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“I always performed out of fear of failure – and that’s a tough way to play. It was as if my back was to the wall and I was constantly surrounded by very dangerous people that were not friendly to me.” – Keith Hernandez

Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Major US banks and brokers are in the news once again this morning as all three that reported earnings ahead of today’s open (BAC, C, GS) beat both top and bottom line estimates.  Coming into today, this space is already trading extremely overbought, but share prices are rallying again in the pre-market in reaction to the positive earnings news.

As shown below, since earnings season began last week, the “big six” of the banks and brokers are up an average of 6.7% based on where shares are trading in the pre-market this morning.