iShares U.S. Broker-Dealers & Securities Exchanges ETF (ARCA: IAI)

Dernières nouvelles pour iShares U.S. Broker-Dealers & Securities Exchanges ETF (ARCA:IAI)

iShares U.S. Broker-Dealers & Securities Exchanges ETF

iShares U.S. Broker-Dealers ETF

Financial Services

The Fund seeks to track the investment results of the Dow Jones U.S. Select Investment Services Index (the Underlying Index), which measures the performance of the investment services sector of the U.S. equity market, as defined by S&P Dow Jones Indices LLC (the Index Provider or SPDJI). The Underlying Index includes companies providing a range of specialized financial services, including securities brokers and dealers, online brokers and securities or commodities exchanges. The Underlying Index includes large-, mid- or small-capitalization companies and may change over time. As of March 31, 2024, a significant portion of the Underlying Index is represented by securities of companies in the financial industry or sector. The components of the Underlying Index are likely to change over time.

Goldman Sachs Group Inc/The

S&P Global Inc

Morgan Stanley

International Exchange, Inc.

Msci Inc Com Usd.01

Moody'S Corp.

Charles Schwab Corp.

Cme Group, Cl A

Nasdaq Inc.

Coinbase Global Inc -Class A

Robinhood Markets, Inc. (Class A)

iShares US Broker-Dealers & Securities Exchanges ETF

Global markets are on the verge of a decisive move and Bank of America's chief strategist Michael Hartnett says the next big wave will be revealed through the "three B's": brokers, banks and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
In his latest Flow Show note shared Friday, Hartnett warned that financial markets are "coiled" for a major breakout or breakdown, with investor sentiment split between soft-landing optimism and <a href="https://www.benzinga.com/gov-trades">policy-induced blow-off risk. </a>
<h3 class="wp-block-heading">BofA's Hartnett Sees Markets At Tipping Points</h3>
According to Hartnett, the key to interpreting the next move will be watching three main markets: brokers – as tracked by the iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) –, global financial stocks – as tracked by the iShares Global Financial ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IXG#NYSE">IXG</a>), and Bitcoin. 
If they break higher from current resistance levels, the bulls win; if not, expect a sharp reversal.
"Double tops in risk leaders = very bearish, clean upside breaks = very bullish," Hartnett said, describing the technical setup as one of the most pivotal in 2025.
<h3 class="wp-block-heading">Peak Tariffs, Bear Dollar, Bull Gold</h3>
Hartnett believes the U.S. has hit "peak tariffs" and sees the weaker U.S. dollar as an intentional policy tool to support domestic manufacturing, which now accounts for just 8% of total payrolls.
The DXY index failing to break above 100 reflects this bearish dollar view, which in turn favors gold, emerging markets and international equities.
Gold is up 25.4% year to date, while the U.S. dollar is down 8.5%, and government bonds have returned 5.4%. Equities are up 5.6%, but recent outflows signal growing caution.
<h3 class="wp-block-heading">Bubble Building? Watch Bond Yields And The Magnificent 7</h3>
Hartnett still favors buying Treasuries at 5% yields, gold as a hedge for a weaker dollar, and international stocks over U.S. large caps.
Yet, he sees a rising risk that U.S. policymakers may pivot toward what he dubs a "bigger bubble" effect: cutting tariffs, taxes and interest rates to mask fiscal instability.
He warns that if the U.S. embraces full-blown stimulus to stabilize debt-to-GDP, global asset allocators may rotate back into narrow equity bubbles, especially AI and crypto.
The Magnificent 7 are already trading at 42x trailing earnings, up from the March lows. Historical equity bubbles have peaked around 58x trailing P/E and 244% total gains, suggesting another 30% upside is technically possible.
Yet, history also shows that bond yields rose in 12 of the past 14 major bubbles, undermining the typical stock-bond relationship. U.S. 30-year real yields – which are the result of nominal yields minus inflation expectations – are now near 3%, the highest since 2008 — a level Hartnett says could eventually burst the bubble.
Read Next:
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<li><a href="https://www.benzinga.com/general/education/25/05/45675595/apple-eyes-worst-month-vs-sp-500-since-2018-but-history-says-buy-the-dip-now">Apple Eyes Worst Month Vs. S&amp;P 500 Since 2018 — But History Says Buy The Dip Now</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Analyst Color

$BTC

iShares Dow Jones US Broker Dealers Index Fund

iShares Trust S&P Global Financials Sector Index Fund

Bitcoin, Banks, Brokers Will Decide Next Big Market Move, Says BofA's Hartnett

S&amp;P Global Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPGI#NYSE">SPGI</a>) shares are trading higher on Tuesday. On Monday, the company introduced AI agent capabilities that leverage commodity sector data, integrated with Microsoft 365 Copilot and supported by its<a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/n44910423/s-p-global-launches-ai-ready-commodities-data-integrated-with-microsoft-365-copilot" rel="noreferrer noopener"> Commodity Insights AI Ready Data platform</a>.
The S&amp;P Global AI agent on Microsoft 365 Copilot utilizes the expertise of S&amp;P Global Commodity Insights.
This integration allows seamless access to S&amp;P Global's data within Microsoft 365 Copilot without the need for coding, simplifying AI implementation.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/02/43669740/sp-global-analysts-increase-their-forecasts-after-strong-earnings" rel="noreferrer noopener">S&amp;P Global Analysts Increase Their Forecasts After Strong Earnings</a>
Through the AI Ready Data connector, users can easily access and utilize comprehensive commodity insights directly within Microsoft 365 Copilot for enhanced daily decision-making.
Saugata Saha, Chief Enterprise Data Officer at S&amp;P Global and President of S&amp;P Global Market Intelligence, said, "As markets and client workflows evolve to harness the capabilities of GenAI, S&amp;P Global's integration with Microsoft 365 Copilot establishes direct access to a wealth of critical information, enhancing productivity and informed decision-making."
Jason Henderson, Corporate Vice President, Office 365 Product Management at Microsoft commented, "This collaboration with S&amp;P Global simplifies access to comprehensive commodities data and opens up new opportunities for our customers to make informed and efficient decisions, right inside the Microsoft 365 Copilot tool."
Investors can gain exposure to the stock via iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and Sterling Capital Focus Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LCG#NYSE">LCG</a>).
Price Action: SPGI shares are up 2.57% at $460.53 at the last check on Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/buybacks/25/02/43624237/sp-globals-ratings-power-q4-surge-capital-returns-sweeten-the-deal" target="_blank" rel="noreferrer noopener">S&amp;P Global's Ratings Power Q4 Surge, Capital Returns Sweeten The Deal</a></li>
</ul>
Photo via Shutterstock

Equities

Large Cap

News

Movers

Tech

SPGI

S&P Global Expands AI Capabilities With New Integration In Microsoft 365 Copilot

The Charles Schwab Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) shares are trading higher after the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/b44860458/schwab-reports-record-first-quarter-revenue" rel="noreferrer noopener">company&nbsp;reported&nbsp;first-quarter results</a>.
Revenue rose&nbsp;18%&nbsp;year over year (Y/Y) to&nbsp;$5.60 billion, beating the consensus of&nbsp;$5.51 billion.
Net interest revenue rose&nbsp;21%&nbsp;Y/Y to&nbsp;$2.706 billion&nbsp;in the&nbsp;first quarter. Clients' daily average trades totaled 7.391 billion, up&nbsp;24% Y/Y.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/price-target/25/04/44653345/bofa-analyst-forecasts-slower-growth-for-broker-stocks-as-market-volatility-increases" rel="noreferrer noopener">BofA Analyst Forecasts Slower Growth For Broker Stocks As Market Volatility Increases</a>
Asset management and administration fees rose&nbsp;14%&nbsp;Y/Y to&nbsp;$1.53 billion on organic growth and product utilization.
Trading revenue surged&nbsp;11% Y/Y, led by higher volumes, in the quarter.
Adjusted net income rose&nbsp;37%&nbsp;Y/Y to&nbsp;$2.01 billion. Adjusted EPS increased&nbsp;41% Y/Y&nbsp;to&nbsp;$1.04,&nbsp;<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">beating the consensus of&nbsp;$1.01</a>.
The bank had&nbsp;$246.2 billion&nbsp;in deposits at the end of the&nbsp;first quarter&nbsp;of 2025, down&nbsp;9%&nbsp;Y/Y. In the&nbsp;first quarter&nbsp;of FY25, core net new assets stood at&nbsp;$137.7&nbsp;billion.
Total client assets rose&nbsp;9% Y/Y to&nbsp;$9.93 trillion. The company's active brokerage accounts reached 37.0&nbsp;million in the quarter.
Buyback: The company repurchased 19.2 million common shares for $1.5 billion in connection with The Toronto-Dominion Bank's secondary offering.
Dividend: The company raised dividend per share by 8% to 27 cents.
"Client transactional sweep cash equaled $407.8 billion at the end of March – reflecting normal first quarter deployment activity partially offset by client net selling following the re-emergence of market volatility. At the same time, we further reduced Bank Supplemental Funding to $38.1 billion at quarter-end – a 46% decrease versus 1Q24," said CFO Mike Verdeschi. 
President &amp; CEO Rick Wurster added, "Investors turned to Schwab to navigate an increasingly uncertain environment in 1Q25, entrusting us with $138 billion in core net new assets. This 44% year-over-year increase in asset gathering was powered by our unwavering focus on serving the needs of clients across Retail, Advisor Services, and Workplace Financial Services."
Investors can gain exposure to the stock via&nbsp;IShares U.S. Broker-Dealers &amp; Securities Exchanges ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and&nbsp;iShares FinTech Active ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BPAY#NYSE">BPAY</a>).
Price Action:&nbsp;SCHW shares&nbsp;are up 3.70% at $78.50 premarket at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44634677/goldman-sachs-sees-broad-eps-pressure-across-capital-markets-highlights-brookfield-as-a-standout" target="_blank" rel="noreferrer noopener">Goldman Sachs Sees Broad EPS Pressure Across Capital Markets, Highlights Brookfield As A Standout</a></li>
</ul>
Photo: Shutterstock

Earnings

BlackRock ETF Trust BlackRock Future Financial and Technology ETF

BPAY

SCHW

Schwab Stock Climbs As Clients Pour In $138 Billion While Volatility Sends Others Scrambling

Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>)&nbsp;shares are trading higher on Monday after the&nbsp;company <a target="_blank" href="https://www.benzinga.com/topic/goldman-sachs" rel="noreferrer noopener">reported its&nbsp;first-quarter&nbsp;results</a>.
Revenue of&nbsp;$15.06 billion beat the consensus <a target="_blank" href="https://www.goldmansachs.com/pressroom/press-releases/current/pdfs/2025-q1-results.pdf" rel="noreferrer noopener">of</a> $14.81 billion. Revenue increased by&nbsp;6%&nbsp;year-over-year, reflecting growth in Global Banking &amp; Markets. Net interest income rose to $2.90 billion, up from $1.37 billion a year ago quarter.
Goldman Sachs clocked&nbsp;GAAP EPS of&nbsp;$14.12,&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;$12.35</a>.
Provision for credit losses was&nbsp;$287 million&nbsp;for the&nbsp;first quarter, lower than $318 million a year ago quarter, reflecting net provisions related to the credit card portfolio.
Segment Revenues:&nbsp;Global Banking &amp; Markets revenues were&nbsp;$10.71 billion, up&nbsp;10%&nbsp;year-over-year. Net revenues from Equity grew&nbsp;27%&nbsp;year-over-year to&nbsp;$4.19 billion, reflecting significantly higher net revenues in intermediation and financing.
Also, net revenues in Fixed Income, Currency, and Commodities (FICC) were&nbsp;$4.40 billion,&nbsp;up&nbsp;2%&nbsp;year-over-year, primarily reflecting higher net revenues in FICC financing.
On the other hand, Investment Banking fees declined 8%&nbsp;year over year to&nbsp;$1.91 billion due to a considerable decline in net revenues in the Advisory business. Investment banking fees backlog increased compared with the end of 2024.
Asset &amp; Wealth Management revenue was&nbsp;$3.68 billion,&nbsp;down 3%&nbsp;year over year. Total Wealth management client assets stood at ~$1.6 trillion.
In the&nbsp;first quarter, total Assets Under Supervision (AUS) saw a net inflow of&nbsp;$24 billion. AUS increased by&nbsp;$36 billion&nbsp;to a record&nbsp;$3.17 trillion in the quarter.
Stock Buyback:&nbsp;In the&nbsp;first quarter, Goldman Sachs repurchased stock worth&nbsp;$4.36 billion. In the quarter, the Board approved a new share buyback program of up to $40 billion.
Dividend: On April 11, 2025, the Board declared a dividend per share of $3.00, payable on June 27, 2025, to shareholders of record as of May 30, 2025.
The Standardized CET capital ratio stood at 14.8%, and the Advanced CET capital ratio increased sequentially to&nbsp;15.5%. The book value per common share increased 2.2% to $344.20.
David Solomon, Chairman and CEO of Goldman Sachs, said, "While we are entering the second quarter with a markedly different operating environment than earlier this year, we remain confident in our ability to continue to support our clients."
On the conference call, CEO Solomon said he expects significant M&amp;A activity throughout the rest of the year.
Investors can gain exposure to the Goldman Sachs stock via&nbsp;Shares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>), and&nbsp;Invesco KBW Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NYSE">KBWB</a>).
Price Action: GS shares are up 2.38% at $505.69 at the last check Monday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/04/44784107/us-stocks-likely-to-open-higher-expert-says-the-selling-pressure-is-starting-to-be-exhausted" target="_blank" rel="noreferrer noopener">US Stocks Likely To Open Higher: Expert Says ‘The Selling Pressure Is Starting To Be Exhausted'</a></li>
</ul>
Photo by ioda via Shutterstock

Buybacks

Trading Ideas

KBWB

Goldman Sachs CEO Sees 'Markedly Different Operating Environment' Entering Q2, Announces $40 Billion Stock Buyback

Nuam, the unified entity of the Santiago, <a href="https://www.benzinga.com/pressreleases/25/03/g44370947/nasdaq-and-nuam-strengthen-technology-partnership-to-drive-capital-market-integration-in-latin-ame" target="_blank" rel="noreferrer noopener">Lima, and Colombia stock exchanges</a>, extended its partnership with Nasdaq Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDAQ#NASDAQ">NDAQ</a>).
All three exchanges&#8217; central securities depositories (CSDs) will integrate Nasdaq&#8217;s CSD platform to enhance post-trade processing efficiency across the region.
The partnership comes as the exchanges consolidate their trading infrastructures on Nasdaq's platform to attract global liquidity.
It also builds on Nasdaq's long-standing relationship with Chile's one of the most advanced CSD systems, Depósito Central de Valores (DCV).
Nuam CEO Juan Pablo Córdoba stated, &#8220;Our alliance with Nasdaq reaffirms our commitment to building an integrated, efficient, and accessible capital market in Latin America.&#8221;
&#8216;The adoption of this technology will optimize connectivity, strengthen our infrastructure, and facilitate access for global investors, boosting competitiveness and the growth of the Latin American financial ecosystem, Córdoba explained.
Last month, Nasdaq disclosed a partnership with Austrian Reporting Services (AuRep) to supply regulatory reporting&nbsp;technology <a target="_blank" href="https://www.benzinga.com/news/contracts/25/02/44000716/nasdaq-secures-deal-to-upgrade-austrias-regulatory-reporting-infrastructure" rel="noreferrer noopener">for Austria's financial sector</a>.
Under the agreement, approximately 90% of Austrian credit institutions will transition their regulatory reporting infrastructure to the cloud, replacing their legacy on-premises system with Nasdaq AxiomSL.
Investors can gain exposure to the stock via Listed Funds Trust Horizon Kinetics Blockchain Development ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCDF#NYSE">BCDF</a>) and iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>)
Price Action: NDAQ shares are up 0.03% at $74.57 premarket at the last check Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com/government/regulations/25/03/44190371/nasdaq-plans-24-hour-trading-to-tap-global-investor-demand" target="_blank" rel="noreferrer noopener">Nasdaq Plans 24-Hour Trading To Tap Global Investor Demand</a></li>
</ul>

Contracts

Listed Funds Trust Horizon Kinetics Blockchain Development ETF

BCDF

NDAQ

Nasdaq Expands Latin America Presence With Nuam Partnership

Charles Schwab Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) shares are trading higher on Friday after the company <a href="https://www.benzinga.com/pressreleases/25/03/b44327104/schwab-reports-monthly-activity-highlights" target="_blank" rel="noreferrer noopener">reported activity for February 2025</a>.
The company&#8217;s core net new assets brought to the company by new and existing clients stood at $48.0 billion, up around 44% year-over-year.
As of the end of February, total client assets came in at $10.28 trillion, up 16% from February 2024 and down 1% vs. January 2025.
In the month, new brokerage accounts opened was 362,000, with February daily average trades rising 1% month-over-month to 7.45 million, led by a continued interest in equity securities.
Transactional sweep cash increased by $4.7 billion to end February at $404.3 billion.
Last month, the company reported growth of over 75% Y/Y to $30.6 billion in <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/b43728999/schwab-reports-monthly-activity-highlights" rel="noreferrer noopener">core net new assets in January 2025</a>.
As of the end of January, total client assets totaled $10.33 trillion, up 21% from January 2024.
In January, the company reported fourth-quarter revenue of&nbsp;$5.33 billion, beating the consensus of&nbsp;$5.19 billion, and adjusted EPS increased 49% to $1.01,&nbsp;<a target="_blank" href="https://www.benzinga.com/25/01/43100176/charles-schwab-delivers-strong-q4-higher-trading-volumes-and-increased-assets-drive-growth" rel="noreferrer noopener">beating the consensus of&nbsp;$0.91</a>.
Investors can gain exposure to the stock via IShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and iShares FinTech Active ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BPAY#NYSE">BPAY</a>).
SCHW Price Action: Charles Schwab shares are up 5.06% at $77.21 at publication Friday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/02/43661564/charles-schwab-rolls-out-24-5-trading-etf-store-president-says-you-may-not-like-it-but" target="_blank" rel="noreferrer noopener">Charles Schwab Rolls Out 24/5 Trading, ETF Store President Says &#8216;You May Not Like It But&#8230;&#8217;</a></li>
</ul>
Photo: Shutterstock

Charles Schwab Stock Rises As February Core Net New Assets Surge 44% Year-Over-Year

The Charles Schwab Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) shares are trading higher after the company<a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b43093928/schwab-reports-fourth-quarter-and-full-year-results" rel="noreferrer noopener"> reported&nbsp;fourth-quarter&nbsp;results</a>.
Revenue rose&nbsp;20% year over year to&nbsp;$5.33 billion, beating the consensus of&nbsp;$5.19 billion.
Net interest revenue rose 19% Y/Y to&nbsp;$2.531 billion in the&nbsp;fourth quarter. Clients&#8217; daily average trades totaled 6.312 million, up 22%&nbsp;Y/Y.
Asset management and administration fees rose&nbsp;22% Y/Y to $1.51 billion, and trading revenue surged 14%, led by higher volumes and changes in the trading mix.
Adjusted net income rose 44% Y/Y to $1.97 billion. Adjusted EPS increased 49% to $1.01,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;$0.91</a>.
The bank had&nbsp;$259.1 billion in deposits at the end of the&nbsp;fourth quarter of 2024, down&nbsp;11% Y/Y.
In the&nbsp;fourth quarter of FY24, core net new assets stood at&nbsp;$114.8&nbsp;billion, pushing total client assets to&nbsp;$366.9&nbsp;billion in 2024 (up 20% Y/Y), reflecting ongoing progress following the Ameritrade integration.
Total client assets rose&nbsp;19%&nbsp;Y/Y to&nbsp;$10.10 trillion. The company&#8217;s active brokerage accounts reached 36.5 million in the quarter.
Mike Verdeschi, CFO, said, &#8220;Client transactional sweep cash grew by $35 billion versus 3Q24, including a $25 billion increase in December due to typical year-end seasonality. This build helped us further reduce Bank Supplemental Funding by $14.9 billion to $49.9 billion – down ~50% from peak levels.&#8221;
Goldman Sachs analyst Alexander Blostein writes that the company delivered strong fourth-quarter results, with improved deposits, reduced supplemental borrowings, solid NNA growth, controlled expenses, and capital rebuilding.
While year-end seasonality boosted cash and client activity, the analyst says that the company&#8217;s EPS growth trajectory remains intact for 2025, and the increased interest rate backdrop should support an upward bias to EPS estimates.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Broker-Dealers &amp; Securities Exchanges ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and&nbsp;Tidal ETF Trust God Bless America ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YALL#NYSE">YALL</a>).
Price Action: SCHW shares are up 7.41% at $82.02 at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/price-target/25/01/43089570/charles-schwab-gears-up-for-q4-print-here-are-the-recent-forecast-changes-from-wall-streets-most-accurate-analysts" target="_blank" rel="noreferrer noopener">Charles Schwab Gears Up For Q4 Print; Here Are The Recent Forecast Changes From Wall Street&#8217;s Most Accurate Analysts</a></li>
</ul>
Image via Shutterstock.

Guidance

YALL

Charles Schwab Delivers Strong Q4: Higher Trading Volumes And New Assets Drive Growth

JP Morgan analyst Kian Abouhossein shared views on Morgan Stanley&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) fourth-quarter <a target="_blank" href="https://www.benzinga.com/news/large-cap/25/01/43029150/morgan-stanley-q4-earnings-profit-doubles-ceo-calls-it-one-of-strongest-years-aims-for-prudent-dividend-growth" rel="noreferrer noopener">results reported today.</a>
The bank reported an adjusted EPS of $2.22, up from $0.85 a year ago and beating the consensus of $1.70. Revenue of $16.22 billion, up 26% year over year, beat the&nbsp;consensus of $15.03 billion.
The analyst writes that Morgan Stanley&#8217;s Investment Banking performance is strong, with Equity S&amp;T rising 51% year-over-year (JPM estimate +18%) to $3.3 billion, outperforming the U.S. peers.
The analyst also adds that FICC performed well, growing 35% year over year (JPM estimates +19%) versus an average of 25% among its U.S. peers.
With a <a target="_blank" href="https://www.benzinga.com/quote/MS/analyst-ratings" rel="noreferrer noopener">Neutral rating </a>on the stock, the analyst expects Morgan Stanley&#8217;s shares to outperform peers today.
Abouhossein expects mid-to-high single-digit % EPS upgrades to 2025 consensus but this would be partly dependent on earnings conference call.
During the conference call, the analyst anticipates questions regarding Wealth Management NII, the outlook for IB fee growth following optimistic comments from peers.
Also, the analyst expects the bank to provide outlook for share buybacks, which were in line with JP Morgan estimates expectations at $0.75 billion for the fourth quarter.
Investors can gain exposure to the stock via iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Price Action: MS shares are up 2.57% at $133.90 at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/43031980/big-banks-continue-to-beat-q4-earnings-financial-etf-takes-breather" target="_blank" rel="noreferrer noopener">Big Banks Continue To Beat Q4 Earnings As Financial ETF Takes A Breather</a></li>
</ul>
Image via Shutterstock.

Analyst Ratings

JP Morgan Analyst Sees Earnings Upside For Morgan Stanley Post-Q4 Beat: Details

On Wednesday, Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>)&nbsp;shares traded higher after the <a target="_blank" href="https://www.goldmansachs.com/pressroom/press-releases/2025/2025-01-15-q4-results" rel="noreferrer noopener">company reported its fourth-quarter</a> and full-year 2024 financial results.
Goldman Sachs reported fourth-quarter revenue of $13.87 billion, beating the consensus of $12.39 billion. Revenue increased by 23% year-over-year, reflecting growth across all segments, with significant growth in Global Banking &amp; Markets.
Full-year revenue was $53.51 billion, up 16% YoY, beating the consensus of $51.98 billion.
Net interest income for 4Q24 was $2.35 billion, 75% higher YoY, reflecting a shift towards higher-yielding assets, and was essentially unchanged QoQ. Average interest-earning assets were $1.59 trillion.
Also read: <a target="_blank" href="https://www.benzinga.com//node/42960000" rel="noreferrer noopener">Goldman Sachs Restructures Business for Financing Growth</a>
Segment Revenues: Global Banking &amp; Markets revenues were&nbsp;$8.48 billion, up&nbsp;33% Y/Y. This was boosted by a&nbsp;24% Y/Y increase in investment banking fees to&nbsp;$2.05 billion, led by higher revenues in Debt and Equity underwriting. Investment banking fees backlog increased QoQ, primarily driven by Equity underwriting.
Net revenues in Fixed Income, Currency, and Commodities (FICC) were&nbsp;$2.74 billion,&nbsp;up 35% year over year, primarily reflecting higher net revenues in FICC intermediation and financing.
Net revenues from Equity grew 32% YoY to $3.45 billion, reflecting significantly higher net revenues in intermediation and financing.
Asset &amp; Wealth Management revenue was&nbsp;$4.72 billion,&nbsp;8% higher than last year. Total Wealth management client assets soared to ~$1.6 trillion.
Goldman Sachs clocked fourth-quarter GAAP EPS of&nbsp;$11.95,&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;$8.30</a>. Full-year GAAP EPS was $40.54, beating the consensus of $36.55.
Provision for credit losses was&nbsp;$351 million for the&nbsp;fourth quarter, down 39% year over year, reflecting net provisions related to the credit card portfolio (primarily driven by net charge-offs).
In the fourth quarter, total Assets Under Supervision (AUS) saw a net inflow of $92 billion. Total AUS for 2024 increased by $325 billion to a record $3.14 trillion.
Stock Buyback: In the fourth quarter, Goldman Sachs repurchased stock worth $2 billion, bringing the yearly stock buyback to $8 billion.
The Standardized CET capital ratio increased to 15%, and the Advanced CET capital ratio increased to 15.4%. The book value per common share increased to $336.77 YoY, compared to $313.56.
In the last 12 months, Goldman Sachs stock has gained 50%, outperforming the S&amp;P500 and the Dow by a huge margin.
Analyst Ratings: In the last 15 days, Oppenheimer lowered Goldman Sachs stock <a href="https://www.benzinga.com/quote/GS/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast</a> from $677 to $639, UBS downgraded the stock to a Neutral rating with a price forecast of $610, and Barclays raised the price forecast from $588 to $713.
Investors can gain exposure to the Goldman Sachs stock via Shares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>), SPDR Dow Jones Industrial Average ETF Trust (NYSE:<a href="https://www.benzinga.com/stock/DJIA#NYSE" target="_blank" rel="noreferrer noopener"> </a>DIA), and Invesco KBW Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NYSE">KBWB</a>).
Price Action:&nbsp;GS shares are up 2.54% at $586.05 premarket at the last check on Wednesday.
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</ul>
Photo via Shutterstock

Goldman Sachs Q4 Earnings: Underwriting Boosts Revenue, Assets Reach Record $3.14 Trillion

Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) shares are trading slightly lower in the morning session on Tuesday after gaining over 3% yesterday. In fact, shares of banks and financial services stocks are trading higher amid the 2024 U.S. presidential election results.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, MS stock has gained over 76% in in the past year. Investors can gain exposure to the stock via&nbsp;iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Today, Morgan Stanley Expansion Capital disclosed an investment of $20 million in NovoPayment. The funding will help NovoPayment accelerate product and commercial growth. It will also strengthen NovoPayment&#8217;s <a target="_blank" href="https://www.benzinga.com//node/41901267" rel="noreferrer noopener">position in the banking and payment vertical SaaS market.</a>
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/11/41784504/trumps-win-sends-indices-to-record-highs-financials-small-caps-surge-bitcoin-tops-75-000-w" rel="noreferrer noopener">Trump&#8217;s Win Sends Indices To Record Highs; Financials, Small Caps Surge, Bitcoin Tops $75,000: What&#8217;s Driving Markets Wednesday?</a>
Yesterday, investment funds managed by Morgan Stanley Capital Partners (MSCP) entered into an agreement to sell Sila Services to Goldman Sachs Alternatives. Financial details of the <a href="https://www.benzinga.com//node/41878999">deal were not disclosed.</a>
The transaction will see Sila&#8217;s management continue to lead the company, retaining a significant minority stake. Sila, headquartered in King of Prussia, Pennsylvania, provides residential HVAC, plumbing, and electrical services across the U.S. Northeast, Midwest, and Mid-Atlantic regions.
Sila Services was MSCP&#8217;s first investment and now its first exit in the growing distributed field services sector, a key part of its Business Services vertical.
Since investing in Sila, MSCP has expanded its portfolio with other distributed field services companies, including Fairway Services, Allstar Services, RowCal, and American Restoration.
Price Action: MS shares are trading lower by 0.99% to $132.20 at last check Tuesday.
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</ul>

Markets

General

What's Going On With Morgan Stanley Stock Today?

Deutsche Bank analyst Brian Bedell upgraded Cboe Global Markets, Inc. (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) to Buy from Hold and raised the <a href="https://www.benzinga.com/quote/cboe/analyst-ratings" target="_blank" rel="noreferrer noopener">price target to $222</a>.
The analyst&#8217;s bullish stance reflects their updated outlook that CBOE will sustain strong revenue growth through at least 2025.
Bedell expects continued volatility in equity markets, especially following the U.S. elections, which will likely increase demand for index <a target="_blank" href="https://www.benzinga.com/markets/24/11/41869001/heres-how-trumps-policies-might-shape-the-markets-future" rel="noreferrer noopener">and volatility options and futures</a>.
Additionally, the analyst anticipates organic growth driven by ongoing product innovation and rising adoption of options, particularly with the upcoming launch of index options on Robinhood.
Also, the analyst projects stronger revenue growth to lead to positive operating leverage next year, allowing management to exceed its expectations for operating margin stability, as discussed on the recent third-quarter earnings call.
Notably, this month, the company reported third-quarter adjusted EPS of $2.22, which surpassed the $2.19 estimate, and sales of $532.0 million, beating <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n41680696/cboe-global-markets-reports-results-for-third-quarter-2024" rel="noreferrer noopener">the expected $530.8 million</a>.
The analyst adds that along with a modest level of share repurchases, this should support high single-digit EPS growth in 2025 and 2026, surpassing their previous forecast of low-to-mid single-digit growth.
Overall, the analyst revised the forecasts for the company, now projecting 8% revenue growth in 2025 and 6% growth in 2026, up from the previous estimates of 6% and 3%, respectively.
Despite robust growth in index product revenue of 55% and 35% in 2022 and 2023, the analyst anticipates index revenue will still grow by at least 10% in 2025, even with challenging comparisons and high volume levels.
Investors can gain exposure to the stock via&nbsp;Listed Funds Trust Horizon Kinetics Blockchain Development ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCDF#NYSE">BCDF</a>) and iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>).
Price Action: CBOE shares are up 1.88% at $200.56 at the last check Monday.
Photo by Ground Picture on Shutterstock
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</ul>

Upgrades

Price Target

CBOE

Cboe Upgraded To Buy: Deutsche Bank Sees Strong Revenue Growth And Margin Gains Through 2025

J.P. Morgan analyst Kian Abouhossein expressed the view on Goldman Sachs Group Inc.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) third quarter financial results.
Today, the company reported revenue of&nbsp;$12.70 billion, beating the consensus of&nbsp;$11.87 billion, and EPS of&nbsp;$8.40,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41329766/goldman-sachs-q3-earnings-investment-banking-fees-surges-20-asset-wealth-management-up-16-but-fixed" rel="noreferrer noopener">beating the consensus of&nbsp;$7.03</a>.
In the conference call, CEO David Solomon highlighted strong client demand and a rising deal backlog and expects alternative fundraising to exceed $60 billion in 2024.
He noted the firm remained below 10-year averages for equity and M&amp;A volumes and stressed the need to enhance margins in asset and wealth management.
Solomon also mentioned that the direction of travel at this point is &#8220;back to the core business.&#8221;
On the other hand, Goldman&#8217;s CFO stated that the General Motors credit card partnership transfer is expected to close in the third quarter of 2025.
J.P. Morgan analyst, with an <a href="https://www.benzinga.com/quote/GS/analyst-ratings">Overweight rating</a>, writes that GS&#8217;s results are strong relative to the cautious guidance provided at the recent September Financials conference. Notably, Equity S&amp;T revenues reached $3.5 billion, significantly outperforming peers reported so far, with a substantial ongoing margin, adds the analyst.
Goldman Sachs has shown strength in its core franchises, and Abouhossein anticipates its shares will outperform peers.
The analyst anticipates low single-digit percentage upgrades to the consensus EPS for 2024.
Investors can gain exposure to the stock via&nbsp;Shares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and&nbsp;Global X Funds Global X Dow 30 Covered Call ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DJIA#NYSE">DJIA</a>).
Price Action: GS shares are down 0.55% at $519.90 at the last check Tuesday.
Photo via Shutterstock
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41331839/financial-sector-hits-record-highs-as-goldman-sachs-bank-of-america-citi-beat-q3-ea" target="_blank" rel="noreferrer noopener">Financial Sector Hits Record Highs As Goldman Sachs, Bank of America, Citi Beat Q3 Earnings Expectations</a></li>
</ul>

DJIA

Goldman Sachs' Core Business Strength And Future EPS Growth Has Upside, Analyst Says After Q3 Performance

The Charles Schwab Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) shares are trading higher after the company <a target="_blank" href="https://benzinga.com/pressreleases/24/10/b41328173/schwab-reports-third-quarter-results" rel="noreferrer noopener">reported&nbsp;third-quarter results</a>.
Revenue rose 5% to $4.85 billion, beating the consensus of $4.78 billion. Net interest revenue declined 1% Y/Y to $2.222 billion in the third quarter. Clients&#8217; daily average trades totaled 5.697 million, up 9% Y/Y.
Asset management and administration fees rose 21% Y/Y to $1.48 billion. Adjusted net income remained flat Y/Y at $1.52 billion. Adjusted EPS was stable Y/Y at $0.77, <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">beating the consensus of $0.75</a>.
The bank had $246.5 billion in deposits at the end of the third quarter of 2024, down 13% Y/Y. In the third quarter of FY24, core net new assets stood at $95.3 billion, pushing the total client assets to $252 billion year-to-date. 
Total client assets rose 27% Y/Y to a record high level of $9.92 trillion. The company&#8217;s active brokerage accounts reached 36.0 million in the quarter.
Walt Bettinger, Co-Chairman and CEO, said, &#8220;Record YTD flows into Schwab Wealth Advisory&nbsp;helped Managed Investing net flows reach $40 billion – an increase of 65% versus 2023 year-to-date. Converted Retail Ameritrade client interest in wealth solutions remains robust, accounting for approximately 35% of these flows.&#8221;
This month, Walt Bettinger&nbsp;announced that he will retire at the end of 2024.&nbsp;Rick Wurster, the current president, will <a target="_blank" href="https://www.benzinga.com/news/24/10/41118258/charles-schwabs-ceo-bettinger-announces-retirement-names-president-rick-wurster-as-successor" rel="noreferrer noopener">succeed him starting Jan. 1, 2025</a>.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Broker-Dealers &amp; Securities Exchanges ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and&nbsp;Tidal ETF Trust God Bless America ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YALL#NYSE">YALL</a>).
Price Action: SCHW shares are up 8.76% at $73.75 premarket at the last check Tuesday.
Image via Shutterstock
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</ul>

Management

Charles Schwab Q3 Shines: Client Assets Reach $9.92T, Revenue Hits $4.85B, Debt Reduction & More

On Tuesday,&nbsp;Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>)&nbsp;shares are trading higher after the company reported revenue of&nbsp;$12.70 billion for the&nbsp;<a target="_blank" href="https://www.goldmansachs.com/pressroom/press-releases/current/pdfs/2024-q3-results.pdf" rel="noreferrer noopener">third </a>quarter, beating the consensus of&nbsp;$11.87 billion.
Sales increased&nbsp;7% Y/Y, reflecting higher net revenues in Global Banking &amp; Markets and Asset &amp; Wealth Management, partially offset by lower net revenues in Platform Solutions.
Global Banking &amp; Markets revenues were&nbsp;$8.55 billion, up&nbsp;7% Y/Y. This was boosted by a&nbsp;20% Y/Y increase in investment banking fees to&nbsp;$1.87 billion, led by higher revenues in Debt and Equity underwriting. Slight gains in advisory revenues contributed significantly to this growth.
Net revenues in Fixed Income, Currency, and Commodities (FICC) were&nbsp;$2.96 billion,&nbsp;down 12% Y/Y, primarily reflecting lower net revenues in FICC intermediation on weak net revenues in interest rate products and commodities.
Asset &amp; Wealth Management revenue was&nbsp;$3.75 billion for the&nbsp;third quarter of 2024,&nbsp;16% higher than last year.
The U.S. financial services giant reported EPS of&nbsp;$8.40,&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;$7.03</a>.
Provision for credit losses was&nbsp;$397 million for the&nbsp;third quarter, compared with $7 million a year ago, reflecting net provisions related to the credit card portfolio (driven by net charge-offs).
Dividend: On October 11, 2024, the Board of Directors disclosed the quarterly dividend of $3.00&nbsp;per common share, payable on December 30, 2024, to shareholders of record on December 2, 2024.
The company returned common share repurchases worth&nbsp;$1.00 billion&nbsp;in the quarter.
Global core liquid assets averaged $447 billion in the third quarter of 2024, up from $424 billion in the second quarter of 2024, reflecting a positive trend in liquidity.
David Solomon, Chairman and CEO, said, &#8220;&#8221;We continue to lean into our strengths – exceptional talent, execution capabilities and risk management expertise – allowing us to effectively serve our clients against a complex backdrop and deliver for shareholders.&#8221;
Investors can gain exposure to the stock via Shares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and Global X Funds Global X Dow 30 Covered Call ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DJIA#NYSE">DJIA</a>).
Price Action: GS shares are up 2.92% at $538.00 premarket at the last check Tuesday.
Photo via Shutterstock
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</ul>

Dividends

Goldman Sachs Q3 Earnings: Investment Banking Fees Surges 20%, Asset & Wealth Management Up 16%, But Fixed Income Falters

Nasdaq, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDAQ#NASDAQ">NDAQ</a>) disclosed the upcoming launch of PureStream, a volume-based trajectory trading solution that will provide clients access to <a href="https://www.benzinga.com/pressreleases/24/10/g41221318/nasdaq-launches-purestream-in-europe-a-new-tool-for-trajectory-trading" target="_blank" rel="noreferrer noopener">EU shares on Nasdaq Europe</a>.
PureStream, which is currently available in the U.S. and Canada, is expected to debut on Nasdaq Europe in the first quarter of 2025, pending regulatory approval.
PureStream on Nasdaq Europe offers a venue-operated trajectory trading service with conditional indications of interest.
It is expected to enhance collaboration among institutional investors with shared execution goals and provide access to algorithmic liquidity tailored to their volume targets.
The solution enhances price and liquidity discovery through open-ended liquidity transfer rates, enabling institutional investors to reduce market impact.
It automates parent order execution by allowing trades at a percentage of the market&#8217;s future volume based on the volume-weighted average price (VWAP).
Nikolaj Kosakewitsch, Senior Vice President and Head of European Equities &amp; Derivatives at Nasdaq, said, &#8220;This launch underscores our commitment to offering world-class platforms that support the evolving needs of the global capital markets.&#8221;
&#8221;PureStream on Nasdaq Europe will provide greater choice of trade execution mechanisms to our clients and help institutional investors navigate the European trading landscape.&#8221;
Investors can gain exposure to the stock via Listed Funds Trust Horizon Kinetics Blockchain Development ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCDF#NYSE">BCDF</a>) and iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>).
Price Action: NDAQ shares are up 0.17% at $70.99 premarket at the last check Tuesday.
Photo via Shutterstock
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</ul>

PureStream Powers Up: Nasdaq's Cutting-Edge Trading Tech Eyes European Expansion

CME Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>) planned the expansion of its Nikkei 225 futures offerings by introducing yen- and U.S. dollar-denominated Micro Nikkei futures on <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41109808/cme-group-to-launch-yen-and-u-s-dollar-denominated-micro-nikkei-futures-on-october-28" rel="noreferrer noopener">October 28, pending regulatory approval</a>.
These new micro contracts, with contract sizes of 50 yen and $0.50, will allow traders to capture Japanese benchmark trading opportunities more precisely, enhancing CME Group&#8217;s current offerings of standard and E-mini Nikkei contracts.
Micro Nikkei futures will expand CME Group&#8217;s suite of micro equity futures contracts, which have traded over 2.9 billion contracts to date.
The recent trading highlights include 220 million cumulative Nikkei futures contracts traded since 2004, an average daily volume of 41,000 contracts year-to-date—up 9% year-over-year—and a year-to-date open interest of 67,000 contracts, reflecting a 2% increase year-over-year.
Paul Woolman, Global Head of Equity Index Products at CME Group, said, &#8220;The addition of micro-sized yen- and U.S. dollar-denominated Nikkei futures contracts will allow global market participants to gain efficient access to the broader Japanese stock market, while also mitigating FX exposure and allowing more granular trading capabilities.&#8221;
&#8220;Year-to-date, nearly 75% of trades in our Nikkei futures occurred outside of&nbsp;Tokyo&nbsp;cash hours, underscoring the need for around-the-clock liquidity for global market participants to manage their equity risk. Similar to their larger parent contacts, the smaller size futures contracts will also offer greater potential capital and margin efficiency.&#8221;
Last week, CME disclosed the expansion of its battery metals suite with the launch of a Spodumene CIF China (Fastmarkets) Futures contract set for <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/n41084773/cme-group-to-expand-battery-metals-suite-with-launch-of-spodumene-futures-on-october-28" rel="noreferrer noopener">October 28, 2024, pending regulatory approval</a>.
Investors can gain exposure to the stock via&nbsp;The Advisors? Inner Circle Fund Cambiar Aggressive Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAMX#NYSE">CAMX</a>) and iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40693687/cme-group-downgraded-analyst-sees-cutthroat-competition-from-bgc-group-cboe-global-" rel="noreferrer noopener">CME Group Downgraded: Analyst Sees Cutthroat Competition From BGC Group, Cboe Global &amp; Intercontinental Exchange</a>
Price Action: CME shares are up 0.03% at $220.71 premarket at the last check Tuesday.
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</ul>

CAMX

CME Group Expands Nikkei Futures Offerings, Boosts Japanese Equity Derivatives

Nasdaq, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDAQ#NASDAQ">NDAQ</a>) expanded its digital bank <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/g40974376/nasdaq-expands-digital-bank-fintech-presence-in-latin-america" rel="noreferrer noopener">financial technology operations in Latin America</a>.
Notably, the company agreed to supply Nubank with its AxiomSL regulatory reporting solution. Nubank is a digital bank that serves over 100 million customers across Brazil, Mexico, and Colombia.
The agreement strengthens Nasdaq&#8217;s partnership with Nubank, extending support from treasury operations to regulatory reporting in Colombia.
The company underscores the growing demand for third-party financial technology solutions in Latin America, driven by the rapid expansion of digital banking and the need for quick market entry for new products and services.
Nasdaq serves over 50 banking and payment services clients in Latin America, including a mix of digital and traditional banks, local and regional players, and tier-one global banks.
Ed Probst, Senior Vice President, Regulatory Technology at Nasdaq said, &#8220;Digital banking services in Latin America are experiencing a period of extraordinary development, with online marketplaces, open banking and innovative technology combining to empower a new generation of consumers.&#8221;
&#8220;Nasdaq&#8217;s technology is helping to underpin the maturation of the industry, with proven regulatory solutions substantially reducing time to market and providing a competitive advantage in such a fast-paced industry.&#8221;
This month, Nasdaq unveiled a new leadership structure, including an appointment for its Financial Crime Management Technology business, to strengthen its <a target="_blank" href="https://www.benzinga.com//node/40746798" rel="noreferrer noopener">momentum and support continued growth.</a>
Investors can gain exposure to the stock via&nbsp;Listed Funds Trust Horizon Kinetics Blockchain Development ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCDF#NYSE">BCDF</a>) and iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>)
Price Action: NDAQ shares are down 0.08% at $74.23 premarket at the last check Monday.
Photo via Shutterstock
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</ul>

Nasdaq's AxiomSL Solution Powers Digital Banking, Boosts Presence In Latin America

The Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) shares are trading lower premarket Tuesday. On Monday, the company&#8217;s CEO, David Solomon, reportedly stated that trading revenue will likely fall by 10% in the third quarter due to sluggish conditions last month.
However, Solomon noted that investment banking is improving, although activity from financial sponsors hasn&#8217;t rebounded as expected. He remains optimistic that private equity-led deals will recover by the end of this year and into 2025, reported Reuters.
According to Solomon, Goldman Sachs is narrowing its focus on the consumer business. The CEO highlighted the bank&#8217;s sale of loans to small and medium-sized businesses and its plan to exit a credit card partnership with General Motors as examples of its retreat from retail sectors, a strategy that started in late 2022.
Solomon said, &#8220;The combination of those things this quarter will likely have an approximately $400 million pre-tax impact, largely showing up in revenues.&#8221;
In July, the bank reported sales increased&nbsp;17%&nbsp;Y/Y, reflecting higher net revenues in Global Banking and markets and Asset and wealth Management. Also, the U.S. financial services giant reported GAAP EPS of&nbsp;$8.62,&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;$8.35</a>.
Goldman Sachs plans to cut over 1,300 employees from its global workforce in an annual review to eliminate low performers, <a target="_blank" href="https://www.wsj.com/finance/banking/goldman-sachs-to-lay-off-over-1-300-workers-f1d92b88?mod=latest_headlines" rel="noreferrer noopener">WSJ</a> reported in August.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and&nbsp;Invesco KBW Bank ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/08/40484078/goldman-sachs-warns-against-misinterpreting-wednesdays-us-jobs-data-as-crypto-markets-hold" rel="noreferrer noopener">Goldman Sachs Warns Against Misinterpreting Wednesday&#8217;s US Jobs Data As Crypto Markets Hold Their Breath</a>
Price Action: GS shares are down 0.57% at $485.80 premarket at the last check Tuesday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Media

What's Going On Goldman Sachs Stock Premarket Tuesday?

Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) shares are trading lower on Tuesday. The bank has reportedly hired veteran investment banker Matt Beitzel, who previously led Citigroup&#8217;s North American banks coverage, as a partner in its financial institutions group.
Beitzel will join Goldman Sachs in November after a period of gardening leave, as per Reuters.
In his new role, he will lead Goldman&#8217;s dealmaking efforts with banks and financial services firms across the Americas.
In July, Goldman Sachs made several senior leadership appointments within its investment banking team, including the appointment of former JPMorgan banker Carsten Woehrn as<a href="https://www.benzinga.com/markets/equities/24/07/39855547/goldman-sachs-bolsters-m-a-team-with-key-hires-report" target="_blank" rel="noreferrer noopener"> joint co-head of M&amp;A in EMEA</a>.
The bank confirmed Haidee Lee&#8216;s return to Goldman Sachs as global co-head of Sponsor M&amp;A. 
This month, Goldman Sachs has reportedly agreed to sell Blanchardstown Centre, Ireland&#8217;s largest shopping mall, to <a href="https://www.benzinga.com/markets/equities/24/08/40400422/goldman-sachs-offloads-irelands-largest-mall-to-strategic-value-partners-report" target="_blank" rel="noreferrer noopener">credit firm Strategic Value Partners</a>.
Investors can gain exposure to the stock via iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
GS Price Action: Goldman Sachs shares are down 0.88% at $500.25 at publication Tuesday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

ETFs

What's Going On With Goldman Sachs Shares Tuesday?

Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) has reportedly agreed to sell Blanchardstown Centre, Ireland&#8217;s largest shopping mall,<a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/08/40364199/heres-how-much-goldman-sachs-invested-in-bitcoin-etfs-despite-saying-theyre-not-believers-" rel="noreferrer noopener"> to credit firm&nbsp;Strategic Value Partners.</a>
The U.S. investment firm, which put the shopping mall for sale last year, aspiring about €650 million ($713.37 million), is selling for a price lower than that, reported Bloomberg, citing people familiar with the discussions.
Goldman Sachs purchased the mall from Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) in late 2020, when it was esteemed at €750 million.
The complex has 180 stores and eateries with 16 million visitors a year. Occupants include Zara and Hollister.
After a decade of disruption from online shopping, malls are attracting investors again, the report mentioned.
Check This Out:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40391777/walmart-q2-earnings-e-commerce-and-advertising-businesses-fuel-revenue-and-profit-beat-hikes-annual" rel="noreferrer noopener">Walmart Q2 Earnings: E-commerce and Advertising Businesses Fuel Revenue And Profit Beat, Hikes Annual Guidance</a>
Recent declines have made space more affordable for retailers, reducing the risk of missed payments. Additionally, tenants benefit from 14 consecutive quarters of rising consumer spending in Dublin, the report highlighted, citing data compiled for the city&#8217;s local governments.
&#8220;Capital values for prime shopping centers in Europe have fallen more than 40% since the peak and rental values in the best malls are now increasing, so if yields stabilize there is value recovery potential,&#8221;&nbsp;Sue Munden, a senior analyst at&nbsp;Bloomberg Intelligence, said about the region&#8217;s retail properties in general.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, GS stock has gained over 50% in the past year.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) and&nbsp;Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Price Action: GS shares are trading higher by 0.73% to $502.35 at last check Thursday.
Image via Shutterstock
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<li><a href="https://www.benzinga.com/news/earnings/24/08/40391260/s-p-500-eyes-6th-straight-win-but-investor-sentiment-remains-cautious-ahead-of-data-deluge-walmart-" target="_blank" rel="noreferrer noopener">S&amp;P 500 Eyes 6th Straight Win, But Investor Sentiment Remains Cautious Ahead Of Data Deluge, Walmart Earnings And Other Key Events</a></li>
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