Market Minute

Commentary and clips about what's moving the markets - stocks, options, economic data, futures, cryptocurrencies, and more

We kick off another earnings season with the big banks: JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC). JPMorgan beat Street estimates handily on the top and bottom line, with its $1.88B in provision for credit losses below analyst consensus. Trading revenue fell 5% but was made up for by fixed-income and equities. CEO Jamie Dimon said the bank is on alert to “a number of significant uncertain forces,” although the U.S. economy and the bank are still strong.
Citigroup fared a little worse than JPMorgan, posting a year-over-year revenue decline despite beating estimates because of selling an overseas business in 2023. Citigroup has laid off 7,000 employees in a broader overhaul intended to simplify management and technology infrastructure, taking a $225 million restructuring charge and $258 million in repositioning costs this quarter. However, the company says it has finished its transformation. Reversing JPMorgan, trading revenue rose and fixed-income fell.
And Wells Fargo beat estimates but saw a net interest income decline of 8% year-over-year due to higher interest rates and customers moving into higher-yielding deposit products. CEO Charlie Scharf says that the bank continues to “improve and diversify” its financial performance. Net charge-offs were $1.16 billion, with $938 million in provision for credit losses. While consumer, small & business banking revenue fell 4%, credit card revenue rose 6%, driven by higher loan balances.
For more earnings coverage throughout the day, tune into the Schwab Network!
market minute
12 Apr 20241 min read
S&P 500 futures enjoyed an almost 30% climb from the lows on Oct. 27 to the all-time highs on April 1, but price recently faltered as some potentially worrisome technical developments took place. The /ES saw a consistent upward trendline beginning in early January and riding the lows since then. However, equity markets stumbled on April 4, and the /ES sank below this trendline as well as below its 21-day Exponential Moving Average amid a -1.36% decline. From there, price established lows near 5,192 for two days in a row and seemed to regain some ground. But yesterday’s Consumer Price Index report came in higher than expected and the contract plummeted 92 points (about -1.75%) in only 10 minutes, breaking the 5,192 support area but recovering to close above that level. Then today’s Producer Price Index report was lower than expected, which gave some relief to the bulls.

In addition to price giving up the 21-day EMA, the slope of this moving average has changed from upward to downward during the past few days; this is an important early sign of potential trend change. In terms of momentum, the Relative Strength Index (also known as RSI) generated a bearish signal by crossing below the 50 midline that demarcates bullish and bearish trajectory. Price also has fallen below a volume node near 5,240. This is an area of relatively heavy trading according to the yearly Volume Profile study, and typically would be viewed as a supportive area.

If things continue to worsen, the 50-day Simple Moving Average, which is currently around 5,140, could be a supportive point to watch. For potential resistance, watch the 21-day EMA around 5,228 first and then consider a short-term trendline beginning with the all-time highs and sloping down across the subsequent highs at roughly 5,260.
market minute
11 Apr 20242 min read
ON AIR
7:00 am
Futures
12:00 am
Fast Market
REPLAY
1:00 am
Trading 360
REPLAY
2:00 am
Next Gen Investing
REPLAY
education
3:00 am
Your First Trade
REPLAY
3:30 am
Trading 360
REPLAY
4:30 am
Next Gen Investing
REPLAY
education
5:30 am
Your First Trade
REPLAY
6:00 am
Fast Market
REPLAY
ON AIR
7:00 am
Futures
8:00 am
Morning Trade Live
10:00 am
Trading 360
11:00 am
Fast Market
12:00 pm
Next Gen Investing
1:00 pm
The Watch List
2:00 pm
Market On Close
3:30 pm
Market Overtime
4:00 pm
Trading 360
REPLAY
5:00 pm
Fast Market
REPLAY
6:00 pm
Next Gen Investing
REPLAY
7:00 pm
Market Overtime
REPLAY
education
7:30 pm
Your First Trade
REPLAY
8:00 pm
Trading 360
REPLAY
9:00 pm
Market Overtime
REPLAY
education
9:30 pm
Your First Trade
REPLAY
10:00 pm
Fast Market
REPLAY
11:00 pm
Trading 360
REPLAY

Get the Market Minute

Daily insights for every investor

coming soon

We are now

coming soon

We are now