![]() ![]() Several Fed officials are expected to speak this week, and market participants are waiting to see if they will sound a similar tune ahead of the Fed’s blackout period, which starts on Saturday. Meanwhile, Richmond Federal Reserve President Tom Barkin, a non-voting member of the Federal Open Market Committee, which sets interest rates, said on Monday he wants “to see more evidence that inflation is settling back to our target” and that the “labor market has moved from red-hot to merely hot.” Louis Federal Reserve President James Bullard striked a similar hawkish tone that rate hikes will need to continue. Permits to build, a forward-looking gauge for housing activity, fell 8.8% to an annualized rate of 1.41 million, down from last month's figure of 1.55 million homes.įed Bank of Atlanta President Raphael Bostic said on Tuesday he agrees with raising rates one more time before holding them above 5% for a while to reach the Fed's goal on inflation. On the economic front, housing starts for single-family homes fell 0.8% to a 1.42 million annualized rate, lower than the prior's month reading of 1.45 million homes. The Bank of America logo is seen on a branch office, Oct. Netflix shares edged up 0.29% ahead of earnings and after the company announced it would wind down its DVD-rental business. First Horizon ( FHN), Western Alliance ( WAL), United Airlines ( UAL) and Netflix ( NFLX) are due after the market closes on Tuesday. The picture was different for State Street Corporation ( STT), which was down over 9% after reporting a 3% decline in net interest income in the first quarter. ![]() The biggest gainer was M&T Bank Corporation ( MTB), up 7.8% after beating expectations on revenue and profit for the first quarter. Stocks closed higher on Monday, reversing earlier declines during the trading session as earnings season kicked into gear. The pause has been fully canceled, the FAA said. Outside of financial institutions, Southwest Airlines ( LUV) stock was off about 1% after the Federal Aviation Authority said in a tweet that the airline requested the agency pause its departures due to an internal technical issue at Southwest. The stock dropped over 3% Tuesday morning.īank of New York Mellon ( BK) beat first-quarter profit estimates on Tuesday, benefiting from rate hikes as it boosted the lender's interest income, which is the difference between what the bank earns on its loans and pays out on its deposits. Meanwhile, Goldman Sachs ( GS) reported a miss on quarterly revenue estimates, hurt by a slowdown in deal-making and offloading a chunk of its Marcus personal loan portfolio. Bank of America ( BAC) posted better-than-expected first-quarter earnings results on the back of higher borrowing costs and rates. As earnings season kicks into full gear this week, the headliners Tuesday morning were the big banks. ![]()
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