Saturday, September 21, 2024
HomebusinessBank of America profits beat forecasts despite drag from low-yielding bonds

Bank of America profits beat forecasts despite drag from low-yielding bonds

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US bank earnings: Bank of America is forecast to report an increase in revenue thanks in part to higher interest payments on loans and credit cards. Still, net income is expected to decline about 2 per cent from the same quarter last year. Goldman Sachs, meanwhile, is expected to report a 34 per cent decline in net income on an annual basis due to a slowdown in deals and trading. Bank of New York Mellon will also release its earnings today before the bell. 

Retail sales: US retail sales are expected to have moderated to a 0.3 per cent increase in September, following a 0.6 per cent gain in August. 

Homebuilder confidence: US homebuilder confidence is expected to fall to a reading of 44 as high mortgage rates slow sales.

Earnings: Defence manufacturer Lockheed Martin, pharmaceutical group Johnson & Johnson, and grocery chain Albertsons report quarterly earnings before the bell. Air carrier United Airlines will report after the bell. 

Congress: The US House of Representatives will vote on whether to confirm Republican representative Jim Jordan as the speaker of the house after Kevin McCarthy was ousted earlier this month.



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