Why JPMorgan Chase, Bank of America, and Wells Fargo Are Trading Higher

Shares of major U.S. bank stocks zoomed higher today after the market was receptive to third-quarter earnings reports this morning that showed bank earnings are poised to benefit next year from more favorable conditions. Banks are also likely benefiting from new economic data this morning that showed wholesale prices for September came in lower than expected, supporting a narrative that inflation continues to slow.Shares of JPMorgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC), the two largest banks in the country, traded roughly 4.2% and nearly 5% higher, respectively. Shares of Wells Fargo (NYSE: WFC) traded nearly 6% higher.Both JPMorgan Chase and Wells Fargo reported third-quarter earnings this morning. JPMorgan beat consensus estimates on earnings and revenue and raised guidance for the full year. Management now expects net interest income (NII) -- the money banks earn on their interest-earning assets, such as loans, after funding those assets with interest-bearing liabilities, such as deposits -- to come in $1.5 billion higher in 2024 than initially expected. Management also lowered its expense guidance.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool