Financial firms were mostly down before markets open on Thursday. The Select Financial Sector SPDR (XLF) lost 0.7%. The Direxion Daily Financial Bull 3X Shares (FAS) declined 2.2%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) gained 2.2%.
Bank of America (BAC) was slipped by more than 3% after posting Q2 earnings of $0.37 per share, down from $0.74 per share a year earlier. Analysts polled by Capital IQ projected EPS of $0.28.
Morgan Stanley (MS) was trading fractionally higher before markets open. The investment banking giant reported Q2 adjusted earnings of $2.04 per diluted share, up from $1.23 a year earlier. That was higher than the $1.12 average estimate of analysts polled by Capital IQ.
Truist Financial (TFC) reported Q2 adjusted profit of $0.82 per share, down from $1.12 per share in the prior-year period. The average Street estimate was for earnings of $0.73 per share. Shares were flat before markets open on Thursday.
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