Here are the most important news, trends and analysis that investors need to start their trading day:
Federal Reserve Chairman Jerome Powell during a House Financial Services Committee hearing on Dec. 2, 2020 in Washington.
Pool | Getty Images News | Getty Images
A woman is reflected in a puddle as she passes a Bank of America branch in New York’s Times Square.
Brendan McDermid | Reuters
Bank of America shares dropped less than 2% in the premarket after the company on Wednesday morning posted second-quarter revenue below expectations. Excluding a one-time $2 billion tax gain, adjusted earnings of 80 cents per share edged out estimates.
Citigroup posted second-quarter earnings of $2.85 per share. Revenue was $17.47 billion. Both measures beat estimates. Shares gained 1.5% in the premarket. Quarterly results benefited from a $1.1 billion boost from releasing reserves the bank had previously set aside for loan losses.
Wells Fargo signage on May 5th, 2021 in New York City.
Bill Tompkins | Michael Ochs Archives | Getty Images
Wells Fargo on Wednesday morning reported second-quarter earnings and revenue results that topped expectations as it continued to release funds it had set aside during the pandemic to safeguard against widespread loan losses. Shares were flat in premarket trading.
A sign for BlackRock Inc hangs above their building in New York.
Lucas Jackson | Reuters
BlackRock, the world’s largest asset manager, reported a 28% jump in second-quarter earnings that handily beat estimates. Investors poured more money into the company’s funds, boosting its assets under management 30% year over year to nearly $9.5 trillion. Shares fell around 2% in the premarket.
A Delta Air Lines Airbus A330neo or A330-900 aircraft with neo engine option of the European plane manufacturer, as seen on final approach for landing at Amsterdam Schiphol AMS EHAM International airport after a transatlantic long haul flight.
Nicolas Economou | NurPhoto | Getty Images
American Airlines planes at LaGuardia Airport
Leslie Josephs | CNBC
American Airlines shares rose more than 3% in Wednesday’s premarket, the morning after the carrier forecast better revenue and a narrower loss than previously estimated for the second quarter.
A critical care respiratory therapist works with a coronavirus disease (COVID-19) positive patient in the intensive care unit (ICU) at Sarasota Memorial Hospital in Sarasota, Florida, February 11, 2021.
Shannon Stapleton | Reuters
The spread of the Covid delta variant across unvaccinated pockets of the U.S. is causing flare-ups in cases and leading to increases in hospitalizations, according to infectious disease specialists. New daily Covid infections are once again on the rise as the highly transmissible delta variant, first detected in India, takes hold as the dominant strain in the U.S. Cases are rising in Missouri, Arkansas, Nevada, Utah and Florida at higher rates than in other states over the past couple of weeks.
Senate Majority Leader Sen. Chuck Schumer (D-NY) (R) listens as U.S. President Joe Biden speaks during an event on the American Rescue Plan in the Rose Garden of the White House on March 12, 2021 in Washington, DC.
Alex Wong | Getty Images
President Joe Biden is set to meet with Senate Democrats on Capitol Hill on Wednesday to talk about their budget agreement. The accord announced Tuesday night envisions spending $3.5 trillion over the coming decade, paving the way for their drive to pour federal resources into climate-change initiatives, as well as health care and family service programs sought by Biden. It’s not clear whether Democrats have all members on board in the spilt Senate. Moderates like Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona might still demand further changes.
(With inputs from CNBC)