Dernières nouvelles pour iShares U.S. Financial ETF (ARCA:IYF)

iShares U.S. Financial ETF

Financial Services

Real Estate

Industrials

Technology

The fund seeks to track the investment results of the Dow Jones U.S. Financial Services Index (the Underlying Index), which measures the performance of the financial services sector of the U.S. equity market. The Underlying Index is a subset of the Dow Jones U.S. Index (Parent Index) and includes components of the following subsectors in the Parent Index banks, asset managers, consumer finance, specialty finance, investments services and mortgage finance.

Berkshire Hathaway, Inc.

Jpmorgan Chase & Co.

Bank Of America Corp.

Wells Fargo & Co.

Goldman Sachs Group Inc.

S&P Global Inc

Blackrock Inc.

Progressive Corp.

Citigroup Inc.

Morgan Stanley

iShares US Financials ETF

The global fund managers increased their allocation to <a href="https://www.benzinga.com/24/12/42527883/top-3-financial-stocks-which-could-rescue-your-portfolio-for-december">financial stocks</a>, which include both banks and insurance companies, to an all-time high in December.
What Happened: According to the Bank of America&#8217;s Global Fund Manager Survey, as reported <a href="https://finance.yahoo.com/news/investors-allocation-to-us-stocks-hits-record-high-amid-super-bullish-sentiment-bofa-survey-164349535.html">by</a> Yahoo Finance, investors&#8217; allocation to banks increased by 23% points in December compared to the previous month. This resulted in global fund managers being 41% overweight on banking stocks in December, which is the highest since January 2022.
Similarly, the allocation to insurance companies surged by 15% points month-on-month. This represented an overweight position of 20% within the sectors by the global fund managers. It is the highest since February 2014.
Furthermore, the investor positioning relative to their historical long-term positions increased within the financial universe, followed by the U.S. stocks and utilities, according to the BofA survey.
The investors were underweight with respect to their exposure to cash, Eurozone stocks, staples, and bonds.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42531373/financial-stocks-near-record-year-could-trump-deregulation-fuel-bigger-gains-in-2025">Financial Stocks Near Record Year: Could Trump Deregulation Fuel Bigger Gains In 2025?</a>
What Are The Analysts Saying
Mario Georgiou, executive director, head of investments at InCred Global Wealth U.K., in an <a href="https://www.benzinga.com/24/11/42158682/donald-trumps-win-positive-for-financials-energy-sector-as-pro-growth-effects-will-outweigh-inflationary-pressures-says-analyst">exclusive conversation with Benzinga</a>, described tax cuts and deregulation as tailwinds to the markets. He considers inflationary policies such as tariffs and immigration impacts as headwinds, leading to a steepening yield curve, and higher term premiums.
"Financials offer an attractive risk-reward and that this recent post-election rally has room to run," added Georgiou. According to him "Financials are not only well positioned to capture the benefits of the above-mentioned Trump tailwinds, but are also less impacted / would even benefit from the Trump headwinds."
Bank of America's global economics team recently summarized the sentiment, stating, "Pro-growth policies like deregulation of financial services and energy, as well as lower taxes, are boosting market sentiment and asset prices."
According to Goldman Sachs analyst Richard Ramsden, large-cap banks remain optimistic about the economy. &#8220;Healthy consumer spending trends and strong corporate balance sheets have supported a constructive outlook,&#8221; Ramsden said in a recent note.
The top-performing financial stocks of 2024 include Robinhood Markets, Interactive Brokers Group, Coinbase Global, KKR &amp; Co, and Wells Fargo.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Company</td>
<td>YTD Performance</td>
</tr>
<tr>
<td>Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>)</td>
<td>236.54%</td>
</tr>
<tr>
<td>Interactive Brokers Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NASDAQ">IBKR</a>)</td>
<td>111.59%</td>
</tr>
<tr>
<td>Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>)</td>
<td>98.65%</td>
</tr>
<tr>
<td>KKR &amp; Co Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>)</td>
<td>85.99%</td>
</tr>
<tr>
<td>Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>)</td>
<td>43.54%</td>
</tr>
<tr>
<td>Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>)</td>
<td>42.75%</td>
</tr>
<tr>
<td>M&amp;T Bank Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>)</td>
<td>41.08%</td>
</tr>
<tr>
<td>JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>)</td>
<td>38.52%</td>
</tr>
<tr>
<td>Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>)</td>
<td>36.04%</td>
</tr>
<tr>
<td>Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>)</td>
<td>34.09%</td>
</tr>
<tr>
<td>Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>)</td>
<td>32.89%</td>
</tr>
<tr>
<td>Fifth Third Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FITB#NASDAQ">FITB</a>)</td>
<td>29.53%</td>
</tr>
<tr>
<td>PNC Financial Services Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>)</td>
<td>26.71%</td>
</tr>
<tr>
<td>Arthur J. Gallagher &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AJG#NYSE">AJG</a>)</td>
<td>25.74%</td>
</tr>
<tr>
<td>HSBC Holdings Plc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSBC#NYSE">HSBC</a>)</td>
<td>21.24%</td>
</tr>
<tr>
<td>Prudential Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRU#NYSE">PRU</a>)</td>
<td>13.69%</td>
</tr>
<tr>
<td>American International Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIG#NYSE">AIG</a>)</td>
<td>3.46%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Note: Data as of market close on Dec. 17, 2024</figcaption></figure>
The iShares U.S. Financial ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>) has risen 31.35% year-to-date.
Similarly, other financial-focused ETFs have seen strong gains. The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) surged 30.3%, while the Vanguard Financials Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFH#NYSE">VFH</a>) climbed 30.89%.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/12/42546991/dows-rare-nine-day-decline-falls-behind-267-single-day-crashes-since-1900">Dow&#8217;s Rare Nine-Day Decline Falls Behind 267 Single-Day Crashes Since 1900: Is Tech Shift To Blame?</a></li>
</ul>
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iShares Dow Jones US Financial Sector Index Fund

Fund Managers Increase Allocation To Banking And Insurance Stocks In December: Here Are The Best Performing Financial Stocks In 2024

U.S. financial stocks are enjoying a banner year in 2024, with the sector posting the strongest yearly return in nearly three decades, fueled by the spectacular resilience of the American economy and soaring investor optimism for deregulation following Donald <a href="https://www.benzinga.com/topic/donald-trump">Trump</a><a href="https://www.benzinga.com/topic/donald-trump">'s November election victory.</a>
The iShares U.S. Financial ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>) has skyrocketed 34% year-to-date, representing the fund's best annual performance since its launch in 2001.
Similarly, other financial-focused ETFs have seen strong gains. The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) surged 31.7%, its strongest rally since 2013, while the Vanguard Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFH#NYSE">VFH</a>) climbed 32.4%.
<h3 class="wp-block-heading">Chart: A Year To Remember For Financial Stocks</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="475" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/16154716/image-134-1024x475.png" alt="" class="wp-image-694668" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/16154716/image-134-1024x475.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/16154716/image-134-300x139.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/16154716/image-134-768x356.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/16154716/image-134-1536x713.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/16154716/image-134.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">The Financial Sector&#8217;s Biggest Winners In 2024</h3>
This year has produced standout performances from a range of individual financial stocks. Below is a list of the 10 best-performing financial equities of 2024 within the IYF ETF:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Price Chg. % (YTD)</td>
</tr>
<tr>
<td>Robinhood Markets, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>)</td>
<td>242.28%</td>
</tr>
<tr>
<td>Interactive Brokers Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NASDAQ">IBKR</a>)</td>
<td>118.22%</td>
</tr>
<tr>
<td>Jefferies Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JEF#NYSE">JEF</a>)</td>
<td>102.81%</td>
</tr>
<tr>
<td>Apollo Global Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>)</td>
<td>91.31%</td>
</tr>
<tr>
<td>KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>)</td>
<td>88.71%</td>
</tr>
<tr>
<td>Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>)</td>
<td>81.72%</td>
</tr>
<tr>
<td>Virtu Financial, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIRT#NASDAQ">VIRT</a>)</td>
<td>80.90%</td>
</tr>
<tr>
<td>Evercore Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVR#NYSE">EVR</a>)</td>
<td>74.57%</td>
</tr>
<tr>
<td>SoFi Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>)</td>
<td>68.99%</td>
</tr>
<tr>
<td>Blue Owl Capital Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OWL#NYSE">OWL</a>) </td>
<td>66.88%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data as of Dec. 16, 2024</figcaption></figure>
<h3 class="wp-block-heading">Why Financial Stocks Soared In 2024</h3>
The 2024 rally in financial stocks has been driven by a potent cocktail of strong economic growth, declining interest rates, and deregulation optimism.
The U.S. economy demonstrated remarkable resilience, with economic growth accelerating from 1.6% in the first quarter to 3% in the second quarter, and maintaining a solid 2.8% in the third quarter. 
Survey data for December further underscored this momentum, showing <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42511277/us-services-sector-booms-at-fastest-pace-since-october-2021-business-activity-leaps-to-over-two-year-highs">private-sector activity expanding at its fastest pace since April 2022</a>, with particularly strong growth in the services sector—the backbone of the financial economy.
Bank of America&#8217;s global economics team recently summarized the sentiment, stating, &#8220;Pro-growth policies like deregulation of financial services and energy, as well as lower taxes, are boosting market sentiment and asset prices.&#8221;
One of the most critical tailwinds was the de-inversion of the U.S. yield curve. The Federal Reserve's decision to ease interest rates, coupled with steady economic growth and resilient inflation, flipped the gap between short- and long-term Treasury yields. This dynamic allowed banks to borrow cheaply via short-term funding and lend at higher, long-term rates—improving net interest margins and boosting profitability.
Mortgage rates, for example, remain high because they are linked to longer-dated Treasury yields, even as interest rates have declined. 
"Economic growth data has been coming in generally better than expected lately, which has helped push Treasury yields higher, while at the same time pricing out the need for an aggressive rate-cutting campaign by the Fed," LPL Financial said in a recent note.
<h3 class="wp-block-heading">What's Next for Financial Stocks In 2025?</h3>
Heading into 2025, Wall Street sees more tailwinds for the financial sector, particularly from deregulation. "We expect a broad deregulatory push benefiting energy and financial services," Bank of America said. The firm also noted that deregulation in the banking system could ease credit constraints while stabilizing the financial system, especially given the rapid rise of private lending, which remains largely unregulated.
According to Goldman Sachs analyst Richard Ramsden, large-cap banks remain optimistic about the economy. "Healthy consumer spending trends and strong corporate balance sheets have supported a constructive outlook," Ramsden said in a recent note.
However, regional banks remain cautious about loan growth, with many pointing to a potential rebound in early-to-mid 2025. While client sentiment has improved post-election, this optimism hasn't yet translated into higher lending activity.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42468190/defense-stocks-face-headwinds-as-trumps-doge-targets-spending-cuts-goldman-sachs-downgrades-general-dynamics-to-sell">Defense Stocks Face Headwinds As Trump&#8217;s DOGE Targets Spending Cuts: Goldman Sachs Downgrades General Dynamics</a></li>
</ul>
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Select Sector SPDR-Consumer Discretionary

Financial Stocks Near Record Year: Could Trump Deregulation Fuel Bigger Gains In 2025?

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/12/04/final-trades-uber-workday-eqt-corp-and-the-iyf.html">Halftime Report Final Trades</a>,&#8221; Bryn Talkington of Requisite Capital Management said she will <a href="https://www.benzinga.com/quote/UBER/analyst-ratings">stick with Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>).</a>
On Wednesday, JMP Securities analyst Andrew Boone reiterated Uber Technologies with a Market Outperform and maintained a $95 price target.
Sarat Sethi of DCLA named Workday, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>) as his final trade.
On Nov. 26, Workday reported quarterly earnings of $1.89 per share, which beat the analyst consensus estimate of $1.76. Quarterly revenue came in at $2.16 billion which beat the consensus estimate of $2.13 billion and is an increase over sales of $1.87 billion from the same period last year.
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Shannon Saccocia of NB Private Wealth picked iShares U.S. Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>).
Joseph M. Terranova of Virtus Investment Partners named EQT Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>) as his final trade.
On Nov. 25, EQT announced it entered into a definitive deal with funds managed by Blackstone Credit &amp; Insurance (BXCI) to form a new midstream joint venture. As per the deal, BXCI will provide EQT $3.5 billion of cash consideration in exchange for a non-controlling equity interest <a href="https://www.benzinga.com/24/11/42164661/eqt-partners-with-blackstone-in-88-billion-midstream-venture-targets-9-billion-net-debt-by-year-end">in the joint venture</a>.
Price Action:
<ul>
<li>Uber shares gained 1.3% to close at $72.16 on Wednesday.</li>
<li>Workday shares rose by 4.6% to settle at $268.87 during Wednesday's session.</li>
<li>iShares U.S. Financials ETF fell by 0.2% on Wednesday.</li>
<li>EQT fell by 0.3% to settle at $44.69 during the session.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/short-ideas/24/12/42313903/top-3-tech-and-telecom-stocks-that-may-implode-this-quarter">Top 3 Tech And Telecom Stocks That May Implode This Quarter</a></li>
</ul>

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UBER

WDAY

Uber, Workday, EQT And More On CNBC's 'Final Trades'

Analyst Ratings

CNBC Halftime Report Final Trades: Coinbase Global, The Walt Disney Company, Meta Platforms, iShares U.S. Financial ETF

Donald Trump&#8217;s <a href="https://www.benzinga.com/general/market-summary/24/11/41968003/gold-drops-to-a-two-month-low-as-investors-turn-to-bitcoin-after-trumps-victory-but-this-economist-remains-confident-that-gold-will-surge">win is positive for the financial and energy sectors</a> as the &#8220;pro-growth effects of fiscal stimulus currently outweigh the inflationary risks in the near term​​​&#8221; according to an analyst. 
What Happened: Mario Georgiou, CFA and executive director, head of investments at InCred Global Wealth U.K., in an exclusive conversation with <a href="http://pro.benzinga.com">Benzinga</a>, described tax cuts and deregulation as tailwinds to the markets. He considers inflationary policies such as tariffs and immigration impacts as headwinds, leading to a steepening yield curve, and higher term premiums.
&#8220;Financials offer an attractive risk-reward and that this recent post-election rally has room to run,&#8221; added Georgiou. According to him &#8220;financials are not only well positioned to capture the benefits of the above-mentioned Trump tailwinds, but are also less impacted / would even benefit from the Trump headwinds.&#8221;
Despite a few dips, the equity markets have been trading higher than the pre-election levels after President-elect Trump&#8217;s victory. The S&amp;P 500 has increased by 3.22%, rising from $5,782.76 on Nov. 5 to $5,969.34 as of Friday&#8217;s close. The SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) which tracks the S&amp;P 500 Index has had a similar momentum, according to data from <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Meanwhile, Financial Select Sector SPDR Fund (ACRA: XLF), Vanguard Financials ETF (ACRA: VFH), iShares U.S. Financials ETF (ACRA: IYF), and SPDR S&amp;P Bank ETF (ACRA: KBE), have returned over 30% year-to-date in 2024 outperforming the S&amp;P 500 Index&#8217;s 26% run.
Also read: <a href="https://www.benzinga.com/24/11/42131911/donald-trump-appointed-doge-to-have-marginal-impact-saving-50-100-billion-says-analyst-as-elon-musk-aims-to-target-500-billion-plus-in-federal-expenditures">Donald Trump&#8217;s DOGE Initiative To Have &#8216;Marginal Impact&#8217; Says Analyst As Elon Musk Aims To Target Over $500B In Federal Expenditures</a>
Other sectors that Georgiou prefers, include energy. According to him &#8220;deregulation supporting oil production and geopolitical risks could sustain elevated oil prices and relative valuations are attractive.&#8221;
Even though the energy sector has underperformed the broader markets in 2024, &#8220;fundamentally, companies are shareholder friendly with 8-12% shareholder yields, have strong balance sheets with low net debt to EBITDA ratios and high free cash flow yields of 6.50% and above,&#8221; he adds.
Invesco S&amp;P 500 Equal Weight ETF (ACRA: RSP), iShares Russell 1000 Value ETF (ACRA: IWD), Vanguard High Dividend Yield Index ETF (ACRA: VYM) and ProShares S&amp;P 500 Ex-Energy ETF (ACRA: SPXE) have all underperformed the S&amp;P 500 on a year-to-date basis.
Why It Matters: As markets hit their 51st record high of 2024 and the S&amp;P 500 Index crossed 6,000 points, some analysts caution that<a href="https://www.benzinga.com/24/11/42134031/markets-got-it-wrong-after-elections-prospects-of-tariffs-not-good-for-equities-vs-dollar-says-ex-goldman-sachs-analyst"> tariffs could pose risks </a>to equities and suggest that the market may be overvalued.
&#8220;The prospect of tariffs isn't obviously good for equities, while it's clearly good for the Dollar," former Goldman Sachs FX strategist and senior fellow at Brookings Institution, Robin Brooks said in an X post. "Markets initially got this wrong, driving stocks up sharply right after Nov. 5,&#8221; he added.
However, Georgiou is &#8220;cautiously optimistic&#8221; about the markets, he said &#8220;a neutral to fully invested equity allocation is warranted, with a focus on sectors benefiting from Trump's policies, whilst always maintaining our core investment principles, which is a focus on fundamentals, quality, and risk management.&#8221;
<ul>
<li>Read next: <a href="https://www.benzinga.com/24/11/42134031/markets-got-it-wrong-after-elections-prospects-of-tariffs-not-good-for-equities-vs-dollar-says-ex-goldman-sachs-analyst">Markets Misread Trump Win, Says Ex-Goldman Sachs Analyst: &#8216;Prospects Of Tariffs Not Good For Equities&#8217;</a></li>
</ul>
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Rydex ETF Trust Rydex S&P Equal Weight ETF

SPXE

Donald Trump's Win Positive For Financials, Energy Sector As 'Pro-Growth Effects Will Outweigh Inflationary Pressures,' Says Analyst

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/11/18/final-trades-eqt-meta-on-holdings-and-the-iyf.html">Halftime Report Final Trades</a>,&#8221; Stephen L. Weiss of Short Hills Capital Partners picked Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>). 
The current crux is over, Weiss says, adding that the Facebook parent company will be back up to the old highs.
Meta plans to challenge recent court decisions that allow several states and hundreds of school districts <a href="https://www.benzinga.com/government/regulations/24/11/42015847/meta-wants-to-fight-back-order-allowing-states-and-schools-to-sue-over-social-media-addiction">across the United States to proceed with lawsuits.</a>
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Joseph M. Terranova of Virtus Investment Partners said EQT Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>) <a href="https://www.benzinga.com/quote/EQT/earnings">is breaking out.</a>
On Oct. 29, EQT reported better-than-expected quarterly earnings. The company reported quarterly earnings of 12 cents per share which beat the analyst consensus estimate of 6 cents per share. The company reported quarterly sales of $1.382 billion which beat the analyst consensus estimate of $1.316 billion.
Shannon Saccocia of NB Private Wealth named iShares U.S. Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>) as her final trade.
Brian Belski of BMO picked On Holding AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONON#NYSE">ONON</a>).
On Nov. 12, On Holding reported better-than-expected third-quarter sales results and raised its FY24 net sales guidance. On Holding reported quarterly earnings of 17 cents per share which missed the analyst consensus estimate of 23 cents per share. The company reported quarterly sales of $734.52 million which beat the analyst consensus estimate of $704.58 million.
Price Action:
<ul>
<li>EQT shares gained 3.7% to close at $44.28 on Monday.</li>
<li>Meta shares gained by 0.1% to settle at $554.40 during Monday's session.</li>
<li>iShares U.S. Financials ETF gained by 0.4% during Monday's session.</li>
<li>On Holding shares fell by 0.8% to settle at $51.49.</li>
</ul>
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Image via Pixabay

ONON

Meta, EQT, On Holding  And More On CNBC's 'Final Trades'

CNBC Halftime Report Final Trades: EQT Corp, On Holding AG, Meta Platforms, iShares U.S. Financial ETF

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/11/08/final-trades-glacier-bancorp-cme-group-the-ibit-and-the-iyf.html">Halftime Report Final Trades</a>,&#8221; Kevin Simpson of Capital Wealth Planning picked CME Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>).
On Nov. 7, CME Group extended CEO Terry Duffy&#8216;s contract through 2026. The company appointed Lynne Fitzpatrick as President and CFO, and also named Suzanne Sprague as its new COO.
On Oct. 23, CME reported quarterly earnings of $2.68 per share which beat the analyst consensus estimate of $2.65 per share. The company reported quarterly sales of $1.584 billion which beat the analyst consensus estimate of $1.579 billion.
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Brian Belski of BMO Capital named Glacier Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBCI#NYSE">GBCI</a>), <a href="https://www.benzinga.com/quote/GBCI/earnings">a little bank in Montana.</a>
On Oct. 24, Glacier Bancorp reported quarterly earnings of 45 cents per share which beat the analyst consensus estimate of 41 cents per share. The company reported quarterly sales of $180.231 million which missed the analyst consensus estimate of $186.939 million.
Bryn Talkington of Requisite Capital Management picked iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>).
Shannon Saccocia of NB Private Wealth named iShares U.S. Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>) as her final trade.
Price Action:
<ul>
<li>Glacier Bancorp shares gained 0.8% to close at $56.44 during Friday's session.</li>
<li>iShares U.S. Financials ETF shares rose 0.8% during Friday's session.</li>
<li>iShares Bitcoin Trust gained 0.2% during Friday's session.</li>
<li>CME Group shares gained 1.6% to close at $225.66 on Friday.</li>
</ul>
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CME Group, Glacier Bancorp And More On CNBC's 'Final Trades'

CNBC Halftime Report Final Trades: Glacier Bancorp, CME Group, iShares Bitcoin Trust, iShares US Financials ETF

The U.S. Justice Department's Antitrust Division and the Department of Transportation announced on Thursday they have opened a broad public inquiry into the state of competition in air travel on topics including previous airline mergers, aircraft manufacturing, airline ticket sales, <a href="https://www.benzinga.com/government/24/09/40745931/delta-southwest-and-other-airlines-in-hot-waters-with-us-transportation-department-for-unfair-reward">pricing and rewards practices</a>.
The Details: The agencies <a href="https://www.justice.gov/opa/pr/justice-department-and-department-transportation-launch-broad-public-inquiry-state">have issued</a> a Request for Information (RFI) and seek the public's input on anticompetitive conduct, consolidation and issues affecting the availability and affordability of air travel options.&nbsp;
"Competition in air travel is a vehicle for better quality, better fares and better choices for Americans," said Assistant Attorney General Jonathan Kanter of the Justice Department's Antitrust Division.
"With this inquiry, we hope to learn more from the businesses and travelers at the center of this essential industry. Their feedback will ensure the Justice Department can continue to build on its historic efforts to protect competition in air travel," Kanter added.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/24/10/41546663/fridays-top-5-trending-stocks-whats-the-scoop-on-tesla-sofi-joby">Friday&#8217;s Top 5 Trending Stocks: What&#8217;s The Scoop On Tesla, SoFi, Joby?</a>
The U.S. Travel Association reacted to the DOJ's public inquiry into competition in air travel, which it sees as politically motivated.&nbsp;
"Today's announcement by the Departments of Transportation and Justice that they will launch ‘broad inquiries' into airline business practices is another in a long line of disappointing political stunts," the U.S. Travel Association said <a href="https://www.ustravel.org/press/us-travel-reacts-doj-dot-inquiry-air-travel-competition">in a statement</a>.
DOJ Cracks Down: Under the Biden administration, the DOJ has cracked down on industry consolidation and mergers and successfully blocked <a href="https://www.benzinga.com/news/24/03/37455281/jetblue-spirit-airlines-shares-are-moving-monday-whats-going-on">the merger</a> of JetBlue Airways Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>) and Spirit Airlines, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NASDAQ">SAVE</a>) earlier this year.  
Spirit Airlines continues to face financial trouble and a potential bankruptcy after the deal with JetBlue fell through. Earlier this week, it was reported the<a href="https://www.benzinga.com/m-a/24/10/41496171/whats-going-on-with-spirit-airlines-stock-wednesday"> airline had resumed</a> preliminary merger discussions with Frontier Group Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULCC#NASDAQ">ULCC</a>). The potential merger of the two airlines would likely coincide with Spirit's restructuring of its debt and other liabilities in bankruptcy and could be affected by actions resulting from the DOJ's latest inquiry. 
Last month, the DOT launched an inquiry into whether the loyalty programs of the four largest U.S. airlines have engaged in unfair, deceptive or noncompetitive practices. Transportation Secretary Pete Buttigieg sent a letter to American Airlines, Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>), United Airlines and Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) requesting records and reports related to the airlines&#8217; loyalty programs, practices and policies.
Federal agencies did allow a merger between Hawaiian Holdings, Inc. and Alaska Air Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>) <a href="https://www.benzinga.com/government/24/08/40455513/alaska-airlines-hawaiian-airlines-1-9b-merger-gets-doj-green-light-awaits-transportation-department">to be completed</a> in September. However, the DOT required the companies to agree to a set of consumer protections before giving the deal the green light. 
Why It Matters: Other companies in the airline industry may be affected by the joint inquiry announced Thursday, including planemaker Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) and parts supplier Spirit Aerosystems Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>). Investors can monitor the effects on the industry through airline-focused ETFs, including the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) and the iShares Trust iShares U.S. Transportation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IYT#BATS">IYT</a>). 
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Image: Courtesy of&nbsp;United Airlines Holdings, Inc.

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Did one comment just send JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares <a href="https://www.benzinga.com/markets/equities/24/09/40797360/jpmorgan-hires-new-managing-directors-for-mid-cap-investment-banking-division-report">to fall by 7.5%</a>?
It appears so. JPMorgan Chief Operating Officer Daniel Pinto tempered analyst forecasts on next year&#8217;s expenses and net interest income (NII) at an industry event Tuesday.
The current NII consensus of $89.5 billion is &#8220;not very reasonable&#8221; in the light of interest-rate forecasts, he <a href="https://www.bloomberg.com/news/articles/2024-09-10/jpmorgan-shares-slide-as-pinto-says-analysts-are-too-optimistic?srnd=homepage-americas&amp;sref=TBDibEcD">said</a> according to Bloomberg. NII &#8220;will be lower,&#8221; he added.
As a result, the stock took its biggest tumble since June 2020.
But Pinto wasn&#8217;t the only bank executive who sounded pessimistic this week.
Read Also: <a href="https://www.benzinga.com/top-stories/24/09/40691590/m-t-bank-to-outperform-peers-analyst-says-overhang-fears-could-erode-over-next-several-quarters">M&amp;T Bank To Outperform Peers, Analyst Says: &#8216;Overhang Fears Could Erode Over Next Several Quarters&#8217;</a>
Goldman Sach Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) CEO David Solomon said Monday the firm&#8217;s trading revenue is on track to drop 10% in the third quarter. At last check Tuesday, the firm&#8217;s stock is down more than 4.3%.
Ally Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>) is also down over 17.6% at last check. 
The firm confirmed that auto delinquencies and net charge-offs were higher than forecast, sending the stock to its biggest decline since March 2020 while taking consumer lenders Capital One Financial Corp. and Synchrony Financial down with it. 
The 24-firm KBW Bank Index fell 3.5%, even though the Federal Reserve said that it would cut higher proposed capital requirements for the biggest firms in half after industry pushback.
JPMorgan reported NII that missed analysts' estimates for the second quarter as well as higher-than-expected costs. 
Pinto also said Tuesday that expectations for 2025 costs were too balmy, and that third-quarter investment-banking fees could rise 15% while markets revenue increases just 2% to come in below analyst forecasts.
Price Action: JPMorgan fell 5.25% to $205.40 into Tuesday&#8217;s late-afternoon trading.
<ul>
<li>IShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) slipped 1.21%</li>
<li>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) fell 1.06%</li>
<li>iShares U.S. Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>) slid 1.13%</li>
</ul>
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Image: Shutterstock

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iShares Trust Dow Jones US Financial Services Index Fund

JPMorgan Shares Tumble After COO Throws Cold Water On Analyst Outlook

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/09/09/final-trades-shares-us-financials-etf-exxon-mobil-alphabet-class-a-and-palantir.html">Halftime Report Final Trades</a>,&#8221; Shannon Saccocia of NB Private Wealth named iShares U.S. Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>) as <a href="https://www.benzinga.com/quote/IYF">her final trade.</a>
Jim Lebenthal of Cerity Partners said Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) is off just 5% from the recent high level.
The oil major has reportedly withdrawn from the competition to acquire half of Galp Energia‘s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLPEY#OTC">GLPEY</a>) stake in a significant oil discovery in Namibia.
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Stephen L. Weiss of Short Hills Capital Partners said Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) is very, very cheap.
In a recent development, the UK's competition watchdog, the Competition and Markets Authority (CMA), has raised objections to the ad tech practices of Google by Alphabet Inc. The tech giant's dominance in the online display advertising market has come under scrutiny.
Joseph M. Terranova of Virtus Investment Partners said Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) has been added to the S&amp;P 500 index.
S&amp;P Dow Jones Indices said Palantir would be added to the S&amp;P 500 Index, ahead of the start of trading on Sept. 23. Despite widespread anticipation, the S&amp;P had snubbed Palantir in its two previous quarterly rebalancing.
Price Action:
<ul>
<li>iShares U.S. Financials ETF gained 1.2% during Monday's session.</li>
<li>Exxon Mobil shares rose 2.1% to settle at $115.01 on Monday.</li>
<li>Alphabet shares fell 1.3% to close at $148.71.</li>
<li>Palantir Technologies shares jumped 14.1% to close at $34.60/</li>
</ul>
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Image via Shutterstock

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Alphabet, Exxon Mobil, Palantir Technologies And More On CNBC's 'Final Trades'

CNBC Halftime Report Final Trades: Exxon Mobil, Alphabet Inc. - Class A, Palantir Technologies, iShares U.S. Financial ETF

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) has provided an <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40289608/soundhound-ai-posts-q2-beat-but-analysts-focus-on-amelia-acquisition">artificial-intelligence assistant </a>to more than 60,000 employees, with plans to eventually make the technology available throughout the company.
The program, called LLM Suite, is designed to help employees with tasks such as writing emails and reports, CNBC <a href="https://www.cnbc.com/2024/08/09/jpmorgan-chase-ai-artificial-intelligence-assistant-chatgpt-openai.html">reported</a>.
The bank launched the system with ChatGPT maker OpenAI's large language model, but LLM Suite will allow employees to use other LLMs depending on use cases.
Competitor Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) has given a pair of OpenAI-powered tools to its financial advisors, and Apple Inc. said in June that it was equipping the operating system of hundreds of millions of its consumer devices with OpenAI models.
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 The bank has introduced LLM Suite so far to its consumer division, investment bank, and asset and wealth management business to give them a hand with writing, summarizing long documents, solving problems with Excel and coming up with ideas.
JPMorgan is already using generative AI to create marketing content for social media channels, create itineraries for a travel agency it acquired in 2022 and summarize meetings for financial advisors, said Chief Data and Analytics Officer Teresa Heitsenrether, as reported by CNBC.
The firm also uses AI to determine where to put new bank branches and ATMs through satellite images, help call center personnel quickly find answers and prevent fraud in its global-payments business, she told CNBC.
The bank plans to eventually use AI to provide autonomous AI agents&nbsp;to carry out complex multistep tasks, a move that may empower some workers but displace others.
Price Action: Shares of JPMorgan were up 0.97% to $206.04 at the time of publication Friday.
<ul>
<li>iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) ticked up 0.45%</li>
<li>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) gained 0.26%</li>
<li>iShares U.S. Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>) rose 0.32%</li>
<li>Vanguard Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFH#NYSE">VFH</a>) went up 0.27%</li>
<li>Fidelity MSCI Financials Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNCL#NYSE">FNCL</a>) was up 0.42%</li>
</ul>
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Image created using artificial intelligence via Midjourney.

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JPMorgan Rolls Out AI Assistant To 60,000 Employees For Enhanced Productivity

The Vanguard Financials ETF (ARCA:VFH) was launched on 01/26/2004, and is a passively managed exchange traded fund designed to offer broad exposure to the Financials - Broad segment of the equity market.
Retail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also excellent vehicles for long term investors.
Investor-friendly, sector ETFs provide many options to gain low risk and diversified exposure to a broad group of companies in particular sectors. Financials - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 2, placing it in top 13%.
<h2>Index Details</h2>
The fund is sponsored by Vanguard. It has amassed assets over $9.39 billion, making it one of the largest ETFs attempting to match the performance of the Financials - Broad segment of the equity market. VFH seeks to match the performance of the MSCI US Investable Market Financials 25/50 Index before fees and expenses.
The MSCI US Investable Market Index/Financials 25/50 measures the investment return of stocks in the financial sector.
<h2>Costs</h2>
Since cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF&#39;s expense ratio.
Annual operating expenses for this ETF are 0.10%, making it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 1.89%.
<h2>Sector Exposure and Top Holdings</h2>
Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Financials sector--about 100% of the portfolio.
Looking at individual holdings, JPMorgan Chase &amp; Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) accounts for about 8.77% of total assets, followed by Berkshire Hathaway Inc and Mastercard Inc.
The top 10 holdings account for about 42.55% of total assets under management.
<h2>Performance and Risk</h2>
The ETF has gained about 9.98% and is up about 19.07% so far this year and in the past one year (as of 08/08/2024), respectively. VFH has traded between $75.97 and $107.02 during this last 52-week period.
The ETF has a beta of 1.09 and standard deviation of 19.50% for the trailing three-year period, making it a medium risk choice in the space. With about 407 holdings, it effectively diversifies company-specific risk.
<h2>Alternatives</h2>
Vanguard Financials ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, VFH is an excellent option for investors seeking exposure to the Financials ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
IShares U.S. Financials ETF (ARCA:IYF) tracks Dow Jones U.S. Financials Index and the Financial Select Sector SPDR ETF (ARCA:XLF) tracks Financial Select Sector Index. IShares U.S. Financials ETF has $2.94 billion in assets, Financial Select Sector SPDR ETF has $40.75 billion. IYF has an expense ratio of 0.40% and XLF charges 0.09%.
<a href="https://www.zacks.com/stock/news/2318765/should-you-invest-in-the-vanguard-financials-etf-vfh?cid=CS-BENZ-FT-sector_etf-2318765">To read this article on Zacks.com click here.</a>

Should You Invest in the Vanguard Financials ETF?

As the November election approaches, President Joe Biden and former President Donald Trump are offering two very <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39556388/joe-biden-to-be-replaced-in-2024-election-newsom-tops-democrat-wish-list-betting-odds-but-">different tax policies</a> for the American people when one of them steps into the Oval Office in late January 2025.
If elected, Trump would uphold his 2017 Tax Cuts and Jobs Act, which features a corporate tax rate of 21% and lower taxes for individuals that dropped the tax rate for top earners from 39.6% to 37%.
The policy, which will expire in 2025, also nearly doubled standard deductions to $14,600 for single filers to $29,200 for married filers, FOX Business <a href="https://www.foxbusiness.com/politics/trump-vs-biden-where-presidential-candidates-stand-taxes">reported</a>. 
If Biden stays in office for a second term, he said he would let Trump&#8217;s tax cuts for the wealthy expire, while holding onto reductions for those making less than $400,000. 
Also Read: <a href="http://Joe Biden's Debate Performance Triggers Democratic Panic: 'Biden Sounds Hoarse, Looks Tired And Is Babbling'">Joe Biden&#8217;s Debate Performance Triggers Democratic Panic: &#8216;Biden Sounds Hoarse, Looks Tired And Is Babbling&#8217;</a>
Biden also proposes returning the top individual income tax rate from 37% to 39.6%, implementing a 25% minimum tax rate on households worth more than $100 million and increasing the capital gains tax rate. 
His policy also includes quadrupling the corporate stock buyback tax to 4%, raising the corporate tax rate to 28% and boosting the Medicare tax paid by wealthy Americans.
During Thursday&#8217;s presidential debate, Trump heralded his tax plan as creating the greatest economy the U.S. has ever seen before the COVID-19 pandemic, while Biden criticized it as a $2 trillion tax policy that benefited the very wealthy.
&#8220;What I'm going to do is fix the tax system,&#8221; Biden said during the debate, <a href="https://www.cnn.com/2024/06/27/politics/read-biden-trump-debate-rush-transcript/index.html">according</a> to a CNN transcript.
Biden also knocked Trump&#8217;s proposed 10% tariff on all imports, saying it would cost the average American at least $2,500 a year as a result in higher prices for food and other goods.
Price Action: Stocks and exchange-traded funds in the tax-preparation and financial sectors, both of which can be sensitive to tax-policy changes, gave mixed reactions on Friday to the proposals being offered by Biden and Trump. 
H&amp;R Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRB#NYSE">HRB</a>) gained 0.67% to reach $53.89 by late-afternoon trading on Friday, while Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>) edged up 0.90% to $567.30 and Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) improved 0.77% to $96.51.
Shares U.S. Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>) ticked up 0.27%, but Vanguard Consumer Staples ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VDC#NYSE">VDC</a>) fell 0.55% in the late afternoon and Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) dipped 1.28%.
Read Now: <a href="https://www.benzinga.com/news/24/06/39540074/joe-biden-shares-his-performance-enhancer-drink-ahead-of-2024-us-presidential-debate-i-dont-know-wha">Joe Biden Shares His Performance Enhancer Drink Ahead Of 2024 US Presidential Debate: &#8216;I Don&#8217;t Know What They&#8217;ve Got In These</a>&#8216;
Photo: Shutterstock

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A year after sparking speculation with its trademark application for &#8220;IndexGPT,&#8221; JPMorgan Chase &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) reportedly revealed the product&#8217;s details.
IndexGPT&nbsp;is a novel suite of thematic investment baskets developed using&nbsp;OpenAI&#8217;s&nbsp;GPT-4 model.&nbsp;
The tool utilizes keywords to identify companies associated with emerging&nbsp;themes,&nbsp;gleaned from news articles.
In essence, it automates the creation of thematic indexes, shifting from traditional sectors to trends like cloud computing and e-sports, tapping into Wall Street&#8217;s AI frenzy, according to a&nbsp;report from&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-03/jpmorgan-unveils-indexgpt-in-next-wall-street-bid-to-tap-ai-boom?srnd=homepage-americas&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
The launch echoes the growing interest in AI-driven investment strategies amid optimism for economic growth.
The report cited Rui Fernandes, JPMorgan&#8217;s head of markets trading structuring, who&nbsp;views IndexGPT as a first step in integrating AI across its index offerings.
Morgan Stanley&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>),&nbsp;Goldman Sachs&nbsp;Group Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and&nbsp;Citigroup&nbsp;Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) are among those exploring AI applications.
Also See:&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38220176" rel="noreferrer noopener">Major US Banks Top Q1 Earnings Estimates As&nbsp;High Interest&nbsp;Rates Offer Tailwinds: &#8216;Indicators Continue To Be Favorable,&#8217; Jamie Dimon Says</a>
Interest in thematic funds surged but waned due to performance and rising interest rates, with thematic ETFs seeing significant outflows last year.
IndexGPT generates more keywords than prior software, enhancing thematic representation. The tool targets institutional clients for structured products but&nbsp;also&nbsp;offers&nbsp;potential&nbsp;for trend-following strategies.
JPMorgan Chase had ~$4.1 trillion in&nbsp;<a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2024/1st-quarter/9387d4e9-a7dc-4613-822d-6848965485ee.pdf" rel="noreferrer noopener">assets&nbsp;</a>and ~$337 billion in stockholders&#8217; equity as of March-end.
JPMorgan stock has gained more than 40% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Financial&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) and&nbsp;IShares U.S. Financials ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>).
Price Action: JPM shares are trading lower by 0.57% at $190.57&nbsp;at the last check Friday.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/04/38247147/goldman-sachs-sees-resurgence-in-debt-underwriting-and-deal-activity-q1-profit-jumps-28" target="_blank" rel="noreferrer noopener">Goldman Sachs Sees Resurgence In Debt Underwriting And Deal Activity, Q1 Profit Jumps 28%</a>
Photo courtesy: Shutterstock

From Speculation To Revelation: JPMorgan Reportedly Unveils IndexGPT AI Tool

With <a href="https://www.benzinga.com/news/earnings/earnings-beats/24/04/38220176/major-us-banks-top-q1-earnings-estimates-as-high-interest-rates-offer-tailwinds-indi">big bank earnings now in the rearview mirror,</a> CNCB Mad Money host and stock picker Jim Cramer on Wednesday weighed in on which of them impressed him the most.
What Happened: Cramer was impressed with the earnings reports of Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) and Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>). He added the name of Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) in the same breath.
Cramer premised his picks based on the fee income these banks generated rather than on the net interest income. Fees include income generated from equity and debt underwriting, as well as advisory and asset &amp; wealth management fees. Net interest income, on the other hand, is the difference between the money the banking operation receives on the loans it extends and the money it owes to its depositors.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">When you read through all the big bank quarters so far you like GS and MS so much because of the fees, not the net interest income. Same with Wells Fargo, which had a very good quarter. Big boost in fees
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1780505158616588775?ref_src=twsrc%5Etfw">April 17, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/money/best-bank-stocks">Best Bank Stocks</a>
Why It&#8217;s Important: The Fed funds rate, which is used as a benchmark to fix various interest rates, is now at a 22-year high of 5.25%-5.50%. This is positive for the net interest income of banks.
The net interest income&#8217;s health also hinges on the provisioning a company sets aside for credit losses. 
For Goldman, which reported a stellar quarter, non-interest revenue rose 21% year-over-year and 26% quarter-over-quarter. Net interest income, meanwhile, was down 10% year-over-year and up 20% sequentially.
JPMorgan Chase &amp; Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), <a href="https://www.benzinga.com/news/earnings/24/04/38219142/whats-going-on-with-jpmorgan-shares-today">which did not appease the Street with its earnings,</a> did report a double beat. Much of the upside was from higher interest income, facilitated by higher rates and larger loan balances stemming from its First Republic Bank takeover.
After taking a dovish stance immediately after the March Federal Open Market Committee meeting, Jerome Powell has reverted to his hawkish stance. In a speech on Tuesday, he said the restrictive rates should persist as long as the inflation remained above the 2% upper ceiling set by the central bank.
The futures market, however, is pricing in a 67.3% possibility of a rate cut in the September meeting.
The iShares U.S. Financials ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>) ended Tuesday&#8217;s session down 0.68% at $88.39, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data. </a>
Read Next: <a href="https://www.benzinga.com/news/earnings/24/04/38280369/financial-stocks-fall-after-earnings-major-banks-notch-4-day-losing-streak-regional-banks-hit-lowes">Financial Stocks Fall After Earnings, Major Banks Notch 4-Day Losing Streak: Regional Banks Hit Lowest Level Since Late 2023</a>
Image Via Shutterstock

Jim Cramer Says He Likes Earnings From These Big Banks 'So Much' — Here's Why

JPMorgan Chase &amp; Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are trading lower after it reported&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38217534" rel="noreferrer noopener">first-quarter FY24 results.</a>
Net revenue (managed) of $42.5 billion (+8% Y/Y), beating the consensus of $41.8 billion.
Reported revenue was $41.9 billion in the quarter, up 9% Y/Y. Consumer &amp; Community Banking (CCB) revenue increased 7% Y/Y to $17.7 billion, Corporate &amp; Investment Banking was $13.6 billion (flat Y/Y), and Commercial Banking was $4.0 billion (+13% Y/Y).&nbsp;
Investment Banking fees were up 21% Y/Y, led by higher debt and equity underwriting fees. Asset and Wealth Management revenue was $5.1 billion (+7% Y/Y), and Corporate revenue stood at $2.2 billion in the quarter.
Net interest income increased by 11% Y/Y to $23.2 billion and +5% Y/Y, excluding First Republic.&nbsp;
Noninterest revenue was $19.3 billion, up 5% Y/Y, or up 3% Y/Y excluding First Republic, driven by higher asset management and Investment Banking fees.
Noninterest expense was $22.8 billion, up 13% Y/Y, or +9% Y/Y, excluding First Republic.
Excluding an item resulted in an increase of $550 million (after tax) to reported net income from $13.4 billion to $14.0 billion and an increase of $0.19 per share to reported EPS from $4.44 to $4.63. EPS was $4.44,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beating the consensus of $4.15.&nbsp;</a>
Average loans were up 16%, or up 3%, excluding First Republic; average deposits were up 2%, or flat excluding First Republic.
In CCB, Debit and credit card sales volume increased by 9% Y/Y, and Active mobile customers were up 7% Y/Y.&nbsp;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38187129/jpmorgan-earnings-are-imminent-these-most-accurate-analysts-revise-forecasts-ahead-of-earnings-call" rel="noreferrer noopener">JPMorgan Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call</a>
JPM&#8217;s provision for credit losses was $1.9 billion (-17% Y/Y), including net charge-offs of $2.0 billion and a net reserve release of $72 million.&nbsp;
In AWM,&nbsp;Assets under management (AUM) stood at $3.6 trillion (+19% Y/Y), and client assets stood at $5.2 trillion (+20% Y/Y), driven by higher market levels and continued net inflows.
CET1 capital ratio stood at 15.0%, and the advanced CET1 capital ratio was 15.3%, with a total loss-absorbing capacity of $520 billion.
<a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2024/1st-quarter/fa4917a5-ae5c-4b97-a30d-f07e726e1021.pdf" rel="noreferrer noopener">Outlook</a>&nbsp;FY24:&nbsp;JPMorgan now expects net interest income, excluding Markets, of ~$89 billion (vs.&nbsp;<a target="_blank" href="https://www.benzinga.com//node/36610393" rel="noreferrer noopener">$88 billion earlier</a>).
The bank anticipates card&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">services NCO rate of &lt;3.50%.</a>
Jamie Dimon, Chairman and CEO, said, &#8220;Many economic indicators continue to be favorable.&nbsp;However, looking ahead, we remain alert to a number of significant uncertain forces. First, the global landscape is unsettling – terrible wars and violence continue to cause suffering, and geopolitical tensions are growing. Second, there seems to be a large number of persistent inflationary pressures, which may likely continue.&#8221;&nbsp;
&#8220;And finally, we have never truly experienced the full effect of quantitative tightening on this scale. We do not know how these factors will play out, but we must prepare the Firm for a wide range of potential environments to ensure that we can consistently be there for clients.&#8221;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38149277/jamie-dimon-equates-ai-to-printing-press-steam-engine-consequences-will-be-extraordinary" rel="noreferrer noopener">Jamie Dimon Equates AI To Printing Press, Steam Engine: &#8216;Consequences Will Be Extraordinary&#8217;</a>
Investors can gain exposure to the stock via&nbsp;IShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;IShares U.S. Financial ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>).
Price Action: JPM shares are down 2.83% at $189.89 premarket on the last check Friday.
Photo by Katherine Welles on Shutterstock

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