Gold is waiting to see what the US Fed says. And then... see the article to know, what's then.
JPM, BAC, CITI stocks: Q2 reports due
The banking sector has been suffering a downturn since the beginning of June with almost no alternating bullish presence. In this sense, it will be safe to say that JPMorgan, Citigroup, and Bank of America are doing worse than most of the S&P. At the same time, being at the bottom of their respective mid-term uptrends, none of these stocks has broken the said trend - yet. That’s why, technically, it is very likely that they bounce upwards. Otherwise, we will see protracted sideways movement or even a continuation of the bearish phase – especially if the figures we are about to receive are disappointing.
Next week, we have earnings reports due to each of the banks. JPM (1530 MT time) and Citi (1700 MT time) report on Tuesday, July 14, and BAC reports on Thursday (1530 MT time), July 16. Their performance in Q2 will bring a mid-term impact on how each of these stocks goes further. Quite expectedly, the figures will be approximately the same in proportionate effect, with minor differences particular to each bank’s specifics.
There is a point of reassurance, however: the long-term game is still positive for banks. The economy will eventually recover, and whatever happens, everyone needs money and credit – therefore, everyone needs banks. Fundamentally, that serves as a “survival guarantee” for JPM, Citi, and BAC.
US stocks are set to open lower Friday, with investors worry over rising tensions between the US and China, deadlock over the next virus relief bill and possible disappointments from the key monthly employment report.
The pair was falling down amid the waning US dollar. However, the situation changed this month.
Dollar continues to keep firmer on the day, all eyes on the US jobs report later.