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Monday July 22, 2024



Goldman Sachs Posts Results

Goldman Sachs (GS) released its second quarter earnings report on Monday, July 15. The company topped analysts’ expectations, causing the investment firm’s shares to climb by more than 1% after the release of the report.

Revenue came in at $12.73 billion during the second quarter, up 17% from revenue of $10.90 billion at this time last year. The results exceeded analysts’ expectations of $12.46 billion for the quarter.

“We are pleased with our solid second quarter results and our overall performance in the first half of the year, reflecting strong year-on-year growth in both Global Banking & Markets and Asset & Wealth Management,” said Goldman Sachs CEO, David Solomon. “Our One Goldman Sachs operating approach is allowing us to bring the whole firm to our clients, deepening our relationships and serving them in an improving, but complex environment.”

The company reported net income of $2.89 billion for the quarter or $8.62 per diluted share. This is up from $1.07 billion or $3.08 per diluted share in the same quarter last year.

Goldman Sachs’s Asset and Wealth Management segment generated revenue of $3.88 billion during the quarter, a 27% improvement over the same quarter last year. The increase was driven by gains in equity investments, debt investments and higher management fees but was partially offset by lower revenues in private banking and lending. The company’s Global Banking and Markets segment revenue rose by 14% to $8.18 billion. Revenue for Platform Solutions saw a 2% growth with $669 million for the second quarter which reflected higher average credit card balances and deposit balances.

Goldman Sachs (GS) shares ended the week at $480.25, relatively unchanged for the week.

Bank of America Releases Quarterly Report

Bank of America Corporation (BAC) released its second quarter results on Tuesday, July 16. The banking institution reported better-than-expected revenue, causing shares to rise by more than 5% after the release of the report.

Revenue came in at $25.38 billion during the first quarter, up slightly from $25.20 billion at this time last year. The results exceeded analysts’ expectations of $25.22 billion for the quarter.

“Our team produced another strong quarter, serving a growing client base,” said Bank of America CEO, Brian Moynihan. “The strength and earnings power of our leading Consumer Banking business is complemented by the growth and profitability of our Global Markets, Global Banking, and Wealth Management businesses. Our Global Markets business delivered its ninth consecutive quarter of year-over-year revenue growth in sales and trading, earning double-digit returns. Our investments in this business are delivering for our shareholders.”

The company reported net income of $6.90 billion for the quarter or $0.83 per diluted share. This is down from $7.41 billion or $0.88 per diluted share in the same quarter last year.

Bank of America’s Consumer Banking segment brought in revenue of $10.2 billion but was down 3% compared to the same quarter last year. The segment added 278,000 new consumer checking accounts, marking the twenty-second consecutive quarter of growth. The company’s Global Wealth and Investment Management segment garnered revenue of $5.6 billion with client balances of more than $4 trillion. The company’s Global Banking segment generated revenue of $6.1 billion, down 6% from revenue of $6.4 billion during the same time last year.

Bank of America Corporation (BAC) shares ended the week at $41.85, up 3% for the week.

Domino’s Pizza Serves Up Earnings

Domino’s Pizza, Inc. (DPZ) released its latest quarterly earnings on Thursday, July 18. While the restaurant reported better-than-expected earnings, its stock fell by 13% following the release of the report.

Revenue came in at $1.10 billion during the second quarter, slightly missing analysts’ expectations. This was up from revenue of $1.02 billion during the same quarter last year.

“Our year-to-date performance demonstrates that our Hungry for MORE strategy is off to a great start, having an immediate impact on sales and profits,” said Domino’s CEO, Russell Weiner. “For the second straight quarter we drove U.S. comp performance in the healthiest way possible, through profitable order count growth. We had positive order counts in our delivery and carryout businesses, and across all income cohorts. Our strategy is resonating with customers and our system, which gives me great confidence that we can drive significant long-term value creation for our shareholders.”

Domino’s reported net income of $141.98 million or $4.03 per adjusted share. This was up from $109.38 million in net income or $3.08 per adjusted share last year at this time.

The pizza company primarily credited its net income increase to higher income from its operations. The company’s domestic same store sales increased by 4.8% from the same quarter last year. Internationally, same store sales increased by 2.1% from the year prior. Additionally, the company reported a net increase of 32 stores in the U.S. and 143 new stores abroad, ending the quarter with 20,930 total stores globally. Domino’s declared a dividend of $1.51 per share of common stock, payable on September 30, 2024, to the stockholders of record on September 13, 2024.

Domino’s Pizza, Inc. (DPZ) shares ended the week at $491.60, down 17% for the week.

The Dow started the week of 7/15 at 40,138 and closed at 40,288 on 7/19. The S&P 500 started the week at 5,638 and closed at 5,505. The NASDAQ started the week at 18,486 and closed at 17,727.


Treasury Yields Fluctuate

U.S. Treasury varied throughout the week as investors digested the latest comments from the Federal Reserve regarding potential rate cuts. Yields rose on Friday as investors responded to the latest jobless claims data indicating a cooling labor market.

On Monday, Federal Reserve Chair Jerome Powell spoke at the Economic Club of Washington D.C. Powell indicated that the Fed will not wait for inflation to hit their target rate of 2% before lowering rates. Rather, the Fed is looking for “greater confidence” of inflation returning to 2%, supported by positive inflation data.

“Powell's reiterating the message that if inflation continues to cool the Fed should be ready to move rates,” said senior investment strategist at Edward Jones, Mona Mahajan. “It does also feel like he's added a bit more emphasis on the labor market as well. It looks like September and December are back on the table for rate cuts.”

The benchmark 10-year Treasury note yield opened the week of July 15 at 4.19% and traded as high as 4.21% on Thursday. The 30-year Treasury bond opened the week at 4.40% and traded as high as 4.43% on Thursday.

On Thursday, the U.S. Department of Labor reported that initial claims for unemployment increased by 20,000 to 243,000 for the week ending July 13. Continuing unemployment claims increased by 20,000 to 1.87 million.

“The data of the past few weeks have been signaling incremental labor market weakness, albeit from a position of extreme strength,” wrote U.S. economist at Jefferies, Thomas Simons. “It is still too early to tell if this is another step in the process of the labor market coming into better balance, or if it is the early stages of building momentum to the downside."

The 10-year Treasury note yield finished the week of 7/15 at 4.24%, while the 30-year Treasury note yield finished the week at 4.45%.


Mortgage Rates Drop Again

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, July 18. The survey showed mortgage rates dropped to the lowest level since mid-March.

This week, the 30-year fixed rate mortgage averaged 6.77%, down from last week’s average of 6.89%. Last year at this time, the 30-year fixed rate mortgage averaged 6.78%.

The 15-year fixed rate mortgage averaged 6.05% this week, down from 6.17% last week. During the same week last year, the 15-year fixed rate mortgage averaged 6.06%.

“The 30-year fixed-rate mortgage fell to its lowest level since mid-March, dropping 12 basis points from last week,” said Freddie Mac’s Chief Economist, Sam Khater. “Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for the housing market. However, homebuyers have yet to respond to lower rates, as purchase application demand is still roughly 5% below Spring, when rates were approximately the same. This is not uncommon: sometimes as rates decline, demand weakens, and the apparent paradox is driven by buyers making sure rates do not decline further before they decide to purchase.”

Based on published national averages, the savings rate was 0.45% as of 7/15. The one-year CD averaged 1.85%.

Editor’s Note: The publicly available financial information is offered as a helpful and informative service to our friends. This article is not an endorsement of any company, product or service.

Published July 19, 2024

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