Financial stocks drop ahead of bank earnings season

[dealmaker]

Financial stocks drop ahead of bank earnings season
Stocks fell Wednesday, dragged lower by bank shares a day before Citigroup and J.P. Morgan Chase kick off earnings reporting season. In late afternoon trading, stock declines briefly steepened after President Donald Trump told The Wall Street Journal in an interview that the dollar “is getting too strong” and he would prefer the Federal Reserve keep interest rates low. (Wall Street Journal)

 

[JSOP]

Low interest rate is supposed to help bank stocks because banks would be able to lend more. No I think it was just an artificially created bear trap. They knew the banks' earnings were going to be strong so they just wanted to get in on them at lower price so they depressed the price on purpose for them to buy shares and they used this Donald Trump speech as an excuse.

And when the earnings came out today and they were stellar as they knew it would be, they all sold and made a killing.

 

[felixbocharov]

That's pretty reasonable, they'll never meet the expectations, the rally was just too huge.