Prepare for an eventful week ahead as we dive into the intriguing world of business, finance, and government affairs! While the markets took a breather on Monday for Martin Luther King Jr. Day, global business and political leaders will converge at the World Economic Forum meeting in Davos, Switzerland, from January 15 to January 19.
When markets reopen today, Tuesday, January 16, 2024, all eyes will be on bank earnings reports. Morgan Stanley (MS) and Goldman Sachs (GS) are kicking off the week, aiming to bounce back from challenging quarters. Goldman Sachs saw its profits shrink by a third, while Morgan Stanley faced smaller profits due to a slowdown in mergers and initial public offerings.
The rest of the week is packed with financial updates, including earnings reports from Charles Schwab (SCHW), Discover Financial Services (DFS), M&T Bank Corp. (MTB), Fifth Third Bancorp (FITB), and State Street Corp. (STT). These reports follow a tough session for banks on Friday, with Wells Fargo & Co. (WFC) and other institutions facing challenges.
On the government front, Congress is racing against the clock to reach spending agreements for various government agencies by Friday, January 19, to avert a potential partial government shutdown. Although there were reports of a deal on short-term funding, it had yet to be finalized as of Sunday. These developments will be closely watched as they unfold throughout the week……..[read more]
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