Shares of the banking giant fell 3.7% after reporting quarterly earnings of $1.03 per share, including a one-time tax benefit. While that was higher than the consensus estimate of 77 cents, the company reported revenue below Wall Street forecasts and reported higher expenses. Citi and PNC also reported better-than-expected earnings Wednesday morning and are trading lower.
BlackRock — The asset management firm’s stock fell 3.5% despite reporting a better-than-expected quarterly profit Wednesday. BlackRock brought in $10.03 per share, beating the consensus estimate for the second quarter by 57 cents. Assets under management rose to a record $9.49 trillion during the quarter.
Energy stocks — Energy stocks are falling after the International Energy Agency warned Tuesday about the prospect of a deepening supply deficit if OPEC+ can’t reach a deal on its production policy. Marathon Petroleum is down 2.7%, Occidental has lost more than 5%, Cabot Oil & Gas fell 3.1% and Valero dropped by 3.2%.
Oatly Shares of Oatly fell more than 2% after the alternative dairy company was accused of questionable accounting practices and misrepresenting its sustainability practices. The Swedish oat-based milk substitute company made its U.S. public debut about two months ago.
