Wall Street analysts are positioning ahead of a pivotal week for bank earnings, with major institutions including JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup set to report Tuesday, followed by Morgan Stanley and PNC on Wednesday. The reports arrive as the financials sector has surged for six consecutive weeks, fueled by a capital markets super cycle of IPO activity, debt issuance, and M&A deals. Phil Camporeale, chief investment strategist at JPMorgan Wealth Management, said this issuance gives financials a big boost in second-quarter earnings, while UBS managing director Erika Najarian noted that regional banks have also participated in the rally, with the KRE regional banking ETF climbing 15% year-to-date. However, some technical indicators suggest caution, as more than 90% of financial stocks are trading above their 20-day exponential moving average, a level where the sector has historically faltered, according to Seth Golden, chief market strategist at Finom Group.
Woori Financial Group Inc
Bank of America Corp
Goldman Sachs Group Inc
Morgan Stanley
PNC Financial Services Group Inc
Wells Fargo & Company
Citigroup Inc.
JPMorgan Chase & Co
PNC Process Systems Co Ltd