BlackRock Cuts U.S. Equity View to Neutral as JPMorgan Revenue Misses Forecast

BlackRock Investment Institute cut its U.S. equity allocation to neutral and shifted toward short-term Treasurys, while JPMorgan posted adjusted third-quarter revenue below market expectations on Oct. 13.

The institute moved U.S. equities from overweight to neutral. It raised short-term U.S. Treasurys to overweight and shifted long-term Treasurys from underweight to neutral, ending an underweight stance that had lasted nearly six years.

JPMorgan posted adjusted third-quarter revenue of $50.91 billion, below the $51.37 billion forecast. Earnings came to $5.57 per share.

The bank’s fixed-income, currencies and commodities sales and trading business generated $5.37 billion in third-quarter revenue, below the $6 billion expectation.

TokenPost previously covered BlackRock’s shift toward short-term Treasurys and away from U.S. equities.