“This is the week when we find out if the real world is going to intrude on the stock market world,” CNBC’s Jim Cramer declared as big U.S. banks begin reporting their Q2 results.
“If the banks can rally, then maybe we’ve gone ‘through the looking glass,'” he said. “If the banks get hammered, things could get ugly.”
While investors should expect another big hit as lenders set aside more loan loss provisions, that could be offset by a boost in fee incomes from elevated investment banking and trading activity, as well as mortgage demand.
Citigroup (NYSE:C), JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC) will all release earnings before the opening bell, followed by Goldman Sachs (NYSE:GS), Bank of America (NYSE:BAC) and Morgan Stanley (NYSE:MS) later this week.
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