Banco Santander ’s stock is in rare form this year. The Spanish lender’s U.S.-listed shares are up 32% in 2023, on pace for their biggest annual gain since 2009 — when they rallied 73%. Santander’s year-to-date pop is easily outperforming major U.S. banks. JPMorgan Chase and Wells Fargo are up 14% and 5%, respectively in that time. Citigroup and Goldman Sachs and Bank of America are both down for the year. The advance comes after a tough 2022 for Santander, when its U.S. shares lost 10%. The...

The outlook for this earnings season looks bleak, but Bank of America thinks there are some companies that can still deliver upside surprises. Analysts on average expect S & P 500 earnings fell 7.2% during the second quarter from the year-earlier period, according to FactSet. If that’s the case, it would mark the biggest year-over-year profit decline for the benchmark since the second quarter of 2020, when earnings plunged 31.6%. The season kicks off this week, with banking giants JPMorgan...

It’s a big week on Wall Street that could set the tone for the second half of the year. The latest reading on the U.S. consumer price index, a widely followed inflation gauge, is slated for release Tuesday 8:30 a.m. EST. Economists polled by Dow Jones expect CPI rose 4% in May on a year-over-year basis. That would be down from the 4.9% increase seen in April. Wall Street will pore through the numbers in search for clues on the Federal Reserve’s next moves. The U.S. central bank is expected to...

The latest reading on the U.S. consumer price index is slated for release Wednesday, with economists polled by Dow Jones expecting a year-over-year gain of 5% for April. This will be the first CPI report since the Federal Reserve’s meeting last week, when the central bank hiked rates by another quarter percentage point . Given this backdrop, JPMorgan’s sales and trading team broke down five possible scenarios for how the stock market might react: 50% chance — CPI between 5% and 5.2%: This is...

The Federal Reserve is expected to hike rates again Wednesday, but the key for the market will be the central bank’s hints on future policy action. Traders are pricing in a roughly 80% likelihood that the Fed will raise rates by 25 basis points, according to the CME Group’s FedWatch tool. However, investors have been looking for clues on whether the central bank will pause its rate-hiking campaign after Wednesday — or if further tightening will be needed to fight inflation. Given this...