A new year started with a release of results for the banking sector in the US. The data shows that the bank earnings were hit by the environment of increased interest rates as well as several banking crises which occurred during 2023. One of the largest banks in the US, JPMorgan Chase lost 0.7% in value of its stocks by posting a result which was down by even 15% from the year earlier. At the same time Citigroup announced that it will cut 10% of its labor force, in order to boost its profitability after a $1.8 billion in quarterly loss due to several charges. Regardless of these results, the S&P 500 still managed to gain 1.8% on a weekly basis.
Highest weekly level reached was 4.800, a bit better from the peak as of the end of December last year. The index is still moving within the overbought sentiment, in which sense, some correction might be expected in the weeks to come. In this sense, 4.700 might be shortly tested, before the index reverts back to the higher levels.
Highest weekly level reached was 4.800, a bit better from the peak as of the end of December last year. The index is still moving within the overbought sentiment, in which sense, some correction might be expected in the weeks to come. In this sense, 4.700 might be shortly tested, before the index reverts back to the higher levels.
