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Earnings continue with many of the financials reporting strong results, even if markets didn’t exactly like what they saw, as was the case with Citigroup (C).
Today, Morgan Stanley (MS) reported with a big earnings surprise and traders sent the stock soaring as much as 8% before correcting down a bit. Synchrony Financial (SYF) reported a similar earnings surprise and has seen a 5%+ rise.
After today’s close, we’ll hear from plenty more financials including Discover Financial Services (DFS), Synovus Financial (SNV), Home BancShares (HOMB) and more…
But remember what I mentioned earlier this week:
The big news — and the market’s big moves — won’t happen until we get inundated with a slew of economic reports tomorrow, including retail sales numbers, jobless claims, oil numbers and Netflix (NFLX) earnings.
Hang on to your hats, because tomorrow could be the day the market’s been waiting on to break out of the sideways action we’ve seen so far this week.
— Geof Smith
P.S. Looking for a way to play this Market Melt Up? Nate Tucci’s got the plan for you.
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