Citigroup Inc., a diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions worldwide. It operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital solutions to multinational corporations, financial institutions, and public sector organizations; and Securities Services, such as cross-border support for clients, local market expertise, post-trade technologies, data solutions, and various securities services solutions. The Markets segment offers sales and trading services for equities, foreign exchange, rates, spread products, and commodities to corporate, institutional, and public sector clients; and market-making services, including asset classes, risk management solutions, financing, prime brokerage, research, securities clearing, and settlement. The banking segment includes investment banking; advisory services related to mergers and acquisitions, divestitures, restructurings, and corporate defense activities; and corporate lending, which includes corporate and commercial banking. The U.S. Personal Banking segment provides co-branded cards and retail banking services. The Wealth segment provides financial services to high-net-worth clients through banking, lending, mortgages, investment, custody, and trust product offerings; and to professional industries, including law firms, consulting groups, accounting, and asset management. The company was founded in 1812 and is headquartered in New York, New York.

Citigroup, Inc.

Netflix Continues to Dominate

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Hims & Hers Health Inc (Symbol: HIMS), where a total volume of 427,034 contracts has been traded thus far today, a contract volume which is representative of approximately 42.7 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 122.3% of HIMS's average daily trading volume over the past month, of 34.9 million shares. Especially high volume was seen for the $40 strike put option expiring August 15, 2025, with 20,130 contracts trading so far today, representing approximately 2.0 million underlying shares of HIMS. Below is a chart showing HIMS's trailing twelve month trading history, with the $40 strike highlighted in orange:
Citigroup Inc (Symbol: C) options are showing a volume of 206,491 contracts thus far today. That number of contracts represents approximately 20.6 million underlying shares, working out to a sizeable 122.2% of C's average daily trading volume over the past month, of 16.9 million shares. Especially high volume was seen for the $95 strike call option expiring August 15, 2025, with 56,279 contracts trading so far today, representing approximately 5.6 million underlying shares of C. Below is a chart showing C's trailing twelve month trading history, with the $95 strike highlighted in orange:
And NVIDIA Corp (Symbol: NVDA) saw options trading volume of 1.8 million contracts, representing approximately 182.4 million underlying shares or approximately 100.9% of NVDA's average daily trading volume over the past month, of 180.7 million shares. Particularly high volume was seen for the $170 strike call option expiring July 25, 2025, with 193,258 contracts trading so far today, representing approximately 19.3 million underlying shares of NVDA. Below is a chart showing NVDA's trailing twelve month trading history, with the $170 strike highlighted in orange:
For the various different available expirations for HIMS options, C options, or NVDA options, visit StockOptionsChannel.com.
Best Value Stocks
Funds Holding BUY
MPLX Stock Predictions
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Wednesday Option Activity: HIMS, C, NVDA

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at Citigroup (C), a company that currently holds a Momentum Style Score of A. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Citigroup currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.
Set to Beat the Market?
Let's discuss some of the components of the Momentum Style Score for C that show why this U.S. bank shows promise as a solid momentum pick.
A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.
For C, shares are up 7.75% over the past week while the Zacks Financial - Investment Bank industry is up 1.42% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 16.75% compares favorably with the industry's 8.68% performance as well.
While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Shares of Citigroup have increased 35.69% over the past quarter, and have gained 43.64% in the last year. On the other hand, the S&P 500 has only moved 22.7% and 15.9%, respectively.
Investors should also pay attention to C's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. C is currently averaging 16,130,435 shares for the last 20 days.
Earnings Outlook
The Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with C.
Over the past two months, 8 earnings estimates moved higher compared to 1 lower for the full year. These revisions helped boost C's consensus estimate, increasing from $7.31 to $7.59 in the past 60 days. Looking at the next fiscal year, 8 estimates have moved upwards while there have been no downward revisions in the same time period.
Bottom Line
Taking into account all of these elements, it should come as no surprise that C is a #2 (Buy) stock with a Momentum Score of A. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Citigroup on your short list.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners Up
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Are You Looking for a Top Momentum Pick? Why Citigroup (C) is a Great Choice

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the ProShares Ultra Financials (Symbol: UYG) where we have detected an approximate $199.5 million dollar outflow -- that's a 18.8% decrease week over week (from 11,182,750 to 9,082,750). Among the largest underlying components of UYG, in trading today Standard and Poors Global Inc (Symbol: SPGI) is off about 0.4%, Citigroup Inc (Symbol: C) is up about 1.1%, and The Charles Schwab Corporation (Symbol: SCHW) is lower by about 0.8%. For a complete list of holdings, visit the UYG Holdings page » The chart below shows the one year price performance of UYG, versus its 200 day moving average:
Looking at the chart above, UYG's low point in its 52 week range is $62.22 per share, with $99.919 as the 52 week high point — that compares with a last trade of $95.55. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Industrial Stocks Hedge Funds Are Selling
Funds Holding TSEM
Top 10 Hedge Funds Holding ITW
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy ETF Outflows: UYG, SPGI, C, SCHW

Citigroup (C) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.
The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.
Therefore, the Zacks rating upgrade for Citigroup basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
For Citigroup, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate Revisions
Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for Citigroup
For the fiscal year ending December 2025, this U.S. bank is expected to earn $7.61 per share, which is unchanged compared with the year-ago reported number.
Analysts have been steadily raising their estimates for Citigroup. Over the past three months, the Zacks Consensus Estimate for the company has increased 2.4%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
The upgrade of Citigroup to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
One Big Gain, Every Trading Day
To help you take full advantage of this market, you’re invited to access every stock recommendation in all our private portfolios - for just $1.
Zacks private portfolio services that closed 256 double and triple-digit winners in 2024 alone. That’s about one big gain every day the market was open. Of course, not all our picks are winners, but members have seen recent gains as high as +627% +1,340%, and +1,708%.
Imagine how much you could profit with a steady stream of real-time picks from all our services that cover a number of strategies to suit a variety of investing and trading styles.
See Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Citigroup (C) Upgraded to Buy: Here's What You Should Know

Bold Earning Season Predictions

Key Points
Rocket Lab stock surged nearly 32% with the help of bullish coverage from analysts.
Citi and Bank of America both reiterated buy ratings on Rocket Lab and raised their respective price targets on the stock to $50 per share.
Rocket Lab's growth-dependent valuation could create volatility for the stock, but the company has strong positioning in launch services.
Rocket Lab (NASDAQ: RKLB) stock recorded another run of huge gains over the past week. The company's share price was gained 31.7% from the previous market's close. The S&P 500 index rose 0.6% over the same period of time.
Bullish coverage from analysts helped power massive valuation expansion for Rocket Lab stock over the past week and pushed the company to a new valuation high. Continued excitement surrounding short-term and long-term opportunities in the space industry also supported strong bullish momentum for the stock.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »
Rocket Lab surged as analysts moved price targets higher
On July 14, Citi published new coverage on Rocket Lab that maintained a buy rating on the stock. The investment firm updated its coverage on the stock in conjunction with a broader review of its outlook on the defense and aerospace industries. In general, Citi's analysts continue to see very strong momentum in the categories -- and they raised their one-year price target on Rocket Lab from $33 to $50 per share.
Bank of America followed up with its own coverage update on Rocket Lab on July 16 and also reiterated a buy rating on the stock. The firm's analysts raised their one-year price target on Rocket Lab stock from $30 to $50 per share and cited opportunities surrounding the company's reusable Neutron rockets and strong positioning in end-to-end satellite launch and development technologies as bullish catalysts.
Following gains on the heels of the coverage, Rocket Lab stock actually closed out the week above Citi and Bank of America's price target of $50 per share.
What's next for Rocket Lab?
Space commercialization has emerged as a growth trend that's attracting a lot of excitement from investors, and Rocket Lab looks well positioned to capitalize on long-term growth opportunities in its corners of the space industry. After climbing 102% across this year's trading, the company now has a market capitalization of $23.7 billion and is valued at approximately 41 times this year's expected sales. Rocket Lab's stock run-up and growth-dependent valuation make its shares a risky play, but the company could still go on to deliver explosive returns for long-term investors if the business continues to rack up wins in launch services and other categories.
Should you invest $1,000 in Rocket Lab right now?
Before you buy stock in Rocket Lab, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Rocket Lab wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $652,133!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,056,790!*
Now, it’s worth noting Stock Advisor’s total average return is 1,048% — a market-crushing outperformance compared to 180% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of July 15, 2025
Citigroup is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Rocket Lab. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Rocket Lab Stock Skyrocketed Last Week

The market saw plenty of volatility over the last five days, as investors unpacked a flood of corporate earnings reports and eyed tensions between President Donald Trump and Federal Reserve Chairman Jerome Powell. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) marked record highs throughout the week, however, and are both headed for weekly wins. At this point, the Dow Jones Industrial Average (DJI) is slightly lower for the week, struggling to recover from its sharp Tuesday losses.
Inflation data was muted, with the consumer price index (CPI) matching forecasts, while the producer price index (PPI) missed expectations by remaining unchanged. There was plenty more economic data as well, including the University of Michigan’s consumer sentiment survey, which marked its highest reading since February. This was also a big week for crypto, as lawmakers deliberated key pieces of crypto-related legislation.
Earnings To Watch
This week was chock full of bank earnings, with several big firms announcing their results throughout the week. To name a few, Citigroup (C) and Wells Fargo (WFC) moved in opposite directions after their reports, while Charles Schwab (SCHW) enjoyed a post-earnings record high.
Streaming giant Netflix (NFLX) announced a second-quarter beat-and-raise Friday, but investors weren't impressed, with the stock down over 4%. PepsiCo (PEP) nabbed its best day since 2020 after international sales boosted profits, while sector peer Coca-Cola (KO) is set to report next week.
Semiconductor Sector Updates
Nvidia (NVDA) was in the spotlight this week, after the company announced plans to resume chip sales to China. Much of the tech sector, including chip stocks Advanced Micro Devices (AMD) and Broadcom (AVGO), rallied on the news, helping boost the Nasdaq to all-time highs. The very next day, however, ASML (ASML) injected some pessimism into the semiconductor sphere with its 2026 growth warning.
More Earnings on Deck Next Week
Next week will be quieter in terms of economic data, though there are still plenty of earnings reports on deck. In the meantime, it's worth noting that Cboe Volatility Index (VIX) futures are roughly 15% above the VIX, an intriguing signal that Schaeffer's Senior Quantitative Analyst Rocky White can show you how to play using stock options. Plus, chaeffer's Senior V.P. of Research Todd Salamone discussed SPX risk and recovery.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

S&P 500, Nasdaq Hit Records Amid Data-Heavy Week

Interest rates remain elevated, trade tensions remain in place, and markets have been on a wild ride — yet the largest banks of the United States continue to post strong results. While retail investors may find the volatility unsettling — particularly those needing to liquidate equities or seeking quick gains — Wall Street banks are benefiting.
In the second quarter, the five largest U.S. banks reported a collective 17% rise in trading revenues and a 7% increase in investment banking revenues compared to the same quarter last year (read: Banks Lift Payouts Amid Successful Stress Test: ETFs in Focus).
Volatility Fuels Trading Desks
For banks’ equities trading desks, volatility isn't a threat — it’s a business driver. Their profits don’t hinge on whether markets rise or fall, but on the volume and frequency of trades. As stock prices swung dramatically this quarter, banks reaped the rewards from elevated trading activity.
Retail investors may have been whipsawed by rapid market moves — reacting to everything from tariff announcements to geopolitical conflicts like Israel-Iran — but banks were there to facilitate trades and collect fees at every turn.
Diversification is Key
This quarter reinforces the resilience and flexibility of financial services firms. Whether interest rates stay high or the economy faces headwinds, diversified banking operations — from trading to investment advisory — helped banks thrive.
Trade Uncertainty Isn’t Slowing Deals
Despite ongoing tariff threats and policy unpredictability, banks report that corporate clients remain undeterred. Companies are still pursuing mergers, issuing debt and going public. Bank executives this week emphasized that strategic initiatives are moving forward, regardless of short-term trade risks.
Banking Earnings in Focus
Morgan Stanley’s (MS) second-quarter 2025 earnings per share of $2.13 handily surpassed the Zacks Consensus Estimate of $1.93. The figure also compared favorably with $1.82 per share reported in the prior-year quarter. Additionally, Morgan Stanley’s net revenues of $16.79 billion were up 12% from the prior-year quarter and beat the Zacks Consensus Estimate of $15.92 billion.
Morgan Stanley’s strong trading business performance was propelled by higher client activity, with strength in equity trading. The company’s equity trading revenues jumped 23% year over year to $3.72 billion, and fixed-income trading income was up 9% to $2.18 billion.
Similarly, the trading business led to windfall gains for Goldman Sachs GS and JPMorgan JPM. Goldman reported Q2 EPS of $10.91, beating the estimate of $9.43 and rising from $8.62 a year ago.Global Banking and Markets revenues rose 24% to $10.1B, led by equities and FICC trading strength.Goldman raised its quarterly dividend 33.3% to $4.00 per share after clearing the 2025 Fed stress test.
JPMorgan came out with quarterly earnings of $4.96 per share, beating the Zacks Consensus Estimate of $4.51 per share. This compares to earnings of $4.4 per share a year ago. Revenues of $44.91 billion topped the Zacks Consensus Estimate by 2.52%.
Wells Fargo & Company’s WFC second-quarter 2025 adjusted earnings per share of $1.54 surpassed the Zacks Consensus Estimate of $1.41. In the prior-year quarter, the company reported earnings per share of $1.33. Fee income rose 4% on a gain from the merchant services JV acquisition.
Citigroup Inc. C reported second-quarter 2025 adjusted net income per share of $1.96, up 28.9% from the year-ago period. The metric also surpassed the Zacks Consensus Estimate by 21.7%.
Bank ETFs in Focus
Against this backdrop, financials-based exchange-traded funds (ETFs), such as iShares U.S. Financial Services ETF IYG, iShares US Financials ETF IYF, Invesco KBW Bank ETF KBWB, Financial Select Sector SPDR XLF and Vanguard Financials ETF VFH should gain ahead.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.
Get it free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Vanguard Financials ETF (VFH): ETF Research Reports
iShares U.S. Financials ETF (IYF): ETF Research Reports
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Big Banks Q2 Earnings Thrive: ETFs in Focus

For Immediate Release
Chicago, IL – July 17, 2025– Zacks Director of Research Sheraz Mian says, "The banks already reported not only produced better-than-expected Q2 results, but managements' commentary on business trends and conditions paints a favorable and reassuring view of the coming quarters."
Q2 Earnings Season Kicks Off Positively: A Closer Look
Note: The following is an excerpt from this week's Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>
Here are the key points:
The big banks and brokers have given us a positive start to the Q2 earnings season. These banks have not only reported better-than-expected Q2 results, but managements' commentary on business trends and conditions paints a favorable and reassuring view of the coming quarters.
For the 38 S&P 500 companies that have already reported Q2 results, total earnings are up +8.3% from the same period last year on +4.8% higher revenues, with 84.2% beating EPS estimates and 81.6% beating revenue estimates.
It is relatively early in the Q2 reporting cycle, but the proportion of these 38 index members beating EPS and revenue estimates is tracking notably above the 20-quarter average for this group of companies.
For the Finance sector, we now have Q2 results from 35.6% of the sector's market capitalization in the S&P 500 index. Total earnings for these Finance companies are up +13.2% from the same period last year on +3.4% higher revenues, with all the companies beating EPS estimates and 84.6% beating revenue estimates.
Reassuring Bank Results
Stocks of the big Wall Street firms have been stellar market performers lately. This had increased the odds in our eyes that the companies' June-quarter results may prove to be sell-the-news type of developments, particularly since these banks weren't expected to show much strength in their numbers.
Considering the year-to-date performance of JPMorgan (JPM), Bank of America BAC, Citigroup C, Wells Fargo WFC, Goldman Sachs GS and Morgan Stanley MS. Each of these Wall Street firms has outperformed the market this year, except for Bank of America, which has modestly lagged behind the market.
It is reassuring to see that the actual results from Q2 have largely been very strong and better than expected. Importantly, management commentaries on business trends, the coming quarters, and the overall health of the economy have been broadly positive.
We should note, however, that results at Bank of America and Wells Fargo were mixed at best, with both coming up short of net interest income and the latter also guiding lower on that front. Net interest income, which is the money banks earn from their lending operations, decreased by -2.6% at Wells Fargo and increased by +7% at Bank of America.
Net interest income was up +2% at JPMorgan and an impressive +12% at the seemingly resurgent Citigroup. The favorable performance of Citigroup shares in the above chart not only anticipated the bank's strong results but also reflected the market's confidence in the new management team's strategy.
Citigroup also had impressive results in the trading and investment banking businesses. Trading revenues were up +16% at Citigroup, while JPMorgan, Bank of America, Goldman Sachs, and Morgan Stanley reported gains of +15%, +15%, +22%, and +18%, respectively. Goldman Sachs' equity trading volumes were a new all-time quarterly record.
While the trading business benefited from the elevated tariffs-centric market volatility, the resulting business uncertainty chilled investment banking activities, particularly in the immediate aftermath of the tariff announcements at the start of Q2. However, as JPMorgan noted on itsearnings call the pace of activity notably picked up later in the quarter, resulting in all of these companies exiting the quarter in a much better position.
Investment banking revenues increased +15% at Citigroup, while the same at Goldman Sachs and JPMorgan increased +26% and +7% from the year-earlier level, respectively. Please note that JPMorgan's +7% increase in investment banking revenues compares to management's earlier guidance of a mid-teens decline. Investment banking revenues were down at Morgan Stanley and Bank of America.
For the Zacks Investment Brokers & Managers industry at the mezzanine level, which includes all of these Wall Street firms, total Q2 earnings are now expected to be up +10.5%, which compares to the -2.8% decline that was expected before these results came out.
Q2 earnings growth for the Zacks Finance sector is now expected to be +14.3% on +4.8% revenue growth. With about two-thirds of the sector's market capitalization still to report Q2 results, the Q2 earnings growth pace should go up further in the days ahead.
Importantly, the positive and reassuring management commentary from these Wall Street firms should help push estimates higher for Q3 and beyond.
Expectations for 2025 Q2 & Beyond
The strong bank results have helped push the Q2 earnings growth expectation higher, with earnings for the S&P 500 index now expected to increase by +5.7% from the same period last year on +4.2% higher revenues.
The market's rebound from the post-tariffs April lows has been very impressive, likely suggesting that market participants don't see the tariff uncertainty as presenting a significant threat. This view is also confirmed by commentary from management teams during their earnings calls.
We find ourselves a bit skeptical of this sanguine view. Whatever the final level of tariffs turns out to be, it will have an impact on the earnings picture.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Zacks Investment Research
800-767-3771 ext. 9339
https://www.zacks.com
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.
Zacks' Research Chief Picks Stock Most Likely to "At Least Double"
Our experts have revealed their Top 5 recommendations with money-doubling potential – and Director of Research Sheraz Mian believes one is superior to the others. Of course, all our picks aren’t winners but this one could far surpass earlier recommendations like Hims & Hers Health, which shot up +209%.
See Our Top Stock to Double (Plus 4 Runners Up) >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Citigroup, Inc.

Sign up and get access to the forecasts, "shares 360" and dividend history

AI Factors