Pressure Descends On Market Despite Impressive Outing From Morgan Stanley

Pressure Descends On Market Despite Impressive Outing From Morgan Stanley

Big banks continue to hold up their end of the bargain, but the rest of the market doesn't seem too impressed this morning. Major indices declined overnight amid worries about the Chinese economy, while slipping U. S. bond yields put a little pressure on things, too. Morgan Stanley (MS) became the latest and final Wall Street banking giant to surpass analysts' estimates with a nice earnings report, wrapping up the start of earnings season. All six of the largest U. S. banks reported profits that beat Street projections, and MS accomplished that through strong performance in both equity trading and investment banking, though overall trading results weren't as great. In general, it's impressive that the banks did so well in Q2 considering the headwinds they faced including declining bond yields and a slowdown in trading from Covid peaks. Having said that, shares of many fell as investors wondered what they could do for an encore. MS is no exception, as shares dropped more than 1% in pre-market trading. What we might have here is a case of "buy the rumor, sell the fact." In other earnings news, health insurer UnitedHealth (UNH) beat every metric out there thanks in part to