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S&P 500 Recovery, Goldman Sachs, Bank of America Earnings

S&P 500 Recovery, Goldman Sachs, Bank of America Earnings

Justin McQueen,

SPX, BAC, GS Analysis and Talking Points

  • Goldman Sachs and Bank of America Provide Mixed Earnings
  • Markets Price Out Expectations of a 100bps hike
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Despite the volatile FX action with the USD breaking out to fresh record highs and US inflation rising to a whopping 9.1%, prompting markets to shift towards a 100bps hike. However, as Fed hawks maintain the view that 75bps is the base case, equity markets closed out last week on a firmer note, halving their weekly losses. This is quite noteworthy that equities have taken the recent news in its stride. That said, as I have stated previously, the bias remains to fade bear market rallies. This week sees a slew of major risk events from Europe, notably the Nord Stream decision, as well as the ECB meeting, where the focus is firmly fixed on the Anti-fragmentation tool. S&P 500 topside resistance is situated at 3945-50 and 4015 ahead.

Probability of a 100bps Hike Falls to 30%

Source: CME

S&P 500 Chart: Hourly Time Frame

Source: Refinitiv

BAC Q2 Results

  • EPS $0.73 vs Exp. 0.75
  • Revenue $22.79bln vs Exp. 22.86bln
  • Trading Revenue $4.00bln vs Exp. 4.01bln
  • IB Revenue $1.13bln vs Exp. 1.31bln

BAC shares are down 0.3% pre-market at the time of writing

GS Q2 Results

  • EPS $7.73 vs Exp. 6.65
  • Revenue $11.86bln vs Exp. 10.67bln
  • Trading Revenue $6.47bln vs Exp. 5.82bln
  • IB Revenue $1.79bln vs Exp. 1.88bln

GS shares are up 3% pre-market at the time of writing

US Earnings Calendar Highlight: Netflix, Tesla, Snap Inc, Twitter

Source: Refinitiv, DailyFX, Bloomberg

US 500 Bullish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -3% 5% 1%
Weekly -15% 13% -1%
What does it mean for price action?
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.