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Cryptopolitan 2025-01-15 14:11:16

Wall Street earnings come in strong, but can’t boost markets

Wall Street’s biggest names have smashed earnings expectations, but markets? Barely a pulse. Big banks delivered some of their best numbers in years, inflation data came in right on target, and even Bitcoin got a lift. Goldman Sachs reported $11.95 per share in earnings on revenue of $13.87 billion, far outpacing the $8.22 per share on $12.39 billion that analysts predicted. The numbers came courtesy of a sharp rebound in investment banking deals and trading revenues. Shares? Up 2.1%, but don’t let that fool you. The broader market barely cared. JPMorgan Chase, another Wall Street giant, crushed it with $4.81 per share on $43.74 billion in revenue, leaving analysts’ $4.11 per share forecast in the dust. Strong performances in fixed-income and investment banking did the heavy lifting. Shares climbed over 1%, but again, the market seemed to yawn. Wells Fargo came in swinging too, reporting an adjusted $1.42 per share that beat the $1.35 analysts had penciled in. The bank’s shares jumped 3.2%, boosted by a projection of net interest income rising 1-3% in 2025 compared to last year. Citigroup, on the other hand, pulled off a comeback. After a rough patch, Citi swung back into profitability, posting $1.34 per share on $19.58 billion in revenue. Analysts were betting on $1.22 per share and $19.49 billion in revenue, so the bank exceeded expectations. Shares surged more than 3%. BlackRock, the world’s largest asset manager, also flexed its muscles. Fourth-quarter earnings came in at $11.93 per share on $5.68 billion in revenue, ahead of forecasts. The stock popped 3.7%. From Zero to Web3 Pro: Your 90-Day Career Launch Plan