Traders Brace for Worst as U.S. Banks Kick Off Earnings Season
- Put/call ratio on a financials ETF is highest since March
- JPMorgan leads string of bank profit reports this week
U.S. Banks Kick Off Earnings Season
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Options traders are showing caution ahead of earnings for the nation’s biggest banks -- trepidation that holds ominous signs for the broader market.
JPMorgan Chase & Co. kicks off a string of results from the biggest banks this week, with economists forecasting that profits for the group will contract 5.4 percent in the third quarter. Financial firms wield the second-most earnings influence out of 10 major groups in the Standard & Poor’s 500 Index, and a poor showing may challenge U.S. stocks’ rebound from their biggest selloff in four years.