The U.S. corporate earnings reporting season begins this week with a flurry of major U.S. banks set to report their first quarterly performance since the collapse of Silicon Valley Bank and Signature Bank last month.
JPMorgan Chase, Wells Fargo, Citi and BlackRock will be among the large financial institutions posting their earnings before markets open on Friday. While the S&P 500 SPX has risen 3.2% since March 8, when SVB first announced it had to sell all available-for-sale securities to strengthen its deteriorating financial position, the SPDR S&P Regional Banking ETF KRE , which covers the regional banks segment of the broader S&P 500 index, has slumped 25.7%, according to Dow Jones Market Data.
“While the U.S. banking system is only 4% of the S&P 500, it is worrisome to see this group fail to show any real bounce from its recent meltdown,” said Colas. “While bank earnings calls are rarely market-moving events, this quarter might be different.
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