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Financial Sector Update for 07/16/2020: BAC, TFC, MS, XLF, FAS, FAZ

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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