Markets Watch the Results From Gold-Standard Banks

The markets today, Monday, appear poised to open on a positive note with most major American and European indicators in the green at time of writing. (Today is Thanksgiving Day in Canada and Canadian markets are closed.)

The safe havens of gold and silver are also in the green at time of writing.

Under normal circumstances these indicators can change during the runup to the opening bell and at any time afterwards.

The market continues to expect more financial stimulus from Washington but notwithstanding the green ink, there will be some negative news coming up this week as most of the gold-standard banks are expected to post results.

These bank results will provide another insight into the impact of the COVID 19 pandemic crisis and government programs designed to cope with it. Tomorrow, JPMorgan Chase & Co. releases its third quarter report and is expected to report a drop in profits compared to a year ago triggered by low interest rates and weakened loan demand due at least in part to the COVID 19 pandemic.

Citigroup is also expected to issue its third quarter report on Tuesday and to post a year-over-year drop in earnings.

On Wednesday, Bank of America Corp. is expected to post a drop in profit in its third quarter for similar reasons.

Amongst other financial institutions issuing third quarter reports, Goldman Sachs Corp, US Bancorp, PNC Financial Services and Wells Fargo & Co. will also announce quarterly results on Wednesday. All banks continue to work through the impact of the pandemic, but though it has economic advantages, Wells Fargo must also continue dealing with the regulatory, financial, operational and reputational implications of its sales scandal.

Morgan Stanley is expected to report on Thursday, also for its third quarter.

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