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“You can’t stay in your corner of the forest waiting for others to come to you. You have to go to them sometimes.” – A.A. Milne

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Dow futures are trading just south of the flat line this morning, while S&P 500 and Nasdaq futures are trading slightly higher.  There are no earnings reports to speak of today, but tomorrow morning we’ll hear from three more of the “big six” US banks and brokers: Bank of America (BAC), Citigroup (C), and Goldman Sachs (GS).

The Q3 earnings season began last Friday with five companies reporting before the open.  All five beat consensus EPS estimates, while four of five beat sales estimates (WFC was the lone miss).  As shown below, four of the five companies that reported to kicks things off posted strong share-price gains on Friday.  While BNY Mellon (BK) posted a “meh” reaction with a small drop of 0.4%, BlackRock (BLK) gained 3.6%, JP Morgan (JPM) gained 4.4%, Wells Fargo (WFC) gained 5.6%, and Fastenal (FAST) gained 9.8%.  FAST’s 9.8% gain was its best earnings reaction day in five years, while Wells Fargo had its best earnings day since July 2022.