5 of the 10 biggest US banks in a bear market; a 25% drop needs +33%, BofA bond losses +28% in a quarter
Five of the 10 biggest US banks are now in bear markets as earnings land: Bank of America is 23.5% off its high, Goldman Sachs and Morgan Stanley 24%, Capital One 25% and Wells Fargo 20.1%.
A 25% drop needs a 33% rally to break even. BofA's unrealized bond losses also jumped 28% in one quarter, to $109B.
Sources: @macropaperr: 5 of the largest 10 US banks in bear market: BofA -23.5%, Wells -20.1%, Goldman -24%, Morgan Stanley -24%, · @BullTheoryio: S&P 500 Bank Index down more than 5% in 2 days to a 4-month low; JPM and BofA missed · Investing.com: bank earnings scorecard Oct 13-14; BofA missed EPS and revenue; MS and BlackRock beat
Not financial advice. For informational and educational purposes only.
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