Bank of America Corp (NYSE:BAC) shares are trading lower by 1.3% to $35.88 during Friday’s session. Shares of several companies in the broader financial sector are trading lower after a number of major U.S. banks reported first-quarter earnings and amid overall market weakness.
What Happened?
Five major U.S. financial institutions reported their first-quarter financial results, exceeding expectations for both earnings and revenue. This highlights the favorable conditions for banks due to rising interest rates and a strong economy.
JPMorgan Chase & Co. particularly stood out, with earnings per share (EPS) of $4.44 and revenue of $42.55 billion, surpassing the expected $41.836 billion. Despite slightly lower loans than expected, the bank showed resilience with lower provision for credit losses ...