Presenting at the Barclays Financial Services conference in New York, Bank of America (BAC) CEO Brian Moynihan said the bank expected third-quarter trading revenue to come in about flat on a year-over-year basis. Investment banking fees are seen at $1.6 billion to $1.8 billion, down from $2 billion a year ago.
Shares quickly dropped 4.3% on the news. Sliding in concert: Goldman Sachs (GS), down 4.1%, Morgan Stanley (MS), down 3.8%, Citigroup, down 4.1%, JPMorgan (JPM) -2.2%, Wells Fargo, -2.7%.
A bit more than two hours before the close on Monday, the Nasdaq and S&P are only lower by about 0.3%. That’s a sizable reversal, particularly for tech, from large early declines following weekend warnings from AI leaders that the sector was moving too quickly.
Possibly helping is chatter about the U.S. and Iran considering re-opening talks towards a peace deal. That has oil narrowing early gains of nearly 5% to just 1.3% at last check.
While many of the AI-related favorites continue with big losses — Micron, Intel, SanDisk, and Oracle all lower by more than 4% — the hyperscalers are posting gains. Google is higher by 3%, Microsoft by 2.7%, Meta by 2.8%, and Apple by 0.7%.
Crypto also continues modestly higher for the day, with bitcoin rising 2% to $78,800.
The leader of the free world has been particularly busy on social media on Monday.
“The failing Nation of Iran wants to make a deal, quickly and badly,” said President Trump moments ago. “I will determine whether or not the U.S.A. will choose to engage - The concept of which we are open to.”
The news has knocked the price of oil down about $1 per gallon, though it’s still higher by nearly 3% for the day.
U.S. stocks have risen to session highs, but the Nasdaq is still down 0.5%. Bitcoin is holding small gains just above $78,000.
“Ukraine has agreed not to hit Russian Energy targets. Russia has agreed to do, likewise,” said President Trump minutes ago on Truth Social.
The announcement comes as diesel prices have soared to record highs above $6 per gallon in much of the U.S.
Source
This article is syndicated for educational reading. For the latest updates, visit the original publisher.
Read on coindesk.com
