Q3 Earnings Season Kicks Off With Big Banks, CPI Data in Focus

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Summary · why it matters

Third-quarter earnings season begins Tuesday with JPMorgan, Goldman Sachs, Wells Fargo, and Citi reporting, followed Wednesday by Bank of America and Morgan Stanley, alongside BlackRock and ASML, and Thursday by Taiwan Semiconductor. Bank profits are expected to pull back on a quarterly basis alongside trading and M&A revenue, and the five major banks have lost roughly $350 billion in market cap over the past month as Financial Services was the second-worst performing sector in the S&P 500, down roughly 4%. Only 35% of institutional investors now expect bank stocks to outperform the broader market, down from 68% in July and 82% in December, per a study from Truist Securities. Wednesday's September Consumer Price Index report is set to be a deciding factor in whether the Fed delivers another quarter-point hike at its October meeting or waits until December, with traders pricing in roughly 80% odds of an October move. SpaceX's agreement to acquire a nationwide low-band spectrum license portfolio of up to 14 megahertz of paired spectrum in the 800 MHz band from Grain Management sent Verizon down 5%, AT&T down nearly 7%, and T-Mobile down more than 6% on Friday, as Starlink moves into the consumer telecom space.

Impact on assets 32

Financials▼
Bank of America Corp
BAC
▼ NegativeCapitalrelevance

Bank of America reports Wednesday with bank profits expected to pull back on weaker trading and M&A revenue.

Goldman Sachs Group Inc
GS
▼ NegativeCapitalrelevance

Goldman Sachs reports Tuesday with bank profits expected to pull back alongside trading and M&A revenue.

Wells Fargo & Company
WFC
▼ NegativeCapitalrelevance

Wells Fargo reports Q3 earnings with bank profits expected to pull back on weaker trading and M&A revenue.

Morgan Stanley
MS
± MixedCapitalrelevance

Listed among banks reporting Q3 earnings, with bank profits expected to pull back on trading and M&A revenue.

Digital Finance & Tokenization▼
Citigroup Inc.
C
▼ NegativeCapitalrelevance

Citigroup reports Tuesday with bank profits expected to pull back on quarterly trading and M&A revenue.

JPMorgan Chase & Co
JPM
▼ NegativeCapitalrelevance

JPMorgan reports Tuesday as bank profits are expected to pull back on weaker trading and M&A revenue.

BlackRock Inc
BLK
▼ NegativeCapitalrelevance

BlackRock reports Wednesday amid a weak Financial Services sector and expected bank profit pullback.

Cloud & Digital Infrastructure▼
AT&T Inc.
T
▼ NegativeCompetitionrelevance

AT&T fell nearly 7% as SpaceX's spectrum deal lets Starlink move into consumer telecom, threatening incumbents.

T-Mobile US Inc
TMUS
▼ NegativeCompetitionrelevance

T-Mobile dropped more than 6% as SpaceX's spectrum acquisition brings Starlink into consumer telecom competition.

Verizon Communications Inc
VZ
▼ NegativeCompetitionrelevance

Verizon fell 5% after SpaceX agreed to buy spectrum from Grain Management, moving Starlink into consumer telecom.

Semiconductors▲
ASML Holding N.V.
ASML
± MixedCapitalrelevance

ASML reports Q3 earnings Wednesday, mentioned only in the earnings schedule with no company-specific development.

Industrials▲
Consumer Staples▲
Consumer Discretionary▲
Biotech & Genomic Medicine▲
Real Estate▲
Space Economy▲
Climate Adaptation & Water▲
Aging Population▲

Off-coverage companies 1

Grain Managementi
Private± Mixedrelevance