Goldman Sachs, PNC Financial, Truist Financial, And Bank Of NY Mellon Report Mixed Earnings Results

Goldman Sachs, PNC Financial, Truist Financial, And Bank Of NY Mellon Report Mixed Earnings Results

Equity index futures are pointing to a lower open and are not being helped by earnings announcements from major financial companies. Goldman Sachs GS (GS) reported lower-than-expected earnings despite stronger-than-expected revenue. Meanwhile, PNC Financial PNC PR P (PNC) missed on revenue, but beat on earnings. Truist Financial TFC (TFC) beat on earnings and hit the revenue estimate on the nose. Finally, Bank of NY Mellon BK (BK) beat on both top and bottom line numbers. The respective stock prices are mixed in premarket trading. Goldman was down 3. 76%, PNC was also down 0. 20%, Truist was up 0. 13%, and Mellon fell 0. 96%. Financials were expected to see higher profits because of favorable interest rates. However, Goldman saw a 13% decline profit. Like JP Morgan (JPM) and Citigroup C (C) last week, Goldman saw a boost in investment banking revenue from mergers and acquisitions. But revenue from stock trading was down in the previous quarter and bond trading revenue was flat. While earnings announcements don't seem to be helping, equity index futures appear to be falling on rising yields. The 2-year Treasury yield rose to 1. 024% matching its February 2020 level while the 10-year Treasury yield (TNX)