What Happened to the Financial Market?

Wells Fargo, Citigroup, and JPMorgan Chase all reported their second quarter financial earnings on Friday before the market opened in the morning; but, despite reporting earnings and total revenue greater than initial market expectations, the financial market took a broad hit.

JPMorgan Chase reported a record quarter, which Fortune contributes to the Fed’s three separate rate hikes. In terms of income, the bank’s numbers rose to $1.82 per share, significantly higher than the expected earnings of $1.57 cents per share. Total revenue was over 4 percent above the forecast: $26.4 billion instead of $24.8 billion. Profits were up 13 percent to 7.03 billion. The bank elected to keep dividends at $0.50 per share, despite go-aheads for higher payouts after successfully completing the recent stress test.

Wells Fargo also reported higher than expected earnings for the second quarter, at $1.07 per share, five cents above the expected $1.01 per share earnings, and a 5 percent increase year-over-year. Their revenue report, however, did not live up to expectations, falling shy of the forecasting $22.5 billion and coming in at $22.2 billion.

Citigroup reported greater numbers than expected in both revenue and price per share. While it was expected to report $1.21 per share earnings, the bank reported $1.28 per share, which is a five-cent increase since Q2 of 2016. It also reported a revenue of $17.9 billion when it was only expected to report $17.3 billion.

At time of press, Bank of American showed a -2.01 percent change, while Wells Fargo was down 1.93 percent. PNC’s stock fell 1.20 percent, and Citigroup was down 0.88 percent, whereas U.S. Bancorp took a hit at as well, at 0.69 percent.

Bank of America will report their Q2 earnings on Tuesday, July 18.