Stock Market Today, Sept. 14: Bank of America Slides on Investment Banking Fee Surprise
Bank of America (NYSE:BAC), the global banking and financial services provider, closed at $59.47, down 5.14%. CEO Brian Moynihan told investors to expect a pullback in investment banking fees and trading performance in the third quarter, which weighed on the stock. Investors will also be watching the next earnings report for loan growth, credit quality, and deal activity.
Trading volume reached 60.8 million shares, coming in about 86% above its three-month average of 32.7 million shares.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,620, down 0.48%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) finished at 26,186, down 0.56%. Among diversified banking and financial services rivals, JPMorgan Chase (NYSE:JPM) closed at $350.13, down 1.71%, and Wells Fargo (NYSE:WFC) ended at $88.71, down 1.75%, reflecting broad caution around bank trading and fee income.
What this means for investors
Speaking at the Barclays Annual Global Financial Services Conference today, CEO Brian Moynihan told analysts not to expect a repeat of the strong Q2 results Bank of America reported on investment banking fees. Moynihan said fees will decline by at least 10% in its consulting and trading businesses.
Lower dealmaking fees and weaker trading results are driving the decline. That comes amid higher Treasury yields and borrowing costs.
The takeaway for investors should be that Bank of America won't be the only company and stock affected. Those who want to add to their investments in the financial sector may find the coming months an opportune time to do so.
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Bank of America is an advertising partner of Motley Fool Money. Wells Fargo is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.
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