US earnings season: Citigroup and Wells Fargo to declare on Tuesday as S&P 500 suffers
The S&P 500 is now six per cent lower than its 18 September peak as the markets ready themselves for earnings season.
Monday is Columbus day; the calm before the storm, and no big names are declaring earnings. The week will soon hot up however, with Morgan Stanley, Goldman Sachs, Citigroup and JP Morgan chase all reporting later on.
Citigroup and Wells Fargo kick off tomorrow.
At the time of writing the S&P 500 was down six per cent at 1,881.50.
Bonus speculation
Morgan Stanley's bankers look set for the biggest bonus payouts on Wall Street this year, while JP Morgan and Citigroup bonus traders may be less fortunate.
According to estimates seen by Bloomberg, Morgan Stanley "probably had the biggest increase in revenue," this coming on the back of an increase in investment banking activity and a greater number of IPOs and mergers and acquisitions. estimates seen by Bloomberg, Morgan Stanley "probably had the biggest increase in revenue," this coming on the back of an increase in investment banking activity and a greater number of IPOs and mergers and acquisitions.
JP Morgan Chase, on the other hand, has to contend with falling fixed-income trading revenue, which was down by 14 per cent to $10.6bn between January and August 2014.
Here is a list of which companies are expected to declare tomorrow: