Goldman Sachs (GS.N) lifted 3.3% pre‑market after its third‑quarter earnings report revealed equities trading revenue that surpassed analyst forecasts, signalling robust performance in the bank’s most profitable segment.
JPMorgan Chase (JPM.N) edged up 1% pre‑market after a surprise dip in third‑quarter fixed‑income trading revenue; Citigroup (C.N) and Wells Fargo (WFC.N) also reported, keeping the KBW Bank Index 12% below its mid‑August high.
Tech shares slipped, with Nvidia (NVDA.N) down 0.8%, AMD (AMD.N) and Broadcom (AVGO.N) falling 1.7% and 1.5% respectively, as concerns over AI‑spending costs weigh on the sector. Yet Apple, Microsoft and Alphabet drifted higher pre‑market, reflecting lingering optimism for large‑cap tech.
S&P 500 futures slipped 0.1% while Nasdaq‑100 futures fell 0.7%, mirroring investor caution amid rising capital costs and uncertainty about the long‑term payoff of AI investments. The KBW Bank Index, still in a correction, trails its mid‑August peak by 12%.
Analysts expect banks to trim fixed‑income exposure and tech firms to temper AI‑related capital allocation ahead of the next earnings cycle, with market watchers turning to forthcoming releases for clues on whether AI enthusiasm will sustain momentum.