SPDR Select Sector Fund - Financial (ARCA: XLF)

Ultime notizie per SPDR Select Sector Fund - Financial (ARCA:XLF)

SPDR Select Sector Fund - Financial

Financial Services

Industrials

Technology

The fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the index. The index includes securities of companies from the following industries: diversified financial services; insurance; banks; capital markets; mortgage real estate investment trusts (REITs); consumer finance; and thrifts and mortgage finance. The fund is non-diversified.

Berkshire Hathaway, Inc.

Jpmorgan Chase & Co.

Visa Inc-Class A Shares

Mastercard Inc Common Stock Usd 0.0001

Bank Of America Corp.

Wells Fargo & Co.

Goldman Sachs Group Inc.

S&P Global Inc

American Express Co.

Morgan Stanley

The Financial Select Sector SPDR Fund

INVESCO FINANCIAL S&P US SECTOR  ETF

Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) shares are trading higher on Thursday. On Wednesday, the company partnered with Analytic Partners to help merchants and brands optimize advertising returns <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41354729/visa-and-analytic-partners-announce-multi-year-deal-to-transform-commercial-analytics-for-merchant" rel="noreferrer noopener">using AI-driven data analytics</a>.
The collaboration combines Visa&#8217;s consumer spending insights with Analytic Partners&#8217; platform to provide actionable, real-time marketing optimization, addressing the challenge of fragmented data and enhancing business decision-making.
The partnership will initially focus on the U.S., with plans for global expansion. Visa and Analytic Partners have made exclusivity commitments for marketing spend optimization services.
They also aim to develop enhanced analytics solutions to help merchants and brands turn insights into measurable business growth.
Jeni Mundy, Global Head of Merchant Sales &amp; Acquiring, Visa, said, &#8220;The volume of data available to merchants can be overwhelming, and if they don&#8217;t get it just right, it&#8217;s a missed opportunity for growth.&#8221;
&#8220;Bringing together our scale and insights with Analytic Partners&#8217; deep expertise in Commercial Analytics, we&#8217;ll enable our clients to achieve greater success in their lines of business.&#8221;
&#8220;Commercial Analytics helps merchants and brands understand which consumer and commercial levers to pull, so they can drive more actionable opportunities for growth. This can ultimately improve their ability to deepen customer loyalty and attract new customers,&#8221; said Nancy Smith, CEO of Analytic Partners.
&#8220;Visa&#8217;s global footprint, deep understanding of consumer spending and commitment to responsible innovation make them a great partner in revolutionizing commercial intelligence for merchants and brands around the world.&#8221;
Last month, Visa acquired AI fraud detection firm Featurespace for an undisclosed amount, boosting real-time<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/41048142/visa-takes-on-financial-crime-acquires-ai-fraud-specialist-featurespace-strengthening-payment-se" rel="noreferrer noopener"> payments protection capabilities</a>.
The deal, expected to close in FY 2025, strengthens Visa&#8217;s commitment to enhancing network security through AI.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: V shares are up 0.67% at $289.47 at the last check Thursday.
Image: Shutterstock/ Tony Stock
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/10/41171711/visa-teams-up-with-bbva-to-issue-fiat-backed-tokens-on-blockchain-networks-plans-initial-pilot-b" target="_blank" rel="noreferrer noopener">Visa Teams Up with BBVA To Issue Fiat-Backed Tokens On Blockchain Networks, Plans Initial Pilot By 2025</a></li>
</ul>

Equities

Large Cap

News

iShares Trust Dow Jones US Financial Services Index Fund

Visa Partners With Analytic Partners To Unlock Smarter Marketing For US Merchants

Small-cap stocks outperformed large caps in Wednesday's session, with the Russell 2000 Index surging to test July 2024 highs on the back of expectations for interest rate cuts and a <a href="https://www.benzinga.com/topic/regional-banks">strong rally in regional banks. </a>
Financial stocks continued their upward momentum, buoyed by strong earnings reports. Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) significantly beat expectations, propelling its stock up by 8% to new all-time highs.
Regional banks, as tracked by the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>), rallied 2.1%, hitting levels last seen in early March 2023, prior to the fallout of Silicon Valley Bank.
Airlines also soared, with United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) posting an 11% rally. The surge lifted the entire industry, as tracked by the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>), which reached its highest level since July 2023.
The tech sector lagged, weighed down by weak performance in semiconductors. The industry was still reeling from ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>)&#8217;s earnings shock on Tuesday, after the company slashed its 2025 revenue outlook, triggering a broad selloff in chipmakers.
Both the Nasdaq 100 and semiconductor stocks remained flat on Wednesday.
In the currency market, the U.S. Dollar Index was poised to log its 12th positive day in the last 13 sessions. Treasury yields edged lower. Oil prices saw a slight decline of 0.6%, with West Texas Intermediate (WTI) crude falling below $70 per barrel.
Precious metals offered positive signals, with gold set to close its fifth consecutive day of gains, while silver rose 0.8%.
In the cryptocurrency space, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) advanced 1%, reaching $68,000 — its highest level since late July 2024.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day % change</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,289.65</td>
<td>1.8%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,981.53</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,830.29</td>
<td>0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,131.29</td>
<td>-0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101624&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.2% to $580.82.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.6% higher to $429.93.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.2% to $489.94.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.8% to $226.77.</li>
<li>The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, up 1.4%. The Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) lagged, down 0.3%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Interactive Brokers Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NASDAQ">IBKR</a>) fell over 3% after missing earnings estimate. </li>
<li>Other stocks reactive to company earnings included United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>), up 11.5%, J.B. Hunt Transport Services Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>), up 3.5%, Abbott Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>), up 1.7%, Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), up 7.6%, U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>), up 4.7% and Citizens Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFG#NYSE">CFG</a>).</li>
<li>ASML Holding N.V. fell over 5% after dropping 17% on Tuesday in reaction to dismal revenue outlook. </li>
<li>Companies set to report their earnings after the close include CSX Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>), Kinder Morgan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>), Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), Equifax Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EFX#NYSE">EFX</a>), Steel Dynamics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) and Alcoa Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>). </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41356469/mortgage-demand-sees-sharpest-weekly-drop-since-april-2020-as-rates-climb-above-6">Mortgage Demand Sees Sharpest Weekly Drop Since April 2020 As Rates Climb Above 6.5%</a></li>
</ul>
Photo via Shutterstock.

Earnings

Macro Economic Events

Sector ETFs

Small Cap

Economics

Markets

Movers

Tech

ETFs

$BTC

ASML

SPDR Dow Jones Industrial Average ETF Trust

IBKR

JBHT

JETS

STLD

Tech Stocks Stall, Small Caps Surge As Regional Banks Rally, Airlines Rocket: What's Driving Markets Wednesday?

A wave of market-relevant news fueled an active trading session on Wall Street Tuesday, with large-cap indices falling due to sharp declines in tech and energy stocks, while small-caps outperformed, led by gains in regional banks.
At the forefront of the headlines is the massive plunge in ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) shares. The Dutch chipmaker&#8217;s stock nosedived over 16% after a technical error prematurely revealed its third-quarter earnings, originally scheduled for Wednesday, <a href="https://www.benzinga.com/markets/equities/24/10/41339229/asml-earnings-leak-sparks-broad-semiconductor-sell-off-sector-down-sharply-as-dutch-chipmaker-lo">on the company&#8217;s website. </a>
The report disclosed weaker-than-expected guidance for 2025, leading to the worst single-day drop in ASML stock since it went public in 2002.
ASML&#8217;s collapse sent shockwaves across the semiconductor sector, with the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) falling more than 4%, marking its worst performance since early September. Key semiconductor players were hit hard, with NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) down 5% and Arm Holdings PLC-ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) tumbling 7%.
Another underperforming sector was energy. Oil prices plunged 5%, setting up their <a href="https://www.benzinga.com/markets/asia/24/10/41336413/oil-prices-take-largest-plunge-in-over-a-year-as-israel-vows-to-spare-iranian-facilities-energy-stoc">worst trading day in over a year. </a>
The sell-off followed a Monday&#8217;s report from The Washington Post, which revealed Israeli Prime Minister Benjamin Netanyahu assured the Biden administration Israel would refrain from targeting Iranian oil and nuclear facilities in any retaliatory military actions.
Meanwhile, the financial sector surged, extending its all-time highs as Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and Charles Schwab Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) all posted <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41331839/financial-sector-hits-record-highs-as-goldman-sachs-bank-of-america-citi-beat-q3-ea">stronger-than-expected quarterly earnings.</a>
Gains also spread to more economically sensitive regional banks, with the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) jumping over 3%, lifting the broader Russell 2000 index by 1%.
In other markets, both the U.S. dollar and Treasury yields remained steady, as there were no major updates on interest-rate expectations. Gold edged up by 0.6%, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued its recent momentum, climbing 1.3% after a 5.1% surge on Monday.
<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>Chg (1-day) %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,272.05</td>
<td>1.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,942.79</td>
<td>-0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,842.20</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,221.22</td>
<td>-1.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:45 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101524&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.4% to $581.82.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.3% down to $429.46.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 1.1% to $491.72.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 1% to $222.52.</li>
<li>The Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, up 1%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 2.3%.</li>
</ul>
<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>
<ul>
<li>Airlines and cruise lines rallied in reaction to lower oil prices. American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) rose 2.2%, United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) gained 2.2%. Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) and Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) rallied 7.7% and 5.5%, respectively. </li>
<li>Charles Schwab rose 7.5% after reporting stronger-than-expected quarterly results. </li>
<li>Other stocks reacting to earnings were UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>), down 7.4%; Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), up 1.8%; Bank of America Corp., up 1.9%; Goldman Sachs Group Inc., down 0.3%; Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), down 4%; PNC Financial Services Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>), up 4%; State Street Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>), up 0.6% and Walgreens Boots Alliance Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>), up 13%</li>
<li>Companies slated to report earnings after the close include Interactive Brokers Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NASDAQ">IBKR</a>), United Arlines Holdings Inc., Omnicon Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMC#NYSE">OMC</a>) and J.B. Hunt Transport Services Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>). </li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41336897/3-reasons-why-a-bitcoin-all-time-high-before-the-election-is-back-in-play">3 Reasons Why A Bitcoin All-Time High Before The Election Is Back In Play</a></li>
</ul>
Photo: Shutterstock

Mid Cap

Broad U.S. Equity ETFs

Guidance

Commodities

Econ #s

NCLH

NVDA

SCHW

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

Chipmaker Stocks Sink On ASML Earnings Leak, Oil Eyes Worst 1-Day Drop This Year, Small Caps Rally: What's Driving Markets Tuesday?

A basket of major U.S. bank stocks, as measured by the Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), is poised to extend its record highs following a wave of strong <a href="https://www.benzinga.com/earnings">third-quarter earnings reports. </a>
The fund rose nearly 0.7% in premarket trading, continuing its upward momentum from last week's rally. Gains also spilled over to regional banks, as SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) rose 0.5%.
On Tuesday, top financial firms including Goldman Sachs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), and Charles Schwab Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) all exceeded analyst expectations, reinforcing investor confidence in the sector's health.
<h3 class="wp-block-heading">Goldman Sachs Q3 2024: Major Revenue Beat Drives Stock To Record Highs</h3>
Goldman Sachs posted a robust third-quarter performance, significantly beating Wall Street's earnings estimates. The bank reported earnings per share (EPS) of $8.40, surpassing the expected $6.88. Revenue came in at $12.7 billion, topping the $11.7 billion consensus estimate, with standout results in several key segments.
<ul>
<li>Equities sales &amp; trading revenue surged to $3.5 billion, well above the $2.95 billion estimate.</li>
<li>Global banking and markets net revenue hit $8.55 billion, beating the forecast of $7.65 billion.</li>
<li>Total deposits grew 2.8% quarter-over-quarter to $445 billion.</li>
<li>Assets under management (AUM) reached $3.1 trillion, exceeding expectations of $2.99 trillion.</li>
</ul>
Stock Reaction: Shares of Goldman Sachs jumped nearly 3% in premarket trading, reaching a new record high of $537.50.
Read also: <a href="https://www.benzinga.com/news/earnings/24/10/41329766/goldman-sachs-q3-earnings-investment-banking-fees-surges-20-asset-wealth-management-up-16-but-fixed">Goldman Sachs Q3 Earnings: Investment Banking Fees Surges 20%, Asset &amp; Wealth Management Up 16%, But Fixed Income Falters</a>
<h3 class="wp-block-heading">Bank of America Q3 2024: Solid Growth in Investment Banking and Trading</h3>
Bank of America also delivered a strong set of earnings, with an EPS of $0.81, beating the $0.76 consensus. Revenue totaled $25.34 billion, slightly above expectations of $25.25 billion, driven by solid growth in its investment banking and trading operations.
<ul>
<li>Net interest income (NII) rose to $13.97 billion, surpassing the $13.9 billion forecast.</li>
<li>Investment banking revenue reached $1.4 billion, exceeding the $1.24 billion estimate.</li>
<li>Trading revenue, excluding debt valuation adjustments, hit $4.94 billion, beating the $4.57 billion consensus.</li>
</ul>
Richard Ramsden, equity analyst at Goldman Sachs, indicated that Bank of America delivered &#8220;another well-rounded beat,&#8221; highlighting that NII was 0.5% above the Street due to higher earning assets, loans, and trading balances.
Stock Reaction: Bank of America shares climbed 2% to $42.79 following the earnings report.
<h3 class="wp-block-heading">Citigroup Q3 2024: Strong Gains in Trading and Wealth Management</h3>
Citigroup outpaced analyst expectations, reporting an EPS of $1.51, beating the consensus of $1.31. Revenue for the quarter came in at $20.32 billion, ahead of the $19.86 billion estimate.
<ul>
<li>FICC sales &amp; trading revenue reached $3.58 billion, in line with forecasts, while equities sales &amp; trading revenue surged to $1.24 billion, far above the $1.03 billion estimate.</li>
<li>Wealth management revenue was a bright spot, hitting $2 billion compared to the $1.8 billion forecast.</li>
<li>Markets revenue totaled $4.82 billion, topping estimates of $4.6 billion.</li>
</ul>
Citi's investment banking revenue also surpassed expectations, coming in at $934 million versus the anticipated $874.5 million. This marks a solid quarter for Citigroup as it continues to streamline operations while growing its core business lines.
Stock Reaction: Citigroup shares rose 2.4% to $67.50, reaching levels not seen since mid-July.
<h3 class="wp-block-heading">Charles Schwab Q3 2024: Shares Skyrocket On Earnings Beat</h3>
Charles Schwab also joined the list of financial firms delivering upbeat Q3 results. The company reported an EPS of $0.77, exceeding the $0.75 consensus, with revenue of $4.847 billion, just above the $4.786 billion estimate.
This marks a strong recovery for Schwab, which faced pressure earlier this year. The bank benefited from steady client engagement and favorable market conditions.
Stock Reaction: Charles Schwab shares rocketed 9% to $73.78 in premarket trading, putting the stock on track for its best session since July 2023.
Read more: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41326823/wall-street-on-edge-as-nasdaq-nears-record-high-oil-prices-plummet-strategist-says-theres-opportuni">Wall Street On Edge As Nasdaq Nears Record High, Oil Prices Plummet: Strategist Says There&#8217;s Opportunity If Resilience Continues</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Analyst Color

Financial Sector Hits Record Highs As Goldman Sachs, Bank of America, Citi Beat Q3 Earnings Expectations

Both the S&amp;P 500 and the Dow Jones Industrial Average extended their record highs on Monday, reflecting continued bullish sentiment as investors anticipate key <a href="https://www.benzinga.com/earnings">corporate earnings reports </a>later this week.
The S&amp;P 500 surged past 5,850 points during midday trading in New York, while the Dow Jones broke above the 43,000 mark for the first time. Wall Street celebrated the two-year anniversary of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41314387/most-widely-hated-bull-market-reaches-2-year-milestone-top-20-s-p-500-stocks-drivin">the bull market&#8217;s start.</a>
However, the Nasdaq 100 is still lagging. It gained 0.7% on the day but remains about 1% below its all-time high set on July 10.
Small-cap stocks also advanced, with the Russell 2000 climbing 0.6%. Among sectors, utilities and technology led the gains, while semiconductors and homebuilders were the top-performing industries.
Despite no major economic data releases, U.S. Treasury yields edged higher, with the 10-year yield reaching 4.13%, its highest level since late July. The U.S. dollar also rose by 0.3%.
Commodities were the weakest asset class, weighed down by uncertainty over China&#8217;s stimulus measures. Gold, silver, and copper fell 0.4%, 1.2%, and 2%, respectively. Crude oil prices dropped 2.3% as OPEC&#8217;s weakening demand outlook dampened sentiment.
Chinese equities, tracked by the iShares MSCI China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NYSE">MCHI</a>), declined 1.1%.
In the crypto space, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) stood out as the best performer, rallying 4.5% to surpass $65,000. Other cryptocurrencies and crypto-linked stocks followed its lead.
<h3 class="wp-block-heading">Monday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,857.62</td>
<td>0.7%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,409.65</td>
<td>0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,245.80</td>
<td>0.6%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>43,027.29</td>
<td>0.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101124&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;rose 0.7% to $583.72.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.4% to $430.59.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rallied 0.8% to $497.15.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.6% to $222.52.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1.2%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XKE#NYSE">XKE</a>) lagged, down 0.3%.</li>
</ul>
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers</h3>
<ul>
<li>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) surged more than 5% after BNP Paribas initiated coverage with an Outperform rating and a $231 price target.</li>
<li>Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) rallied 3.7%, after soaring 5.6% Friday, after Bank of America Securities raised the price target on the stock from $70 to $75. </li>
<li>SoFi Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) soared over 9% following the announcement of a major agreement with Fortress Investment Group LLC for its loan-platform business.</li>
<li>Upstart Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPST#NASDAQ">UPST</a>) jumped over 4% after Wedbush upgraded the stock to Neutral, boosting its price target from $10 to $45.</li>
<li>Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), CleanSpark Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSK#NASDAQ">CLSK</a>) and MARA Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) rallied 7.7%, 7.3% and 5.4%, respectively, on the heels of Bitcoin&#8217;s rally. </li>
</ul>
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Image created using artificial intelligence via Midjourney.

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S&P 500 Extends Record Highs, Dow Breaks 43,000 Ahead Of Pivotal Earnings Week, Bitcoin's Rally Lifts Crypto Stocks: What's Driving Markets Monday?

Jamie Dimon, CEO of JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), issued a stark warning about challenges that <a href="https://www.benzinga.com/startups/24/10/41122659/jamie-dimon-slams-early-career-private-equity-moves-saying-it-puts-us-in-a-bad-position">could affect the U.S. economy</a>.
What Happened: In the bank&#8217;s third-quarter earnings release, Dimon highlighted several critical global risks that could disrupt both economic and geopolitical stability.
Dimon, who heads the nation&#8217;s largest bank, noted concerns around slowing inflation, fiscal deficits, and global trade disruptions, and warned that geopolitical instability could have profound long-term consequences, Fox Business <a href="https://www.foxbusiness.com/economy/jamie-dimon-warns-critical-issues-could-affect-us-economy">reports</a>. He noted the importance of preparing for unpredictable outcomes.
Dimon also pointed to the need for a robust approach to handling infrastructure needs and warned that remilitarization efforts globally could increase instability.
&#8220;We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse,&#8221; Dimon said in the news release.
Also Read: <a href="https://www.benzinga.com/personal-finance/24/10/41291074/dimon-calls-out-red-tape-says-its-deeply-frustrating-america-isnt-solving-its-problems">Dimon Calls Out Red Tape – Says It&#8217;s &#8216;Deeply Frustrating&#8217; America Isn&#8217;t Solving Its Problems</a>
&#8220;There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history,&#8221; he added. 
While acknowledging the resilience of the U.S. economy, Dimon – who has been floated as a possible future Treasury secretary or Federal Reserve chair – said that the U.S. must get its fiscal house in order.
&#8220;Additionally, while&nbsp;inflation is slowing&nbsp;and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world,&#8217; Dimon said. 
&#8220;While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment,&#8221; he added. 
Read Next
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Jamie Dimon Warns Of Global Risks To Economy: 'Treacherous And Getting Worse'

Friday's trading session saw another robust rally on Wall Street, with the S&amp;P 500 and Dow Jones Industrial Average both reaching new record highs, fueled by better-than-expected third-quarter earnings <a href="https://www.benzinga.com/news/earnings/24/10/41293190/us-banks-top-q3-earnings-estimates-jpmorgan-delivers-robust-beat-financial-sector-stocks-hit-record">from major U.S. banks.</a>
The S&amp;P 500 surged past 5,800 points, while the Dow Jones Industrial Average climbed above 42,800.
Leading the charge were top U.S. financial institutions, which kicked off the earnings season with strong results. JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</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 beat analysts&#8217; earnings expectations. The upbeat results from these banking giants triggered a rally in financial stocks, pushing the sector to an all-time high. 
Furthermore, gains spilled over to regional banks and the broader small-cap universe, as the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) and the Russell 2000 rallied 2.7% and 1.7%, respectively. 
Meanwhile, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) plunged by 8%, on track for its worst session in more than a month, with analysts expecting further declines after the lack of clear business plans for robotaxis and no updates on the lower-cost production vehicle, following the highly anticipated Robotaxi <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41295072/tesla-robotaxi-day-event-more-fanfare-than-substance-8-analysts-on-cybercab-optimus">Day on Thursday.</a>
On the macroeconomic front, inflation remains in focus. Following Thursday&#8217;s hotter-than-expected Consumer Price Index (CPI) report, Friday's Producer Price Index (PPI) data also came in above forecasts, indicating a setback <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41290382/producer-inflation-rises-more-than-expected-in-september-as-food-transportation-c">in the disinflationary narrative.</a>
Despite the inflation uptick, market expectations for a Federal Reserve rate cut in November remained largely unchanged. According to CME's FedWatch tool, there is still an 85% probability of a 25-basis-point rate cut next month.
In the commodities space, oil prices steadied after surging 3.5% on Thursday, amid a lack of relevant news from the Middle East front. Gold advanced 1.2%, while silver gained 1.4%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) also posted notable gains, rising over 3% in response to the strong earnings report from BlackRock, which showed higher-than-expected fund inflows. Investors appear optimistic about continued institutional interest in cryptocurrencies.
<h1 class="wp-block-heading">Friday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,223.00</td>
<td>1.7%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,727.13</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,807.71</td>
<td>0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,259.87</td>
<td>0.1 %</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:35 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101124&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;rose 0.4% to $578.52.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.6% to $427.37.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) held steady at $492.55.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 1.6% to $220.38.</li>
<li>The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, up 1.9%. The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) lagged, down 0.4%.</li>
</ul>
<h1 class="wp-block-heading">Friday&#8217;s Stock Movers</h1>
<ul>
<li>Uber Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NASDAQ">UBER</a>) rose 9.1% in reaction to the dismal Robotaxi event. </li>
<li>Shares of JPMorgan Chase &amp; Co. rose 4.8% in reaction to upbeat quarterly earnings. </li>
<li>Other banks reacting to earnings reports were Wells Fargo &amp; Co., up 6.1%, BlackRock Inc., up 2.4%, and Bank of New York Mellon, down 1.8%. </li>
<li>Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) rallied 9.1% after reporting stronger-than-expected earnings. </li>
<li>Shares of Affirm Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) rallied over 10% after Wells Fargo upgraded the stock from Equal Weight to Overweight.</li>
</ul>
Read Now:
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</ul>
Photo: Shutterstock

AFRM

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Wall Street Marks New Highs As Bank Stocks Rally, Tesla Tumbles As Robotaxi Disappoints: What's Driving Markets Friday?

A remarkable rally in financial stocks boosted bullish sentiment across Wall Street on Friday, propelling both the S&amp;P 500 and Dow Jones Industrial Average<a href="https://www.benzinga.com/news/earnings/24/10/41293190/us-banks-top-q3-earnings-estimates-jpmorgan-delivers-robust-beat-financial-sector-stocks-hit-record"> to new record levels.</a>
Strong earnings from major U.S. banks helped fuel the broader market, with investors brushing aside mixed economic data released <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41290382/producer-inflation-rises-more-than-expected-in-september-as-food-transportation-c">earlier in the day.</a>
The S&amp;P 500, 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 past the 5,800-point mark, gaining 0.7% on the day and pushing year-to-date returns to nearly 23%. 
Simultaneously, the Dow Jones Industrial Average, tracked by the SPDR Dow Jones Industrial ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), rose 0.8%, hitting 42,780 points and smashing previous records set in late September.
<h3 class="wp-block-heading">Chart: S&amp;P 500, Dow Jointly Mark All-Time Highs As US Banks Top Q3 Earnings Forecasts</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="443" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91-1024x443.png" alt="" class="wp-image-591486" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91-1024x443.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91-300x130.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91-768x332.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91-1536x665.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image: <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101124&amp;t=be2bearmibe3na1">Benzinga Pro</a> </figcaption></figure>
<h3 class="wp-block-heading">Financial Stocks Drive Wall Street Rally</h3>
The financial sector was the primary driver of Friday's market gains. 
The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) rallied 1.9%, marking its strongest session since November 2023 and hitting a fresh record high. 
The rally came as a wave of U.S. banks reported better-than-expected third-quarter earnings, reinforcing confidence in the sector&#8217;s resilience.
JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) delivered a robust performance, with Q3 earnings per share (EPS) of $4.37, exceeding the $4.00 consensus. 
Shares surged over 4% by mid-morning trading in New York. Goldman Sachs analyst Richard Ramsden highlighted a &#8220;robust beat across every line,&#8221; for the largest U.S. bank.
Wells Fargo &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) saw its shares soar 6.2% after posting an EPS of $1.42, beating expectations despite cautious guidance on net interest income for the year.
Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) also delivered stronger-than-expected results, with BK shares rising 1.8%. 
BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) gained 3.4% after upbeat earnings and revenue, as performance fees sharply surprised estimates. BlackRock shares hit a new record high. 
Other major banks participated in the rally, with Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Goldman Sachs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) climbing between 2% and 4.8%. Morgan Stanley also set new all-time highs. 
The strength in large-cap banks spilled over to regional players, with the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) rallying 3.5%. This helped lift the Russell 2000 index, which gained 1.3% and outperformed large-cap counterparts. 
<h3 class="wp-block-heading">Mixed Economic Data Overshadowed by Strong Earnings</h3>
Friday's economic data included a higher-than-expected Producer Price Index (PPI) and a weaker-than-expected Michigan Consumer Sentiment report for October. 
The headline PPI came in at 1.8% year-over-year in September, down from an upwardly revised 1.9% in August, but above expectations of 1.6%. Core producer prices – which exclude energy and food – sharply increased from 2.6% to 2.8% year-on-year, surpassing expectations of 2.7%. 
According to preliminary estimates, the University of Michigan&#8217;s U.S. consumer sentiment index fell to 68.9 in October 2024, down from a five-month high of 70.1 in September and missing forecasts of 70.8.
Year-ahead inflation expectations rose slightly from 2.7% to 2.9%, while the five-year outlook dipped from 3.1% to 3%.
&#8220;Consumers continue to express frustration over high prices. Still, long run business conditions lifted to its highest reading in six months, while current and expected personal finances both softened slightly&#8221;, Surveys of Consumers Director Joanne Hsu said. 
Despite the mixed economic signals, investors focused on the strong bank earnings and remained optimistic about the upcoming corporate earnings season.
<h3 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Performers On Friday</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Stock</td>
<td>Sector</td>
<td>Price</td>
<td>1-day Return (%)</td>
</tr>
<tr>
<td>Uber Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NASDAQ">UBER</a>)</td>
<td>Industrials</td>
<td>84.21</td>
<td>8.07%</td>
</tr>
<tr>
<td>Fastenal Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NYSE">FAST</a>)</td>
<td>Industrials</td>
<td>75.13</td>
<td>7.34</td>
</tr>
<tr>
<td>Wells Fargo &amp; Company</td>
<td>Financials</td>
<td>60.99</td>
<td>5.61</td>
</tr>
<tr>
<td>WW. Grainger, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWW#NYSE">GWW</a>)</td>
<td>Industrials</td>
<td>1,079.38</td>
<td>5.29</td>
</tr>
<tr>
<td>Bank of America Corporation</td>
<td>Financials</td>
<td>41.97</td>
<td>4.99</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 10:50 a.m. ET</figcaption></figure>
<h3 class="wp-block-heading">Dow&#8217;s Top 5 Performers On Friday </h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Stock</td>
<td>Sector</td>
<td>Price</td>
<td>1-day Return (%)</td>
</tr>
<tr>
<td>JPMorgan Chase &amp; Co. </td>
<td>Financials</td>
<td>221.99</td>
<td>4.30</td>
</tr>
<tr>
<td>The Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>)</td>
<td>Industrials</td>
<td>150.55</td>
<td>2.68</td>
</tr>
<tr>
<td>The Goldman Sachs Group, Inc.</td>
<td>Financials</td>
<td>513.51</td>
<td>1.94</td>
</tr>
<tr>
<td>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>)</td>
<td>Information Technology</td>
<td>23.63</td>
<td>1.78</td>
</tr>
<tr>
<td>American Express Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>)</td>
<td>Financials</td>
<td>274.73</td>
<td>1.58</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 10:50 a.m. ET</figcaption></figure>
Read Next:
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Image created using artificial intelligence via Midjourney.

INTC

S&P 500, Dow Jones Hit New Record Highs As Financial Stocks Soar On Upbeat Earnings

The U.S. financial sector kicked off the third-quarter earnings season on a high note as major players, including JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Wells Fargo Corp. (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 beat analyst expectations for <a href="https://www.benzinga.com/topic/banks">earnings per share (EPS).</a>
These results mark a strong start for the financial industry. Shares of each bank responded positively, with notable gains across the board.
The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) rallied nearly 2% to fresh record highs, eyeing the strongest-performing day since November 2023. 
<h3 class="wp-block-heading">Chart: XLF ETF Sets New All-Time Highs As Major Banks Report Strong Q3 Earnings</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="465" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11102031/image-90-1024x465.png" alt="" class="wp-image-591417" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11102031/image-90-1024x465.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11102031/image-90-300x136.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11102031/image-90-768x349.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11102031/image-90-1536x698.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11102031/image-90.png 1880w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image: <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101124&amp;t=be2bearmibe3na1">Benzinga Pro</a></figcaption></figure>
<h3 class="wp-block-heading">JPMorgan Chase Q3 2024: A Beat Across The Board</h3>
JPMorgan Chase delivered another standout performance last quarter, surpassing both top and bottom-line estimates. The bank reported an EPS of $4.37, well above the analyst consensus of $4.00.
 Revenue came in at $43.32 billion, topping estimates of $41.82 billion, fueled by stronger-than-expected performance across various segments.
<ul>
<li>Investment banking revenue: $2.35 billion vs. $2.13 billion expected</li>
<li>Equities sales &amp; trading revenue: $2.62 billion vs. $2.37 billion estimate</li>
<li>FICC sales &amp; trading revenue: $4.53 billion vs. $4.36 billion expected</li>
<li>Net interest income: $23.53 billion, beating the $22.8 billion estimate</li>
</ul>
The bank's net charge-offs were $2.09 billion, below the $2.37 billion forecast, while total loans stood at $1.34 trillion, just edging past the expected $1.33 trillion. Total deposits reached $2.43 trillion, slightly above estimates.
Goldman Sachs analyst Richard Ramsden praised the bank's &#8220;robust beat across every line,&#8221; noting JPMorgan&#8217;s operational strength. Management also raised its full-year 2024 net interest income (NII) guidance to $92.5 billion, up $1 billion from prior estimates, while slightly lowering expense forecasts.
Stock Reaction: JPMorgan shares surged over 5% in early trading, reflecting investor confidence in the bank&#8217;s strong results and upgraded outlook.
Read More: <a href="https://www.benzinga.com/news/earnings/24/10/41289783/jpmorgan-chase-q3-earnings-investment-banking-revenue-soars-29-raises-fy24-net-interest-income-outl">JPMorgan Chase Q3 Earnings: Investment Banking Revenue Soars 29%, Largest Bank Raises Net Interest Income Outlook</a>
<h3 class="wp-block-heading">Wells Fargo: Solid Earnings But Weaker NII Guidance</h3>
Wells Fargo also posted stronger-than-expected third-quarter 2024 earnings, with EPS of $1.42, exceeding the $1.28 consensus. Total revenue reached $20.37 billion, narrowly missing the estimate of $20.41 billion. 
While the bank&#8217;s net interest income (NII) fell short at $11.69 billion versus the expected $11.88 billion, its efficiency ratio of 64% matched market expectations, suggesting a steady cost-control effort.
The bank&#8217;s provision for credit losses was $1.07 billion, below the $1.34 billion consensus. Meanwhile, total average loans stood at $910.3 billion, in line with forecasts.
Wells Fargo&#8217;s CEO emphasized strong growth in fee-based revenue, which rose 16% year-over-year. However, the bank projected that NII would decline 8-9% for the full year 2024, leading to some investor caution.
&#8220;We expect a moderately positive investor response to results, as guidance implies no change to 4Q24 NII, and thus the same NII jumping off point for 2025,&#8221; Goldman Sachs&#8217; Ramsden wrote.
Stock Reaction: Despite the slight revenue miss and cautious guidance, Wells Fargo shares jumped 5.5%, boosted by optimism about the bank&#8217;s ability to manage expenses and future growth.
Read more: <a href="https://www.benzinga.com/news/earnings/24/10/41289207/wells-fargo-q3-earnings-lower-profit-on-squeezed-interest-income-but-investment-banking-fees-provid">Wells Fargo Q3 Earnings: Lower Profit On Squeezed Interest Income, But Investment Banking Fees Provides Cushion</a>
<h3 class="wp-block-heading">Bank of New York Mellon: Strong Fee Revenue Drives Beat</h3>
Bank of New York Mellon (BNY Mellon) reported adjusted Q3 2024 EPS of $1.52, beating the analyst consensus of $1.42. The bank's total revenue increased by 5% year-over-year to $4.648 billion, exceeding the $4.542 billion estimate. This growth was driven by a 5% rise in fee revenue, which reached $3.404 billion, bolstered by improved investment performance.
Net interest income also saw a modest 3% increase year-over-year. Meanwhile, noninterest expenses were flat at $3.1 billion, reflecting the company's focus on efficiency savings.
BNY Mellon returned over $1 billion to shareholders through dividends and stock buybacks, achieving a 103% payout ratio year-to-date.
&#8220;The firm&#8217;s fee growth algo remains somewhat underappreciated by the market, which we think collectively sets up the stock well for durable EPS growth over the coming years and further upside to the stock,&#8221; Ramsden wrote.
Stock Reaction: Shares of BNY Mellon rose nearly 2%, and they are on track for their sixth straight session of gains, which has seen the stock hit new highs.
Read More: <a href="https://www.benzinga.com/news/earnings/24/10/41289810/bny-mellon-q3-earnings-fee-income-soars-5-setting-new-50t-record-in-assets-under-custody">BNY Q3 Earnings: Fee Income Soars 5%, Setting New $50T Record In Assets Under Custody</a>
<h3 class="wp-block-heading">BlackRock: Performance Fees Power Earnings Beat</h3>
BlackRock delivered strong third-quarter 2024 results, with adjusted EPS of $11.46, comfortably beating consensus estimates of $10.38. 
Total revenue of $5.2 billion was 4% above analyst expectations, driven primarily by a significant outperformance in performance fees, coming in at $388 million vs. $168 million expected. 
BlackRock&#8217;s organic growth was equally impressive. With $221 billion in total flows, it achieved 8% annualized organic growth for the quarter.
This strong performance underscored BlackRock's ability to capitalize on favorable market conditions and maintain its leadership in asset management.
&#8220;We think BLK&#8217;s 3Q results clear a relatively high bar underscored by accelerating flow trends,&#8221; Ramsden said.
Stock Reaction: BlackRock shares surged over 4%, hitting record highs and marking the stock&#8217;s strongest session of the year.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41288867/blackrocks-steady-climb-q3-earnings-beat-projections-assets-under-management-soars-to-11-5t">BlackRock&#8217;s Steady Climb: Q3 Earnings Beat Projections, Assets Under Management Soars To $11.5T</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

US Banks Top Q3 Earnings Estimates: JPMorgan Delivers 'Robust Beat,' Financial Sector Stocks Hit Record Highs

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are trading higher premarket after it reported&nbsp;<a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2024/3rd-quarter/66269bb6-ecc5-4172-b461-6b7e7cd47aab.pdf" rel="noreferrer noopener">third-quarter FY24 results</a>.
Reported revenue&nbsp;rose 7%&nbsp;year-on-year to&nbsp;$42.654 billion, beating the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41288439/jpmorganchase-reports-third-quarter-2024-financial-results" rel="noreferrer noopener">consensus of&nbsp;$41.649 billion</a>. Net revenue (managed) stood at&nbsp;$43.3 billion (+6% Y/Y) in the quarter.
Consumer &amp; Community Banking (CCB) revenue declined 3% Y/Y to&nbsp;$17.791 billion, and Commercial &amp; Investment Banking was&nbsp;$17.015 billion (+8%&nbsp;Y/Y) in the quarter.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41278311/jpmorgan-earnings-are-imminent-these-most-accurate-analysts-revise-forecasts-ahead-of-earnings-call" rel="noreferrer noopener">JPMorgan Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call</a>
Investment Banking revenue was&nbsp;$2.4 billion, up&nbsp;29%. Investment Banking fees rose 31% year over year, led by higher fees across all products.
Asset and Wealth Management (AWM) revenue was&nbsp;$5.4 billion (+9% Y/Y), and Corporate revenue stood at&nbsp;$3.07 billion (+97% Y/Y) in the quarter.
In AWM,&nbsp;Assets under management (AUM) stood at&nbsp;$3.9 trillion, and, client assets stood at&nbsp;$5.7 trillion (up 23%), driven by higher market levels and continued net inflows.
Net interest income increased by 3% Y/Y to $23.5 billion and&nbsp;+1% Y/Y, excluding Markets. Noninterest revenue was&nbsp;$19.8 billion, up&nbsp;11% Y/Y, in the quarter.
Noninterest revenue, excluding Markets, rose 17% to $12.7 billion, fueled by lower net investment securities losses, higher asset management fees in AWM and CCB, and increased investment banking fees.
Noninterest expense increased 4% to $22.6 billion, mainly due to higher compensation and employee growth. Average loans rose&nbsp;1% Y/Y and Q/Q; average deposits were up 1% Y/Y and Q/Q.
In CCB, Debit and credit card sales volume increased by&nbsp;6% year over year, and active mobile customers were up&nbsp;7% year over year.&nbsp;In CIB, Market revenue rose&nbsp;8%&nbsp;year over year, with Fixed Income Markets flat year over year and Equity Markets up&nbsp;27%&nbsp;year over year in the quarter.
JPM's provision for credit losses was&nbsp;$3.11 billion (+125% Y/Y), including net charge-offs of&nbsp;$2.1 billion and a net reserve build of $1.0 billion.&nbsp;
Net income fell 2%&nbsp;Y/Y to&nbsp;$12.90 billion in the quarter. EPS of&nbsp;$4.37, exceeding&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the consensus of&nbsp;$4.00</a>.
The CET1 capital ratio stood at&nbsp;15.3%, and the advanced CET1 capital ratio was&nbsp;15.5%. The bank disclosed a dividend per share of $1.25 and a share repurchase of $6.0 billion.
<a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2024/3rd-quarter/af682bd9-14a5-406e-94d4-a7b4c5bed345.pdf" rel="noreferrer noopener">Outlook</a>: JPMorgan now expects FY24 net interest income,&nbsp;excluding Markets, of ~$92.5 billion <a target="_blank" href="https://www.benzinga.com//node/39747860" rel="noreferrer noopener">(up from ~$91 billion earlier)</a>. The bank continues to project card&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">services NCO rate of ~3.40%.</a>
Jamie Dimon, Chairman and CEO, said, "We await our regulators' new rules on the Basel III endgame and the G-SIB surcharge as well as any adjustments to the SCB or CCAR&#8230;Regardless of the outcome of these rules, we have an extraordinarily strong balance sheet, evidenced by total loss-absorbing capacity of $544 billion plus cash and marketable securities of $1.5 trillion, while our riskiest assets, loans, total $1.3 trillion."
"On share repurchases, given that market levels are at least slightly inflated, we maintain our modest pace of buybacks, although we reserve the right to adjust this at any time."
"We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse."
"Additionally, while inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world."
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;SPDR Select Sector Fund – Financial&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are up 1.39% at $215.79 premarket at the last check Friday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41289207/wells-fargo-q3-earnings-lower-profit-on-squeezed-interest-income-but-investment-banking-fees-provid" target="_blank" rel="noreferrer noopener">Wells Fargo Q3 Earnings: Lower Profit On Squeezed Interest Income, But Investment Banking Fees Provides Cushion</a></li>
</ul>
Photo by Katherine Welles on Shutterstock

Dividends

Buybacks

JPMorgan Chase Q3 Earnings: Investment Banking Revenue Soars 29%, Largest Bank Raises Net Interest Income Outlook

The third-quarter earnings season for U.S. banks will officially kick off this Friday, with major financial institutions like JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Wells Fargo Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), and Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) set <a href="https://www.benzinga.com/news/earnings/24/10/41216873/us-banks-earnings-preview-soft-landing-hopes-interest-rate-cuts-key-catalysts-for-stocks">to report their results. </a>
The following Tuesday will see additional earnings releases from mega-cap players such as Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Goldman Sachs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), as well as some regional banks.
<h3 class="wp-block-heading">Banking Sector Performance So Far In 2024</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="447" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-1024x447.png" alt="" class="wp-image-587909" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-1024x447.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-300x131.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-768x336.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-1536x671.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Chart:<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent100924&amp;t=be2bearmibe3na1"> Benzinga Pro</a></figcaption></figure>
Thus far, in 2024, the banking sector has shown strong performance. The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), which tracks major financial stocks, has risen 21% year-to-date, matching the performance of the broader market as represented by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>).
However, regional banks have lagged behind their larger counterparts. The SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) is up just 6% year-to-date, though it has outperformed over the past three months. This recent rebound is largely due to falling inflation and increasing expectations of Federal Reserve interest rate cuts.
With earnings season approaching, the question on many investors&#8217; minds is whether large banks will maintain their positive performance gap over regional players or if recent market developments will impact their results and outlooks. 
Here&#8217;s what Wall Street analysts are saying ahead of the bank earnings season.
<h3 class="wp-block-heading">Analyst Expectations And Top Picks</h3>
<h4 class="wp-block-heading">RBC Capital Markets – Gerard Cassidy, co-head of global financials research</h4>
&#8220;We believe the set-up looks very good for banks over the next 12-18 months. We expect the Federal Reserve to cut short-term interest rates by 200-250 basis points over this period, and the finalization of the Basel III &#8216;endgame&#8217; proposal will allow banks to return excess capital through buybacks and dividends. We continue to recommend an overweight position in bank stocks.&#8221;
<ul>
<li>Top Picks (RBC holds earnings per share estimates for both above Street consensus for the third quarter)
<ul>
<li>Truist Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>)</li>
<li>KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>)</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">JPMorgan Chase &amp; Co. – Anthony Elian, CFA</h4>
&#8220;As the Federal Reserve reduces rates, several industry headwinds could turn into tailwinds.&#8221; This includes:
<ol>
<li>Lower deposit costs, improving net interest margins (NIMs)</li>
<li>An uptick in commercial loan demand</li>
<li>Easing credit quality concerns, particularly for banks with commercial real estate (CRE) exposure</li>
<li>A resumption of buyback programs as reserves are released</li>
<li>Increased exit market and venture capital activity.</li>
</ol>
<ul>
<li>Top Picks:
<ul>
<li>First Citizens Bancshares Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCNCA#NYSE">FCNCA</a>)</li>
<li>Western Alliance Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>)</li>
<li>Pinnacle Financial Partners Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NASDAQ">PNFP</a>)</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">Wedbush Securities – David J. Chiaverini, CFA</h4>
&#8220;We expect mixed trends for banks in Q3, with modest loan and deposit growth, stabilizing deposit mix shifts, and NIMs benefiting from fixed asset repricing. Some banks will be more positively positioned than others in this environment.&#8221;
<ul>
<li>Top Picks:
<ul>
<li>M&amp;T Bank Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>)</li>
<li>Wintrust Financial Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WTFC#NASDAQ">WTFC</a>)</li>
<li>Columbia Banking Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COLB#NASDAQ">COLB</a>) Wedbush believes Columbia Banking Systems will benefit from a lower rate environment as it is liability-sensitive, unlike most banks that are asset-sensitive.</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">Bank of America – Ebrahim H. Poonawala</h4>
&#8220;We favor regional banks over large money centers heading into Q3, given better net interest income (NII) defensibility and greater capital relief as mark-to-market losses on bond books decrease. Our top ideas going into Q3 earnings include a mix of regionals and larger financial institutions.&#8221;
<ul>
<li>Top Picks:
<ul>
<li>U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>)</li>
<li>Western Alliance Bancorporation </li>
<li>PNC Financial Services Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>)</li>
<li>Fifth Third Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FITB#NYSE">FITB</a>)</li>
<li>M&amp;T Bank Corp.</li>
<li>Truist Financial Corporation</li>
<li>Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>)</li>
<li>Goldman Sachs Inc.</li>
<li>Bank of New York Mellon Corp.</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">Goldman Sachs – Richard Ramsden</h4>
Goldman Sachs is particularly optimistic about Citigroup heading into Q3 earnings, citing the bank's progress toward its 2024 targets driven by strong fee growth, solid capital markets activity, and robust card volumes. 
Ramsden is above consensus on Citigroup's Q3 pre-provision net revenue (PPNR), largely due to expectations of higher fees and capital markets activity.
<ul>
<li>Top Pick:
<ul>
<li>Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>)</li>
</ul>
</li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/24/10/41249837/s-p-500-earnings-season-kicks-off-why-analysts-call-this-quarter-a-stock-pickers-paradise">S&amp;P 500 Earnings Season Kicks Off: Why Analysts Call This Quarter &#8216;A Stock Picker&#8217;s Paradise&#8217;</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

COLB

FCNCA

FITB

PNFP

WTFC

Banks Gear Up For Earnings Season: 15 Top Stock Picks Including Citigroup, Morgan Stanley, And Truist

JPMorgan Chase &amp; Co.&#8216;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) J.P. Morgan Asset Management penned a deal to enhance its Morgan Money offering through a strategic partnership with GLMX,<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41229723/j-p-morgan-asset-management-enhances-morgan-money-with-expanded-access-to-diverse-asset-classes" rel="noreferrer noopener"> a global money market trading platform</a>.
Morgan Money is a global trading platform that provides effective short-term investment management solutions tailored for institutional investors.
With $313 billion in assets under management as of June 30, 2024, the platform facilitates efficient liquidity and cash investment management, allowing clients to maximize outcomes with fewer resources.
This collaboration allows clients to access GLMX&#8217;s advanced trading technology directly, broadening their short-term investment options.
The integration offers a comprehensive suite of money market instruments, including money market funds, repurchase agreements, time deposits, CDs, commercial paper, and government securities.
Glenn Havlicek, CEO and Co-founder of GLMX, said, &#8220;This collaboration with J.P. Morgan Asset Management is a result of investors&#8217; desire to access the entire investable universe of short-term instruments with a seamless experience.&#8221;
&#8220;We bring GLMX&#8217;s&nbsp;$3 trillion&nbsp;ecosystem to J.P. Morgan&#8217;s client base as we seek to collaborate with industry leaders to provide innovative and easily accessible solutions for our collective clients.&#8221;
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41185532/jp-morgan-takes-stake-in-australian-casino-operator-star-entertainment-details" rel="noreferrer noopener">JP Morgan Takes Stake In Australian Casino Operator Star Entertainment: Details</a>
Last week, J.P. Morgan expanded its Canadian business with the launch of two active ETFs <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41144035/j-p-morgan-launches-new-etfs-plans-to-add-jobs-in-canada" rel="noreferrer noopener">on the Toronto Stock Exchange</a>.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are down 0.07% at $210.78 at the last check Tuesday.
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41223849/pepsico-jpmorgan-and-wells-fargo-to-kick-off-earnings-season-as-investors-eye-s-p-5" target="_blank" rel="noreferrer noopener">PepsiCo, JPMorgan And Wells Fargo To Kick Off Earnings Season As Investors Eye S&amp;P 500 Near Record Highs: Interest Rates And Inflation In Focus</a></li>
</ul>

J.P. Morgan Teams Up With GLMX To Supercharge Short-Term Investment Options

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/10/07/final-trades-diamondback-energy-owens-corning-synovus-and-the-xlf.html">Halftime Report Final Trades</a>,&#8221; Anastasia Amoroso of iCapital named The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), saying the financial sector is set to report earnings at the end of the week. Although this quarter is not going to be great, but she believes it will be <a href="https://www.benzinga.com/quote/XLF">better going forward</a>.
Bill Baruch of Blue Line Capital named Owens Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) as his final trade.
On Oct. 7, Wells Fargo analyst Sam Reid maintained Owens-Corning with an Equal-Weight and raised the price target from $165 to $175.
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Brian Belski of BMO Capital said Synovus Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNV#NYSE">SNV</a>) has a 3.5% dividend yield.
Synovus Financial will announce third quarter earnings results after the closing bell on Wednesday, Oct. 16. Analysts expect the company to report quarterly earnings at $1.08 per share, up from 84 cents per share in the year-ago period. The company projects to report quarterly revenue of $559.44 million.
Joseph&nbsp;M.&nbsp;Terranova of Virtus Investment Partners picked Diamondback Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), an energy name, amid a surge in oil prices.
On Oct. 4, BMO Capital analyst Phillip Jungwirth upgraded Diamondback Energy from Market Perform to Outperform and raised the price target from $205 to $215.
Price Action:
<ul>
<li>Owens Corning shares gained 5.5% to close at $181.42 during Monday's session.</li>
<li>The Financial Select Sector SPDR Fund fell 1.2% on Monday.</li>
<li>Synovus Financial shares fell 1.1% to close at $43.34 during Monday's session.</li>
<li>Diamondback Energy shares gained 2.5% to settle at $199.50 on Monday.</li>
</ul>
Check This Out: 
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<li><a href="https://www.benzinga.com/markets/24/10/41213879/top-3-financials-stocks-that-may-jump-this-quarter">Top 3 Financials Stocks That May Jump This Quarter</a></li>
</ul>
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Long Ideas

Media

Trading Ideas

FANG

Owens Corning, Synovus Financial, Diamondback Energy And More On CNBC's 'Final Trades'

Wall Street started the week in the red, as traders weighed the economic and geopolitical fallout from escalating tensions in the Middle East. 
Monday marked the one-year anniversary of Hamas&#8217; October 7 attack, which triggered the <a href="https://www.benzinga.com/etfs/specialty-etfs/24/10/41210761/oil-surges-on-1-year-hamas-attack-anniversary-as-israel-mulls-iran-retaliation">ongoing war in Gaza</a>. The situation is now threatening to spread across the region, as Israel considers retaliating for last week&#8217;s missile attacks from Iran.
By 1 p.m. ET, the major indices were modestly lower, with the S&amp;P 500 down 0.5% and the Dow Jones off by 0.7%. The Nasdaq 100 also slid 0.5%. The energy sector was the only bright spot, buoyed by surging oil prices.
West Texas Intermediate (WTI) crude, as tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), jumped over 3%, climbing to $77 per barrel. This rally marked its fifth consecutive session of gains, fueled by concerns that Israel may retaliate against Iran, a key oil producer, for its involvement in regional conflicts.
Last week&#8217;s blowout U.S. labor market data, coupled with rising oil prices and fresh stimulus measures out of China, pushed 10-year Treasury yields above 4%, setting the stage for the highest levels since late July. Investors appear increasingly wary of long-duration bonds, sending the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) down 0.6%, extending its losing streak to four sessions.
Market sentiment around the Federal Reserve&#8217;s upcoming policy decisions has also shifted. The probability of the Fed refraining from cutting interest rates next month has dropped to just 17%, according to CME FedWatch Tool, 
Rising yields weighed heavily on metals, with gold down 0.4% to $2,645 per ounce and silver dropping 1.3%. Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) gained 1.4%, trading at $63,682. 
<h1 class="wp-block-heading">Monday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>Chg %</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,724.31</td>
<td>-0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,930.58</td>
<td>-0.5%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,059.07</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,191.35</td>
<td>-0.8%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:30 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent100724&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;edged down 0.5% to $570.38.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.7% to $420.90.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.5% to $485.21.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) tumbled 0.8% to $218.77.</li>
<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, up 0.8%. The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, down 1.7%.</li>
</ul>
<h1 class="wp-block-heading">Monday&#8217;s Stock Movers</h1>
<ul>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) rallied 14% after the company announced it is currently shipping more than 100,000 graphics processors per quarter and unveiled a new suite of liquid cooling products.</li>
<li>Everest Group Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EG#NYSE">EG</a>) plummeted over 8% after Morgan Stanley lowered its price target on the stock from $450 to $430.</li>
<li>Constellation Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) fell nearly 2% after Bank of America downgraded the stock from Outperform to Neutral and lowered the price target from $300 to $255. </li>
<li>Bank of America also downgraded several healthcare stocks including Concentra Group Holding Parent Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CON#NYSE">CON</a>), down 4.6%; AMN Healthcare Services Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMN#NYSE">AMN</a>), down 1.9%; Brookdale Senior Living (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKD#NYSE">BKD</a>), down 6% and U.S. Physical Therapy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USPH#NYSE">USPH</a>), down 2.5%.</li>
</ul>
Read Now:
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<li><a href="https://www.benzinga.com/markets/equities/24/10/41207490/s-p-500-could-reach-6-300-in-12-months-says-goldman-sachs-driven-by-strong-ai-demand-and-margin-">S&amp;P 500 Could Reach 6,300 In 12 Months, Says Goldman Sachs, Driven By &#8216;Strong AI Demand&#8217; And &#8216;Margin Expansion&#8217;</a></li>
</ul>
Image was created using artificial intelligence.

Global

Federal Reserve

SMCI

iShares Trust Barclays 20+ Year Treasury Bond Fund

USPH

Stocks Fall As Oil Prices Spike, 10-Year Yields Top 4%, Energy Sector Outperforms: What's Driving Markets Monday?

Analyst Ratings

CNBC Halftime Report Final Trades: Diamondback Energy, Owens Corning, Synovus Financial Corp., SPDR Select Sector Fund - Financial

A stronger-than-expected September jobs report fueled gains on Wall Street, overshadowing investor concerns that had been driven by escalating geopolitical tensions in the Middle <a href="https://www.benzinga.com/news/global/24/10/41126038/iran-attacks-israel-with-missiles-middle-east-tensions-escalates-s-p-500-stocks-bitcoin-fall-as-oil">East earlier this week. </a>
The U.S. economy added 254,000 nonfarm payroll jobs in September, a significant jump from August's 159,000 and well above forecasts of 140,000. This marked the most robust employment growth since March 2024.
In addition, the unemployment rate dropped more than anticipated to 4.1%, while average hourly earnings also surpassed expectations, signaling a red-hot labor market.
Small-cap stocks outpaced their large-cap peers as worries about an economic slowdown subsided further. Meanwhile, traders adjusted their outlook for the Federal Reserve's November meeting, reducing the probability of a 50-basis-point rate cut from 30% to just 10% as the stronger jobs data diminished the need for a more aggressive policy move.
U.S. Treasury yields rose sharply in response to the solid labor market data. The 2-year yield climbed by 20 basis points, while the 10-year yield increased by 12 basis points. 
Chinese equities continued their upward trajectory, driven by ongoing domestic stimulus measures. The iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) reached levels last seen in February 2022, just before Russia's invasion of Ukraine.
Gold dipped 0.3% as the U.S. dollar strengthened and bond yields climbed. Oil prices extended their rally for the fourth consecutive session, with WTI crude hitting $75 per barrel during intraday trading.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surged 2.2%, climbing to $62,000.
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,203.80</td>
<td>1.1 %</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,932.47</td>
<td>0.7%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,727.63</td>
<td>0.5%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,146.54</td>
<td>0.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:35 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent100424&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;rose 0.5% to $570.47.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.3% higher to $421.66.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.7% to $484.95.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.2% to $218.77.</li>
<li>The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, up 1.2%. The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) lagged, down 0.8%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Semiconductor stocks rallied, with Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) leading gains, up over 4%. </li>
<li>Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) fell over 4% on a quarterly revenue miss. </li>
<li>Spirit Airlines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) tumbled 26%, amid bankruptcy discussions with creditors following the failed merger with JetBlue Airways Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>). Peers such as American Airlines Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NYSE">AAL</a>) and United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) rallied on the news, up by 5.4% and 3.6%, respectively. </li>
</ul>
Read now: <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41187740/blowout-september-jobs-report-spurs-reactions-6-economists-say-aggressive-fed-rat">&#8216;Blowout&#8217; September Jobs Report Spurs Reactions: 6 Economists Say Aggressive Fed Rate Cuts May Face Obstacles</a>
Image created using artificial intelligence via Midjourney.

Asia

Emerging Markets

JBLU

RIVN

SAVE

Wall Street Rallies, Small Caps Outperform On Strong Jobs Report, Chinese Stocks Soar To 32-Month Highs: What's Driving Markets Friday?

JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are trading higher on Friday. On October 1, 2024, the company became a substantial shareholder in The Star Entertainment Group Limited, acquiring <a target="_blank" href="https://www.starentertainmentgroup.com.au/wp-content/uploads/2024/10/03-OCT-2024-ASX-Announcement-Notification-of-Substantial-Shareholding.pdf" rel="noreferrer noopener">156.99 million </a>ordinary shares, representing 5.47% voting power.
Star Entertainment is an Australian casino operator. The company has been in troubled waters due to liquidity issues, and shares dipped by 66% in 2023, reported Reuters.
Star Entertainment owns and operates The Star Sydney, The Star Gold Coast and Treasury Brisbane. It also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government.
This week, JP Morgan expanded its Canadian business by launching two active ETFs on the Toronto Stock Exchange. The new ETFs target income-focused Canadian investors, <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41144035/j-p-morgan-launches-new-etfs-plans-to-add-jobs-in-canada" rel="noreferrer noopener">offering capital appreciation and steady income</a>.
Along with this, JP Morgan planned to expand its asset management business in Canada, expecting to add up to 20 jobs over the next 18 months.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are up 1.73% at $208.78 at the last check Friday.
Photo by Katherine Welles on Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/24/10/41178039/openai-secures-4b-credit-line-to-supercharge-ai-ambitions-and-expand-nvidia-powered-infrastructure-p" target="_blank" rel="noreferrer noopener">OpenAI Secures $4B Credit Line To Supercharge AI Ambitions And Expand Nvidia-Powered Infrastructure: &#8216;Provides Flexibility To Seize Future Growth Opportunities&#8217;</a></li>
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JP Morgan Takes Stake In Australian Casino Operator Star Entertainment: Details

JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are trading marginally higher on Wednesday. On Tuesday, J.P. Morgan Asset Management disclosed the expansion of its <a target="_blank" href="https://www.newswire.ca/news-releases/j-p-morgan-asset-management-launches-first-etfs-in-canada-828827983.html" rel="noreferrer noopener">Canadian </a>business with the launch of two active ETFs.
This launch strengthens JPMAM&#8217;s presence in Canada and provides increased access to global investment strategies through financial advisors.
Starting October 1, 2024, Canadian investors can access the JPMorgan US Equity Premium Income Active ETF (TSX:<a class="ticker" href="https://www.benzinga.com/stock/JEPI#TSX">JEPI</a>) and the JPMorgan Nasdaq Equity Premium Income Active ETF (TSX:<a class="ticker" href="https://www.benzinga.com/stock/JEPQ#TSX">JEPQ</a>) on the Toronto Stock Exchange.
In line with JPMAM&#8217;s strategy, the two ETFs target equities for potential capital appreciation and steady income, appealing to income-focused Canadian investors.
Travis Hughes, Head of&nbsp;Canada, J.P. Morgan Asset Management, said, &#8220;The introduction of the J.P. Morgan ETFs in&nbsp;Canada&nbsp;is an important advancement of our&nbsp;Canada&nbsp;market strategy, with these offerings representing the first of a broad suite of active ETF solutions we plan to deliver over time.&#8221;
&#8220;As home to the first ETF,&nbsp;Canada&nbsp;is an ideal market for these offerings. The listing of JEPI and JEPQ is a significant milestone for JPMAM as it brings focus to both the firm&#8217;s success as an active manager and the breadth and depth of its global products.&#8221;
Along with this launch, JP Morgan plans to expand its asset management business in Canada, expecting to add up to 20 jobs over the next 18 months, reported Reuters.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40962425/jp-morgan-targets-uk-with-fresh-credit-card-offering-report" rel="noreferrer noopener">JP Morgan Targets UK With Fresh Credit Card Offering: Report</a>
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are up 0.14% at $207.33 at the last check Wednesday.
Photo by Katherine Welles on Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40967938/jpmorgan-ceo-jamie-dimon-calls-for-federal-employees-to-return-to-office-says-empty-buildings-bother" target="_blank" rel="noreferrer noopener">JPMorgan CEO Jamie Dimon Calls For Federal Employees To Return To Office, Says Empty Buildings &#8216;Bother&#8217; Him: &#8216;I Can&#8217;t Believe&#8230;&#8217;</a></li>
</ul>

JEPI

JEPQ

TSX:JEPI

TSX:JEPQ

J.P. Morgan Launches New ETFs, Plans To Add Jobs In Canada

U.S. Treasury Secretary Yellen Says Banking System Is Well Capitalized

Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) shares are trading higher on Thursday. The company inked a deal to acquire<a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41046498/visa-to-acquire-featurespace" rel="noreferrer noopener"> </a><a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41046498/visa-to-acquire-featurespace" rel="noreferrer noopener">Featurespace </a><a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41046498/visa-to-acquire-featurespace" rel="noreferrer noopener">for an undisclosed amount</a>.
Featurespace is a developer of real-time AI payments protection technology that addresses fraud and financial crime risks.
This acquisition is expected to enhance Visa&#8217;s portfolio of fraud detection and risk-scoring solutions, supporting clients globally in growing and safeguarding their businesses.
The partnership between Visa and Featurespace is projected to empower clients to manage fraud in real-time and strengthen the payments ecosystem through AI-driven solutions.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40996656/visa-reportedly-faces-doj-antitrust-lawsuit-alleging-monopolization-of-us-debit-card-market-amid" rel="noreferrer noopener">Visa Reportedly Faces DOJ Antitrust Lawsuit Alleging Monopolization Of US Debit Card Market Amid Regulatory Crackdown</a>
This investment underscores Visa&#8217;s commitment to ecosystem security, having invested billions in technology over the past five years to reduce fraud and enhance network security.
The transaction, which is subject to standard closing conditions, is expected to close in fiscal year 2025.
Antony Cahill, Global Head of Value-added Services at Visa, stated, &#8220;Providing our clients with solutions that can adapt to and anticipate the changing threat landscape is of the utmost importance. Featurespace&#8217;s strong foundation in AI will enhance our existing product portfolio and enable us to address our clients&#8217; most complex and pressing challenges.&#8221;
As of June 30, Visa&#8217;s cash and cash equivalents <a target="_blank" href="https://s1.q4cdn.com/050606653/files/doc_financials/2024/q3/Q3-2024-Earnings-Release_vF.pdf" rel="noreferrer noopener">stood </a>at $19.7 billion.
This month, Visa planned to launch an account-to-account (A2A) payment service in the U.K. in early 2025, <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40728834/whats-going-on-with-visa-stock-premarket-thursday" rel="noreferrer noopener">using open banking technology</a>.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: V shares are up 1.21% at $272.91 at the last check Thursday.
Image from Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41030472/visa-stock-has-near-term-overhang-from-doj-antitrust-lawsuit-analyst-picks-3-stocks" target="_blank" rel="noreferrer noopener">Visa Stock Has Near-Term &#8216;Overhang&#8217; From DOJ Antitrust Lawsuit: Analyst Picks 3 Stocks To Benefit</a></li>
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Visa Takes On Financial Crime: Acquires AI Fraud Specialist Featurespace, Strengthening Payment Security

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The October 2022 Baby Bull Is Back And All Grown Up

The market is grinding higher, satisfying pretty much nobody. The bulls are left wanting more, whereas the bears who were short the market are forced to cover.

Welcome To The "Pain Trade" - Here's What To Do About It

Shares of Wall Street banks are keeping resilient after reporting earnings.

Big Banks Have Reported Q3 Earnings: What's Next For Their Stock Prices?

In this video, Ira Epstein reviews the day's trading in various SPDR-ETF markets for the trading day that ended, Tuesday, October 15.

SPDR ETF Report For Tuesday, Oct 15

Berkshire Hathaway: No Real Reasons To Panic On Recent Sales

Countdown To Election Day: The Policies That Will Matter To Markets

The tech sector… doesn't quite know what to do with itself today. Nvidia rocked more than 3% to the upside after yesterday's semiconductor slaughter.

Nvidia Rips, Meta Slips… And Everything Else Is Stuck

Financials and Industrials passed 30% 52-week highs simultaneously

In this video, Ira Epstein reviews the day's trading in various SPDR-ETF markets for the trading day that ended, Thursday, October 17.

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