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Banks, J&J Earnings & Housing Data Today
13 Oct
Summary
- Four major banks report Q3 earnings before market open.
- Johnson & Johnson expects Q3 revenue up 5% year-over-year.
- September existing home sales to decline amid high rates.
Tuesday, October 13th, presents a significant day for investors, marked by crucial earnings reports and economic data. Four of the nation's largest banks, including JPMorgan Chase, Wells Fargo, Citigroup, and Goldman Sachs, are scheduled to release their third-quarter financial results before the market opens.
Investors will closely monitor these reports for insights into how rising bond yields may affect banks' deposit costs and overall credit quality. Concurrently, pharmaceutical giant Johnson & Johnson is also set to report its third-quarter earnings. Analysts project a 5% year-over-year revenue increase for J&J, reaching approximately $25.4 billion, though adjusted earnings are expected to see a slight dip.
The economic landscape will be further illuminated by the release of September's existing home sales report. Forecasters anticipate a monthly decline of 0.8%, with annual sales projected to fall to 3.95 million units. This trend is attributed to persistently high mortgage rates, which continue to deter prospective homebuyers from entering the market.
