Business & Finance News
U.S. stock indexes were set for a muted open on Tuesday after a set of mixed quarterly reports from Wall Street banks JPMorgan Chase, Goldman Sachs and Wells Fargo.
Wells Fargo & Co beat analysts’ estimates for quarterly profit on Tuesday, as the fourth-largest U.S. bank benefited from an uptick in lending and aggressive cost cutting.
JPMorgan Chase & Co reported a better-than-expected quarterly profit on Tuesday as higher interest income and buoyant consumer lending offset lower activity at its trading desks.
Ryanair expects to fly between 151 million and 153 million passengers in the year to March 31, 2020, Chief Executive Michael O’Leary said on Tuesday, down from an earlier forecast of 153 million passengers.
Goldman Sachs Group Inc reported a 6% fall in quarterly profit on Tuesday as the Wall Street investment bank was hurt by muted fixed income trading activity and weakness in debt underwriting.
Domino’s Pizza Inc on Tuesday reported second-quarter same-store sales at its U.S. outlets that grew slower than expected as it faced fierce competition from rival pizza chains and third-party delivery companies, sending its shares down about 6% before the bell.
JPMorgan Chase & Co reported a better-than-expected quarterly profit on Tuesday as higher interest income and a modest increase in loans more than made up for lower activity at the bank’s trading desks.
U.S. stock futures were trading flat on Tuesday as investors parsed through the earnings report from JPMorgan Chase and awaited results from Wall Street banks such as Goldman Sachs and Wells Fargo.
Shares in French retailer Casino rose around 2% on Tuesday after Barclays said in a note that a tie-up with larger rival Carrefour could be a possibility “given the difficulties encountered by Casino’s majority shareholder.”
Johnson & Johnson hiked its full-year operational sales forecast as strong demand for its cancer drugs Darzalex and Imbruvica helped it beat estimates for second-quarter profit on Tuesday.
U.S. lawmakers from both sides of the aisle are set to grill Facebook Inc on its cryptocurrency plans on Tuesday, as the project continues to draw intense scrutiny from financial regulators and politicians across the globe. Facebook is fighting a rearguard action to get Washington onside after it shocked regulators and lawmakers with an announcement on June 18 that it was hoping to launch a new digital coin called Libra in 2020.
JPMorgan Chase & Co reported a 16% rise in quarterly profit as higher net interest income and a tax gain more than made up for lower activity at the bank’s trading desks.
Johnson & Johnson reported a 41.8% rise in second-quarter profit on Tuesday, helped by its pharmaceuticals business.
Oil prices rose on Tuesday as a resumption of output in the Gulf of Mexico after Hurricane Barry and a boom in U.S. supply due to shale oil countered tensions in the Middle East.
Banks, exchange operators and other companies are investing billions of dollars to find uses for blockchain, a digital ledger used by cryptocurrencies like bitcoin.
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