Investors on Wall Street (SPY) eagerly await earnings releases from the financial sector, as it serves as a barometer for economic health. Bank of America (BAC) is set to declare its 3Q16 earnings on October 17, 2016, before the market opens.
Wall Street banks such as Wells Fargo (WFC), Citigroup (C), Bank of America, and JPMorgan Chase (JPM) expect their third-quarter earnings to pick up. Trading revenues are expected to rise, as market sentiments have turned positive on the back of strengthening economic fundamentals.
Oil prices have rebounded from historical lows, and fears of defaults on loans in the financial sector are easing. All of these factors point to a bright earnings season for the sector.
For more on how Bank of America performed last quarter, read Can Investors Bank on Bank of America after 2Q16 Earnings?