"Bank of America ( NYSE: BAC), for example, just posted better-than-expected earnings and revenue, which beat analyst expectations. In fact, its EPS of $1.06 was better than the anticipated 95 cents. Revenue of $28.24 billion was also better than expectations of $27.5 billion. That all follows the strong earnings we've seen from JPMorgan Chase, Wells Fargo, and Goldman Sachs over the last few days."
"President Trump also threatened a cooking oil embargo on China. "I believe that China purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers, is an Economically Hostile Act. We are considering terminating business with China having to do with Cooking Oil, and other elements of Trade, as retribution," he wrote in a Truth Social post, as noted by CNBC. "As an example, we can easily produce Cooking Oil ourselves, we don't need to purchase it from China.""
The Vanguard S&P 500 ETF (VOO) rallied after strong corporate earnings, particularly from major banks. Bank of America reported EPS of $1.06 versus $0.95 expected and revenue of $28.24 billion versus $27.5 billion. Morgan Stanley reported EPS of $2.80 versus $2.10 and revenue of $18.22 billion versus $16.7 billion. Those results followed strong reports from JPMorgan Chase, Wells Fargo, and Goldman Sachs. Earnings momentum has so far outweighed escalating U.S.-China trade tensions, including threats of 100% tariffs and a proposed cooking oil embargo, which lifted some agricultural stocks in premarket trading.
Read at 24/7 Wall St.
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