Shares of major US banks are hovering near correction territory as the sector prepares to kick off earnings season on Tuesday. Investors are watching executives’ outlooks for American consumers, with long-term borrowing costs remaining near multi-decade highs, Bloomberg News reported.
Wall Street’s biggest banks are expected to report nearly $19 billion in combined stock-trading revenue for the quarter, according to analyst estimates compiled by Bloomberg. Lending is expected to see a spike from a year earlier, while credit quality is likely to remain broadly stable.
