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“It will fluctuate.” – J. P. Morgan
Futures were already strong heading into this morning’s economic data, and they remained strong after both jobless claims and PPI came in below forecasts. As things stand now, the major averages are indicated to open up by 1% or more. While yields aren’t changed all that much today, we would note that the 10-year yield has declined nearly 10 bps this week.
On the earnings front, bank earnings this morning have been strong, and most of them are trading higher in the pre-market. Overall, of the eleven companies reporting this morning, just two (Commercial Metals and Domino’s) missed EPS forecasts. Top line results versus consensus forecasts have been equally strong.
In what has become a trend for a lot of big banks, JP Morgan Chase (JPM) declined in reaction to its earnings report yesterday falling by 2.64%. Yesterday’s decline marked the 5th straight time that shares of JPM declined in reaction to earnings. While these weak reactions to earnings reports tend to cause a fair amount of near-term angst on the part of investors towards the stock, it’s important to focus on the big picture rather than the day-to-day squiggles. Despite a negative one-day reaction to each of its last five earnings reports, shares of JPM are up 66% since the start of last November.
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