li>



<li>JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) is forecast to post EPS of $4.11, a 35% increase from $3.04 in the fourth quarter of 2023. Revenue is projected to grow 8% year-over-year to $41.71 billion, up from $38.57 billion.</li>



<li>Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) is anticipated to show a sharp turnaround with an expected EPS of $1.22 compared to a loss of $1.16 in the fourth quarter of 2023. Revenue is estimated to rise 12% to $19.48 billion, up from $17.44 billion.</li>



<li>Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) is likely to report EPS of $1.35, up 57% from 86 cents in the same quarter last year. Revenue is expected to remain largely flat, edging up 0.5% to $20.59 billion compared to $20.48 billion.</li>



<li>Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) is projected to deliver EPS of $1.56, a substantial improvement from 33 cents a year earlier, with revenue increasing 8% to $4.65 billion, a slight rise from $4.31 billion.</li>



<li>BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) is expected to report EPS of $11.22, an increase of 16% from $9.66 in the fourth quarter of 2023. Revenue is estimated to grow 19% to $5.52 billion, up from $4.63 billion.</li>
</ul>



<h1 class="wp-block-heading">Retail Investors Bet Big On Financials</h1>



Retail investors appear optimistic about bank earnings, as financial stocks saw the largest weekly inflows since March 2023. 



Bank of America's private client data revealed that $297 million flowed into financial stocks last week, reversing the $102 million outflows from the final week of December 2024. This bullish sentiment could fuel additional momentum if earnings exceed expectations.



The Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) closed last year with gains of 28%, outperforming the broader S&amp;P 500 — tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) — by 5 percentage points.



<h1 class="wp-block-heading">Regulatory Tailwinds On The Horizon?</h1>



Banks could be positioned to benefit from a shifting regulatory landscape as Donald Trump's new administration assumes office. 



The recent announcement of Fed Vice Chair for Supervision Michael Barr's early departure could mark the beginning of a more favorable era for the financial sector, according to veteran Wall Street investor Ed Yardeni. 



Yardeni, president of Yardeni Research, highlighted that financials could be entering a &#8220;sustained period of more favorable regulatory change&#8221; after more than a decade of heightened oversight following the 2008 financial crisis.



Barr, a staunch proponent of tighter regulations, had advocated for the &#8220;Basel III endgame,&#8221; which would have imposed stricter capital requirements on banks.



With his exit, the analyst now expects a scaled-back version of these proposals, potentially easing compliance burdens for banks.



Yardeni sees Fed Gov. Michelle Bowman and Gov. Christopher Waller, both considered more bank-friendly, as frontrunners to replace Barr.



Additionally, Trump's administration may push for regulatory rollbacks across agencies such as the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, creating further upside potential for the sector.



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Photo: Shutterstock

Banks Kick Off Earnings Season On Wednesday: Retail Traders Bet Big On Financials Ahead Of Regulatory Tailwinds

President-elect Donald Trump has made tariffs one of the most talked about items ahead of his inauguration on Jan. 20. So far, he has not backed down from plans to place or increase tariffs on <a href="https://www.benzinga.com/topic/tariffs">various trade partners</a>, including Canada, Mexico and China.



What Happened: On Tuesday, Trump took things a step further by naming a new agency tasked with overseeing tariffs.



"For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS). Though soft and pathetically weak Trade agreements, the American Economy has delivered growth and prosperity to the World, while taxing ourselves," Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/113827650534234057">said </a>in a post on Truth Social. "I am today announcing that I will create the EXTERNAL REVENUE SERVICE to collect our Tariffs, Duties and all Revenue that come from Foreign sources."



Trump intends for Jan. 20 — inauguration day — to be the birthdate for the so-called &#8220;External Revenue Service.&#8221; Normally, a new law would need to be passed first to create a new bureau or statutory body.



"We will begin charging those that make money off of us with Trade, and they will start paying, FINALLY, their fair share,&#8221; Trump added. 



It&#8217;s worth noting that the U.S. Customs and Border Protection (CBP), under the Department of Homeland Security, already oversees tariffs and revenue from foreign countries. Its key functions include collecting customs duties and tariffs. The CBP also enforces trade laws and ensures revenue accountability as one of the federal government's largest revenue collectors.



Meanwhile, Democratic lawmakers are already scrutinizing Trump&#8217;s External Revenue Service plan. "No amount of silly rebranding will hide the fact that Trump is planning a multi-trillion-dollar tax hike on American families and small businesses to pay for another round of tax handouts to the rich," Oregon Sen. Ron Wyden, the top Democrat on the Senate Finance Committee, <a href="https://www.finance.senate.gov/chairmans-news/wyden-statement-on-trumps-so-called-external-revenue-service">said</a> in a statement.



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Why It's Important: Trump's plans to place tariffs on three of the country's largest trade partners have led to many question marks on how the other countries will respond and if items will get more expensive for American consumers as a trade off.



<a href="https://www.benzinga.com/trading-ideas/24/12/42536470/costco-warns-that-tariffs-raise-prices-trump-team-says-trade-policies-will-make-life-affordable">Retail executives</a> Costco Wholesale (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) and Dollar Tree (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) have already warned about tariffs on earnings calls. Tariffs <a href="https://www.benzinga.com/news/global/24/12/42402629/trump-to-change-dollar-stores-for-good-dollar-tree-exec-says-prepared-to-act">could mean higher prices</a> for consumers, less product assortment or a change to product sizes, they say.



Trump joked that Canada <a href="https://www.benzinga.com/news/global/24/12/42300450/trump-told-trudeau-canada-could-avoid-tariffs-by-becoming-51st-state-a-look-at-sectors-trade-war-could-impact">could become the</a> 51st state of America to avoid tariffs. While the country <a href="https://apnews.com/article/canada-trump-chretien-51st-state-ad9749047d0b627eed56be22f43ea7cd">isn't ready</a> to do that, a new report signals the country could be working on avoiding the tariffs.



Canadian ambassador Kirsten Hillman said Canada is prepared to buy more items from the U.S., as <a href="https://apnews.com/article/canada-ambassador-us-trump-hillman-9ced5ba12cd6526a2bbb4a810fa9af18">reported </a>by the Associated Press. The move would ensure that there is not a deficit for America in its trade with Canada.



Hillman warned that a plan to put tariffs on all Canadian products will lead to prices going up for Americans.



"And at a time when the cost of living is challenging, when food prices are high, it seems like the wrong direction to go in," Hillman said.



Top items exported from Canada to the U.S. include oil, gas and automotive parts. These industries could see higher-priced goods under Trump's tariff plan.



Large Canadian oil companies Suncor Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SU#NYSE">SU</a>), Enbridge (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENB#NYSE">ENB</a>), Canadian Natural Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNQ#NYSE">CNQ</a>) and TC Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) could face significant impacts from the tariffs and a potential blow to the sector.



Railway company Canadian Pacific Kansas City Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>) and trucking companies Old Dominion Freight Line (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>) and Knight-Swift Transportation Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNX#NYSE">KNX</a>) could also be impacted by the tariffs and the negative impact on trade between the United States and Canada.



Mexican President Claudia Sheinbaum has recently shown a serious focus on migration and security, two of Trump's vocal demands to keep the U.S. from placing tariffs on the country, as reported by Reuters.



Sheinbaum has <a href="https://www.benzinga.com/markets/cannabis/25/01/42895985/trump-and-mexican-president-sheinbaum-spirited-clash-over-territorial-renaming-tariffs-and-cartels">publicly sparred with Trump</a>, but it remains to be seen if she will be able to avoid tariffs for Mexico.



Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Honda Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>) are among the automotive companies that <a href="https://www.benzinga.com/government/regulations/24/12/42688941/are-us-vehicles-under-30000-a-thing-of-the-past-trumps-mexico-tariff-plans-could-change-auto-market">have sub-$30,000 vehicles </a>that are partially or fully built in Mexico and Canada.



Higher tariffs on China could rattle the American economy as the country remains a major source of many exported goods. To get ahead of potential tariff increases, China saw its exports up 10.7% in the month of December, NPR <a href="https://www.npr.org/2025/01/13/nx-s1-5258024/china-exports-us-tariffs">reported</a>.



The growth was higher than estimates of 7% and could show that companies and China are taking proactive approaches to get ahead of higher-costing goods.



ETF Price Action: The iShares MSCI Canada ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWC#NYSE">EWC</a>) is up 0.3% to $39.94 on Tuesday. The ETF is up 11% over the last year and down 4.5% over the last month.



The iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>) is up 1.5% to $48.15 on Tuesday. The ETF is down 25.3% over the last year and down 6.4% over the last month.



The iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>) is up 2.3% to $44.89 on Tuesday. The ETF is up 19.2% over the last year and down 5.5% over the last month.



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