Beat the street: Global shares pullback; Goldman Sachs; Morgan Stanley; Oil-geopolitics; Tesla; Apple
US stocks indicate a muted open as global stocks pullback on geopolitical concerns and hawkish comments from some policymakers. Goldman Sachs’ profit climbs.
(Partial Video Transcript)
Pullback Tuesday, more big banks earnings and oil updates
Hello, I'm Angeline Ong and welcome to "Beat the street", the show that gives you all the tradeable news and data you need ahead of the Wall Street open. Coming up, Pullback Tuesday. Now, global stocks are taking a breather on those geopolitical concerns and hawkish comments from some policymakers. And big bank earnings, Goldman Sachs and Morgan Stanley. The earnings just trickling out. Investors watching for signs of health of capital markets. A deal-making Goldman Sachs profit climbing and Morgan Stanley's profit falls on one time charges.
Meanwhile, oil prices rising. We're getting some breaking news at The Wall Street Journal. Middle East tensions are escalating, increasing the volatility in oil futures. More in just a moment.
Dow Jones performance
But first, good afternoon. A warm welcome to you to this new edition of "Beat the street". Not long now before Wall Street starts trading. Now, remember, traders are coming off a long weekend after Martin Luther King Day. We're seeing a fair bit of caution out there. This is the Wall Street which mirrors the Dow Jones Industrials. Just giving you some context here, geopolitical concerns and some hawkish comments from some policymakers actually behind the caution that we're seeing. Also not forgetting, we are also waiting on that December retail sales and housing data to boot.
Goldman Sachs earnings
Now, just wanting to get you across the breaking news for us, or rather the biggest news of the last few hours, earnings from Goldman Sachs fourth quarter profit up 51% to just over $2 billion, as you can see there on this graphic. In terms of per share, $5.48 a share versus $3.32 per share a year earlier. Equity trading revenues jumped 26% in asset and wealth management. Those units, in terms of revenues also did well, rising 23%. Now, what's also key to remember is that Goldman also, like many of the other banks, did embark on quite a bit of cost cutting in terms of restructuring. Let me show you the shares because this is all sessions on the IG platform. Its shares currently up 1.7%, all sessions on the IG platform. As I mentioned earlier, Goldman has actually embarked, like many of the other banks on cost cutting and it has laid off thousands of staff in 2023, including cuts to its workforce in January that were the largest since the 2008 financial crisis.
Morgan Stanley earnings
Also checking in on Morgan Stanley really quickly, Morgan Stanley, though, not an all Sessions stock on the IG platform, but I just want to show it to you ahead of the open. Morgan Stanley profit for Morgan Stanley falling in Q4 due to one-time charges tied to a Federal Deposit Insurance Corporation special assessment and a legal matter.
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