The U.S. stock markets faded to start the week, with VIX in “backwardation” as traders prepare for the Jerome Powell presser at noon. Federal Reserve officials are active this week with five speakers on Wednesday.
Jerome Powell Speaks – Financials Show Strength
Despite the fade in U.S. stock markets, financial stocks are shwoing remarkable strength.
Money center banks are trending, with JPMorgan Chase (JPM)and Morgan Stanley (MS) reversing on Monday to close higher. Goldman Sachs (GS), Wells Fargo (WFC) closed less than half a percent lower, but remain in bullish trends.
The Bancorp (TBBK) has produced 11 consecutive quarters of positive earnings, performing very well coming out of the 2020 Covid drawdown.
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