WFC - CEO Uncertainty Spikes After Improving Last Quarter

2024-04-18 08:35:00 ET

Summary

• Banks kicked off Q1 earnings season with mixed results, proving that sizeable economic headwinds still persist.
• The LERI shows corporate uncertainty ticking back up after falling in Q4.
• All eyes turn to Tech and Communication Services when Netflix and Taiwan Semiconductor Manufacturing Thursday.

Bank Results Come in Mixed, Economic Headwinds Persist

Banks started the Q1 2024 reporting season with decent results, but with forward-looking warnings that left investor’s a bit squeamish last week. JPMorgan Chase ( JPM ) ¹ , Citigroup ( C ) ² and Wells Fargo (WFC) ³ all reported better-than-expected results on the top and bottom-line when they kicked things off on Friday. Despite surpassing analyst estimates, all commented on the negative impact of inflationary pressures, which will result in muted core lending income for 2024. Those comments lead to investors taking prices down for the three banks in Friday’s trading....

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