PNC rounds out bank earnings this week as attention shifts to Netflix, Intel

Despite the market holiday on Monday for MLK Day, the flow of earnings strengthens next week with 35 S&P 500 companies scheduled to report results. Here are some names to watch.

Monday: No major earnings reports. Markets are closed.

Tuesday: Netflix (NFLX), United Airlines (UAL), Interactive Brokers (IBKR), 3M Company (MMM), US Bancorp (USB), Fastenal (FAST), D.R. Horton (DHI), Fifth Third Bancorp (FITB), KeyCorp (KEY), Wintrust Financial Corporation (WTFC)

Wednesday: Johnson & Johnson (JNJ), Charles Schwab (SCHW), Prologis (PLD), Truist Financial (TFC), Kinder Morgan (KMI), Travelers (TRV), Halliburton (HAL), Teledyne Technologies (TDY), Citizens Financial Group (CFG), Ally Financial (ALLY), Pinnacle Financial Partners (PNFP)

Thursday: GE Aerospace (GE), Procter & Gamble (PG), Intel (INTC), Abbott Laboratories (ABT), Intuitive Surgical (ISRG), Capital One (COF), Freeport-McMoran (FCX), CSX Corporation (CSX), Huntington Bancshares (HBAN), Northern Trust (NTRS), McCormick & Company (MKC), Alcoa Corporation (AA), East West Bancorp (EWBC), Mobileye Global (MBLY)

Friday: SLB N.V. (SLB), First Citizens BancShares (FCNCA), Booz Allen Hamilton (BAH), Comerica Incorporated (CMA), Webster Financial Corporation (WBS), Moog Inc. (MOG-A, MOG-B), United Bankshares (UBSI)

Results from Morgan Stanley and Goldman Sachs on Thursday added to predictions of another strong year for Wall Street operations.

Bloomberg reports:

Read more here.

State Street (STT) stock fell more than 2% in premarket trading after a repositioning charge weighed on otherwise strong profits.

The asset manager reported rising revenue of $3.7 billion in the fourth quarter, driven by increased fee revenue and topping Wall Street analyst expectations for $3.6 billion in revenue, according to S&P Global Market Intelligence data. Net interest income increased by 7% year over year.

State Street’s assets under custody increased 16% year over year to $53.8 trillion, primarily due to higher market levels and flows. Assets under management in the fourth quarter, meanwhile, increased 20% to $5.7 trillion.

However, net income of $747 million declined 5% year over year. State Street’s GAAP earnings per share of $2.42 missed expectations of $2.45 per share. State Street’s overall expenses increased 12%, which the company largely attributed to a $226 million repositioning charge.

On Thursday, State Street launched its digital asset platform, which offers tokenized assets such as stablecoins and money market funds. The custody bank joins the fray of financial institutions pushing into crypto and tokenized assets, including Bank of New York Mellon (BK), JPMorgan (JPM), and Goldman Sachs (GS).

“This launch marks a significant step in State Street’s digital asset strategy,” State Street president Joerg Ambrosius said of the platform. “By pairing blockchain connectivity with robust controls and global servicing expertise, we’re enabling institutions to confidently embrace tokenization as part of their core strategy with an organization like us that they can trust.”

Freight and logistics company J.B. Hunt (JBHT) reported a 2% decline in revenue year over year, led by weaker volumes and revenue in its main Intermodal segment.

The Arkansas-based company posted diluted earnings per share of $1.90 for the fourth quarter, topping Wall Street analysts’ expectations of $1.82 per share, according to estimates on S&P Global Market Intelligence. Total revenue of $3.1 billion came in line with estimates but declined slightly from $3.15 billion in the fourth quarter of 2024.

In the Intermodal segment, its largest by revenue, the company reported a 2% decline in volume, driven by a 6% decrease in transcontinental network loads between US ports, Mexico, and Canada year over year (though eastern network loads increased 5%). J.B. Hunt also saw weakness in its last-mile segment due to softer demand in end markets, the company said.

The stock fell 4% in after-hours trading as the company’s earnings call began. Listen to the call live here.

Chip stocks broadly rose on Thursday after TSMC (TSM) beat Wall Street’s expectations and its chief executive, C.C. Wei, dismissed AI bubble concerns.

Yahoo Finance’s Laura Bratton reports

Read more here.

Like Goldman Sachs, Morgan Stanley’s (MS) fourth quarter benefited from a boom in Wall Street dealmaking.

Morgan Stanley reported an 18% lift in profits in Q4 as its total client assets in wealth and investment banking grew by $350 million to reach $9.3 trillion. Net income rose to $4.4 billion, or $2.68 per diluted share, from $3.7 billion a year ago. Analysts were expecting earnings per share of $2.45, according to S&P Global Market Intelligence.

The standout in the quarter was Morgan Stanley’s investment banking revenues, which increased 47% year over year to $2.4 billion. The company’s debt underwriting revenue, in particular, nearly doubled year over year to $785 million.

Revenue in the wealth management unit also surged 13% to $8.4 billion, compared with $7.5 billion a year ago.

For the full year, Morgan Stanley reported record net revenue of $70.6 billion and net income of $16.9 billion. However, the stock wavered in premarket trading.

Yahoo Finance’s David Hollerith reports:

Read more here.

Taiwanese chipmaker TSMC (TSM) stock jumped 6% in premarket trading on Thursday after the world’s largest manufacturer of semiconductors reported a 35% surge in fourth quarter profit and delivered a strong outlook.

In the fourth quarter, TSMC reported revenue of $33.73 billion, topping the company’s own guidance and Wall Street estimates of $32.8 billion, according to S&P Global Market Intelligence. Fourth quarter profits per ADR share hit a record $3.14, above expectations for $2.98 per ADR unit.

For the first quarter, TSMC expects revenue of between $34.6 billion and $35.8 billion, with gross profit margins between 63% and 65%.

The company also said it expects 2026 revenue to increase by close to 30% year over year as artificial intelligence supports strong demand for its chips. TSMC counts Nvidia (NVDA) and Apple (AAPL) among its customers.

Read more here from Reuters or listen to a replay of the earnings call here.

Bank stocks sold off on Wednesday as concerns about Federal Reserve independence and President Trump’s credit card rate cap proposal overshadowed what analysts viewed as pretty good fourth quarter results.

Bank of America (BAC) and Wells Fargo (WFC) stocks fell by 5%, while Citigroup (C) shares dropped by more than 4%. Shares of JPMorgan Chase (JPM), which reported results on Tuesday, declined by around 1%.

The moves to the downside appeared to reflect negative sentiment from news headlines rather than a fundamental rebuke by the market of the banks’ results. “The only negative point was really investment banking,” B. Riley Wealth chief market strategist Art Hogan said of the big bank results, arguing that the segment could rebound in the coming quarters as deals get pushed out.

HSBC head of US financials research Saul Martinez attributed the earnings day underperformance of JPMorgan’s stock to policy “overhang” and high expectations going into the quarter.

“I think investors have grown to view policy as sort of a one-way dynamic towards deregulation and factors that are beneficial to banks,” Martinez told Yahoo Finance. “Some of the news flow over the weekend — the rate cap social media post and concerns about Fed independence — have now … had an impact perhaps on that view and reminded investors that policy changes can sometimes be risks as well.”

On Thursday, investors will complete the financial earnings picture with results from Goldman Sachs (GS), Morgan Stanley (MS), and the world’s largest asset manager, BlackRock (BLK). All three of those stocks were also trading lower on Wednesday ahead of their reports.

Even more big bank CEOs pushed back against President Trump’s proposal to cap credit card interest rates on Wednesday, echoing similar comments from JPMorgan CFO Jeremy Barnum on Tuesday.

A chorus is beginning to form in the sector, with executives saying that while affordability is an issue, putting a 10% limit on credit card interest rates isn’t the right approach to solve it. They say the proposal would hurt the US economy — and their profits.

“An interest rate cap is not something that we would or could support, frankly,” Citigroup’s outgoing CFO Mark Mason said Wednesday, Yahoo Finance’s David Hollerith reported.

Such a move would “likely result in a significant slowdown in the economy,” Mason said, adding that “affordability is clearly an important issue and one that we look forward to collaborating with the administration on.”

“We’re all in for affordability,” Bank of America CEO Brian Moynihan told analysts on Wednesday while presenting the argument why limiting credit card interest rates would have adverse effects.

Read more here.

Citigroup (C) stock initially climbed on Wednesday morning but then fell 2% after reporting its profits declined 13% year over year in the fourth quarter, as the third-largest US bank recorded a loss of $1.2 billion on the sale of its Russia unit.

The major bank, which reported results after Wells Fargo (WFC) and Bank of America (BAC), posted net income of $2.5 billion and earnings per share of $1.19. Excluding the loss from the Russia-unit sale, Citi posted adjusted earnings per share of $1.86.

Analysts were expecting Citi to report GAAP earnings per share of $1.34 and normalized earnings per share of $1.62, according to consensus estimates from S&P Global Market Intelligence.

As Yahoo Finance’s David Hollerith reported, investment banking revenue climbed 35% to $1.29 billion, driven by a surge in its M&A advisory business. Its markets division, which houses trading operations, reported a 1% drop in trading fees over the fourth quarter compared to the year-ago period.

Citi’s earnings call begins at 11 a.m. ET. Listen to the call live here.

Banking giants Bank of America (BAC) and Wells Fargo (WFC) reported fourth quarter earnings and rising annual profits on Wednesday morning. Bank of America stock rose about 1%, while Wells Fargo stock fell by the same amount.

Yahoo Finance’s David Hollerith reports:

Read more here.

Days after President Trump proposed capping credit card interest rates at 10%, corporate executives warned that the policy would have wide-ranging ramifications and possibly hurt consumers if enacted.

“If it happened the way it was described, it would be dramatic,” JPMorgan Chase CEO Jamie Dimon said on the company’s earnings call. JPMorgan is the nation’s top credit card issuer, handling $1.34 billion in purchase volume.

The company’s CFO, Jeremy Barnum, added that consumers would likely face service changes as a result, particularly credit card users with subprime risk profiles, who may face more financial instability.

“People will lose access to credit, like on a very, very extensive and broad basis, especially the people who need it the most, ironically,” Barnum said. “And so that’s a pretty severely negative consequence for consumers and, frankly, probably also a negative consequence for the economy as a whole right now.”

It’s unclear how Trump could implement a one-year credit card APR limit without legislation from Congress. To that end, on Tuesday, US ‌House Speaker ‌Mike Johnson took up the issue and said he would explore the president’s idea.

Johnson also acknowledged there could be “unintended consequences” of such a move — a sentiment echoed by Delta Air Lines CEO Ed Bastian in the company’s earnings call on Tuesday.

Delta offers a co-branded credit card with American Express (AXP) that contributes an estimated 13% of its annual revenue. The partnership continues to be a lucrative one for Delta: Delta’s revenue from the card grew 11% year over year to $8.2 billion in 2025, the company reported Tuesday.

“I think one of the big issues and challenges with the potential order is the fact that it would actually restrict the lower-end consumer from having access to any credit, not just what the interest rate they’re paying, which would upend the whole credit card industry,” Bastian said. “So from our standpoint, we’ll be working closely with American Express, but I don’t see any way we could even begin to contemplate how that would be implemented.”

Yahoo Finance’s David Hollerith reports:

Read more here.