Bank Stock Roundup: Fed Minutes, Q1 Earnings, Wells Fargo And OZRK Dominate
Zacks Investment Research | Apr 13, 2018 02:54AM ET
Over the last five trading days, performance of banking stocks was encouraging. The primary highlight was the release of the Fed minutes of the March FOMC meeting.
The latest Fed minutes indicate that the officials are optimistic about the improving economic growth and rise in inflation. This is expected to support a more aggressive stance by the Fed in hiking rates.
The release of the minutes led to overall positivity in the markets and bank stocks didn’t remain untouched. Apart from this, easing U.S.-China trade war tension cheered investors to some extent.
Banks’ first-quarter earnings were also in the spotlight over the past five trading sessions. This time, earnings are expected to be impressive driven by rebound in trading activities and higher interest rates. Also, modest loan growth will likely support results.
Taking about company-specific headlines, as usual Wells Fargo (NYSE:WFC) dominated for all the wrong reasons. Other than that, banks continued with the restructuring efforts with an aim to expand operations and control expenses.
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