Add as a preferred source on GoogleCramer Cites Economic Concerns as Major Banks Report Quarterly Results
Goldman Sachs, Morgan Stanley and JPMorgan Chase reported third-quarter results, while Cramer pointed to inflation, interest rates and unsettled markets.
Jim Cramer said persistent inflation, higher interest rates and unsettled capital markets were weighing on investors’ outlook for major U.S. banks as the companies reported quarterly results.
“Frankly, it’s strange to see such universally negative reactions to a set of quarters that contained plenty of positives,” Cramer said on “Mad Money” on Oct. 14. He also pointed to persistent inflation, higher rates and unsettled capital markets as reasons investors were focused on the outlook.
Goldman Sachs posted third-quarter revenue of $18.68 billion and net earnings of $5.29 billion.
Morgan Stanley reported revenue of $20.3 billion and diluted earnings of $3.03 per share.
JPMorgan Chase recorded net income of $15.3 billion, or $5.57 per share.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.