Four of Wall Street’s biggest banks report third-quarter results before the opening bell on Tuesday, and options traders are bracing for moves of roughly 3.7% to 5% in their stocks, according to Benzinga. But analysts do not agree on what the banks will earn. Estimates for Goldman Sachs alone range from $12.44 to $14.84 per share, a gap of about 19% by our calculation, which means whether Goldman “beats” may depend on which benchmark you use. This follows our earlier preview of the big banks' third-quarter earnings, which covered the consensus numbers and the yield backdrop. Analysts Don’t Agree on Goldman LSEG consensus puts third-quarter earnings at $5.94 per share for JPMorgan, $12.44 for Goldman Sachs, $2.41 for Citigroup and $1.85 for Wells Fargo, according to Mitrade. Other trackers are higher for some banks. Fiscal.ai data cited by Stocktwits show $14.84 for Goldman on revenue of $17.92 billion, $2.69 for Citi on $23.5 billion, and $5.95 for JPMorgan on $51.16 billion. Tra...
Wednesday's inflation data came in lighter than expected normally the kind of news that eases pressure on bond yields. Instead, the 30-year Treasury yield pushed to its highest level in 24 years this week, according to Schwab's market commentary. Today's September jobs report, due at 8:30 a.m. ET, is the data point traders are waiting on to decide what happens next. What Happened With Inflation Instead, the 30-year Treasury yield pushed to its [highest level in 24 years this week] According to Schwab, August's Personal Consumption Expenditures (PCE) Price Index the Fed's preferred inflation gauge came in lighter than expected. Kiplinger's coverage described the broader tone around this week's data as dovish, and noted that rate hike odds for October fell meaningfully following the PCE release combined with cautious commentary from Fed officials and softer economic data. That's normally bond-friendly news. Lighter inflation plus lower rate hike odds...