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PNC Finl Servs Gr

PNC Financial Services Group is a diversified financial services company offering retail banking, corporate and institutional banking, asset management, and residential mortgage banking across the United States.

PNC Financial Services Gr

PNC Financial Services Group, Inc. (The) Common Stock

PNC Financial Services Group Inc

Galleon Gold Corp

PNC FINANCIAL SERVICES GROUP ORD

Financial stocks are basking in a post-election rally after Donald Trump's election win as investors anticipate a friendlier regulatory landscape for banks, brokers and<a href="https://www.benzinga.com/markets"> consumer finance companies</a>.
With expectations of deregulation and possible tax cuts, traders are piling into financials at levels not seen in years.
The Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) jumped over 5% last week, hitting fresh record highs, while weekly inflows surged to $1.573 billion—the highest in over two years. 
Regional banks, in particular, were on fire, with the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) skyrocketing nearly 11% and seeing $1.09 billion in inflows, marking its largest influx of money since March 2023.
<h3 class="wp-block-heading">Key Drivers: Deregulation, Tax Cuts Fuel Investor Optimism</h3>
Investors are betting on a wave of Trump-favored financial reforms that could benefit the sector. 
Richard Ramsden, a Goldman Sachs analyst, highlighted that "the market is pricing in the potential for changes to a number of proposed regulations, a step up in capital markets activity, as well as the potential for a reduction in the corporate tax rate."
Potential regulatory changes under Trump could include:
<ol>
<li>401K Reform: Opening up retirement plans to private investments could attract a flood of new capital.</li>
<li>Relaxed Antitrust Regulations: A more lenient antitrust stance may spark increased mergers and acquisitions (M&amp;A) activity.</li>
<li>Reduced SEC Oversight: There is limited clarity on whether the SEC will continue probing brokers' sweep pricing practices.</li>
<li>Crypto-Friendly Policies: Financial firms with crypto exposure may benefit from a more favorable regulatory environment and higher digital asset prices.</li>
</ol>
<h3 class="wp-block-heading">Goldman Sachs's Top Picks Among Financials Stocks</h3>
In anticipation of these shifts, Ramsden and his team have identified several top picks across the financial sector. 
Here's where they see the biggest potential gains:
<ul>
<li>Large Banks: Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), and Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>).</li>
<li>Consumer Finance: Bread Financial Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BFH#NYSE">BFH</a>), Synchrony Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>), and Capital One Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>).</li>
<li>Capital Markets: Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>), Apollo Global Management Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>), KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>), LPL Financial Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LPLA#NASDAQ">LPLA</a>), Tradeweb Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TW#NASDAQ">TW</a>), Evercore Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVR#NYSE">EVR</a>), and PJT Partners Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PJT#NYSE">PJT</a>).</li>
</ul>
<h3 class="wp-block-heading">Steeper Yield Curve Expected to Boost Regional Banks</h3>
As markets react to potential economic stimulus and reduced regulatory pressure, analysts anticipate a steeper yield curve, which could be a windfall for banks with heavy exposure to fixed-rate assets. 
Around 60% of both regional and large banks' balance sheets consist of fixed-rate holdings, positioning them to profit as long-term rates rise.
Ramsden's picks for banks that stand to gain the most from a steeper yield curve include:
Regional Banks: 
<ul>
<li>Citizens Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFG#NYSE">CFG</a>)</li>
<li>Comerica Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>)</li>
<li>First Hawaiian Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FHB#NASDAQ">FHB</a>)</li>
<li>Zions Bancorporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>)</li>
<li>Truist Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>)</li>
<li>Huntington Bancshares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HBAN#NASDAQ">HBAN</a>)</li>
<li>Regions Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RF#NYSE">RF</a>)</li>
<li>PNC Financial Services Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>)</li>
<li>Ally Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>).</li>
</ul>
<h3 class="wp-block-heading">Surge in Capital Velocity: M&amp;A and Trading Boost Expected</h3>
Trump's pro-business stance is also expected to accelerate capital velocity in the M&amp;A and equity capital markets, providing a strong backdrop for trading activity. 
According to Ramsden, large banks like Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) could be the biggest beneficiaries, while among regional banks,&nbsp;KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>)&nbsp;and&nbsp;Citizens Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFG#NYSE">CFG</a>)&nbsp;stand out.
Investment banks could also see a boost, with&nbsp;Jefferies Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JEF#NYSE">JEF</a>),&nbsp;Moelis &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MC#NYSE">MC</a>),&nbsp;PJT Partners Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PJT#NYSE">PJT</a>), and&nbsp;Piper Sandler Companies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PIPR#NYSE">PIPR</a>)&nbsp;positioned to capitalize on a more active M&amp;A market. 
In the alternative asset management space,&nbsp;Carlyle Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CG#NASDAQ">CG</a>),&nbsp;KKR,&nbsp;Apollo,&nbsp;TPG Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TPG#NASDAQ">TPG</a>), and&nbsp;Ares Management Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARES#NYSE">ARES</a>)&nbsp;are expected to benefit from an uptick in private equity deal flow.
<h3 class="wp-block-heading">Tax Cut Hopes Could Supercharge Regional Banks</h3>
Financial stocks are uniquely positioned to benefit from any corporate tax reductions, given that 90% of their earnings come from the U.S. and are currently taxed at an average rate of 23%. After the 2017 tax reform slashed the corporate tax rate from 35% to 21%, financials saw their effective tax rate drop by 10 percentage points.
Ramsden estimates that if the Trump administration pursues another tax cut, regional banks would likely see the most significant upside. 
His top tax-cut beneficiaries include&nbsp;Moelis &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MC#NYSE">MC</a>),&nbsp;American Express Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>),&nbsp;Evercore Inc.,&nbsp;Bread Financial Holdings,&nbsp;Piper Sandler,&nbsp;First Citizens BancShares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FCNCA#NASDAQ">FCNCA</a>),&nbsp;Synovus Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNV#NYSE">SNV</a>), and&nbsp;Western Alliance Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>).
<h3 class="wp-block-heading">Insurers to Benefit from Steeper Curve, P&amp;C Pricing Power</h3>
The insurance sector may also stand to gain under Trump's pro-business policies. Ramsden expects potential increases in claim costs but sees positive momentum for property and casualty pricing.
Insurers with substantial U.S. exposure and a favorable position on the yield curve could see tailwinds.
Ramsden's picks in the insurance space include&nbsp;W.R. Berkley Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>),&nbsp;Hartford Financial Services Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIG#NYSE">HIG</a>), and&nbsp;The Travelers Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>), which he believes are better positioned than brokers to benefit from these trends.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/41857487/exclusive-trump-victory-triggers-reshoring-rally-as-supply-chain-security-outweighs-cost">EXCLUSIVE: Trump Victory Triggers &#8216;Reshoring&#8217; Rally As Supply Chain Security Outweighs Cost</a></li>
</ul>
Image created using artificial intelligence via Midjourney and Shutterstock.

Analyst Color

Equities

Large Cap

Mid Cap

Sector ETFs

Politics

Small Cap

Econ #s

Economics

Markets

ETFs

ALLY

ARES

FCNCA

HBAN

LPLA

PIPR

ZION

Trump Trade Sparks Biggest Financial Stock Inflows In 2 Years

WIIM

EWBC

SCHW

TBBK

Shares of banks and financial services stocks are trading higher. The sector has gained amid the 2024 US presidential election results.

News

PNC Financial Says It Plans To Double Planned Branch Openings To More Than 200 Across Six States; In Addition, Company Will Raise Branch Investment By $500M With Plans To Build New Locations In 12 Cities

BANC

CADE

COLB

FITB

FULT

NTRS

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Shares of banking and private equity stocks are trading higher after Donald Trump won the US presidential election.

PNC Finl Servs Gr's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) short percent of float has fallen 3.4% since its last report. The company recently reported that it has 5.61 million shares sold short, which is 1.42% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.46 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>PNC Finl Servs Gr Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1730226624_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for PNC Finl Servs Gr has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing PNC Finl Servs Gr's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, PNC Finl Servs Gr's peer group average for short interest as a percentage of float is 1.08%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Trading Ideas

Peering Into PNC Finl Servs Gr's Recent Short Interest

In the current session, the stock is trading at $187.43, after a 0.87% increase. Over the past month, PNC Finl Servs Gr Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) stock increased by 4.19%, and in the past year, by 63.74%. With performance like this, long-term shareholders are optimistic but others are more likely to look into the price-to-earnings ratio to see if the stock might be overvalued.

<img src="https://www.benzinga.com/files/images/story/2024/1730126728_0.png" alt="Past Year Chart" />

<h3>PNC Finl Servs Gr P/E Compared to Competitors</h3>
The P/E ratio measures the current share price to the company's EPS. It is used by long-term investors to analyze the company's current performance against it's past earnings, historical data and aggregate market data for the industry or the indices, such as S&amp;P 500. A higher P/E indicates that investors expect the company to perform better in the future, and the stock is probably overvalued, but not necessarily. It also could indicate that investors are willing to pay a higher share price currently, because they expect the company to perform better in the upcoming quarters. This leads investors to also remain optimistic about rising dividends in the future. 
Compared to the aggregate P/E ratio of 13.38 in the Banks industry, PNC Finl Servs Gr Inc. has a higher P/E ratio of 15.71. Shareholders might be inclined to think that PNC Finl Servs Gr Inc. might perform better than its industry group. It's also possible that the stock is overvalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1730126729_1.png" alt="Guage" />

In conclusion, the price-to-earnings ratio is a useful metric for analyzing a company's market performance, but it has its limitations. While a lower P/E can indicate that a company is undervalued, it can also suggest that shareholders do not expect future growth. Additionally, the P/E ratio should not be used in isolation, as other factors such as industry trends and business cycles can also impact a company's stock price. Therefore, investors should use the P/E ratio in conjunction with other financial metrics and qualitative analysis to make informed investment decisions.

Intraday Update

P/E Ratio Insights for PNC Finl Servs Gr

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>NU</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$13.00</td>
<td>$28.5K</td>
<td>37.4K</td>
<td>2.3K</td>
</tr>
<tr>
<td>RELY</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$15.00</td>
<td>$73.5K</td>
<td>402</td>
<td>420</td>
</tr>
<tr>
<td>PNC</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>11/01/24</td>
<td>$182.50</td>
<td>$30.0K</td>
<td>378</td>
<td>300</td>
</tr>
<tr>
<td>PYPL</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$80.00</td>
<td>$26.0K</td>
<td>6.1K</td>
<td>245</td>
</tr>
<tr>
<td>COIN</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$5.00</td>
<td>$82.7K</td>
<td>886</td>
<td>220</td>
</tr>
<tr>
<td>MS</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/01/24</td>
<td>$102.00</td>
<td>$70.9K</td>
<td>219</td>
<td>209</td>
</tr>
<tr>
<td>UBS</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/16/25</td>
<td>$20.00</td>
<td>$229.5K</td>
<td>0</td>
<td>180</td>
</tr>
<tr>
<td>WFC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$60.00</td>
<td>$51.9K</td>
<td>17.1K</td>
<td>126</td>
</tr>
<tr>
<td>FUTU</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/01/24</td>
<td>$75.00</td>
<td>$117.7K</td>
<td>471</td>
<td>100</td>
</tr>
<tr>
<td>BX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$155.00</td>
<td>$27.9K</td>
<td>3.5K</td>
<td>52</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These itemized elaborations have been created using the accompanying table. 
• Regarding NU (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>), we observe a put option sweep with bearish sentiment. It expires in 21 day(s) on November 15, 2024. Parties traded 2027 contract(s) at a $13.00 strike. This particular put needed to be split into 33 different trades to become filled. The total cost received by the writing party (or parties) was $28.5K, with a price of $14.0 per contract. There were 37469 open contracts at this strike prior to today, and today 2329 contract(s) were bought and sold. 
• Regarding RELY (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RELY#NASDAQ">RELY</a>), we observe a put option sweep with bullish sentiment. It expires in 84 day(s) on January 17, 2025. Parties traded 420 contract(s) at a $15.00 strike. This particular put needed to be split into 28 different trades to become filled. The total cost received by the writing party (or parties) was $73.5K, with a price of $175.0 per contract. There were 402 open contracts at this strike prior to today, and today 420 contract(s) were bought and sold. 
• For PNC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>), we notice a put option trade that happens to be bearish, expiring in 7 day(s) on November 1, 2024. This event was a transfer of 300 contract(s) at a $182.50 strike. The total cost received by the writing party (or parties) was $30.0K, with a price of $100.0 per contract. There were 378 open contracts at this strike prior to today, and today 300 contract(s) were bought and sold. 
• Regarding PYPL (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), we observe a call option sweep with bearish sentiment. It expires in 21 day(s) on November 15, 2024. Parties traded 50 contract(s) at a $80.00 strike. This particular call needed to be split into 11 different trades to become filled. The total cost received by the writing party (or parties) was $26.0K, with a price of $520.0 per contract. There were 6173 open contracts at this strike prior to today, and today 245 contract(s) were bought and sold. 
• Regarding COIN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), we observe a call option trade with bullish sentiment. It expires in 448 day(s) on January 16, 2026. Parties traded 4 contract(s) at a $5.00 strike. The total cost received by the writing party (or parties) was $82.7K, with a price of $20695.0 per contract. There were 886 open contracts at this strike prior to today, and today 220 contract(s) were bought and sold. 
• For MS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), we notice a call option sweep that happens to be bearish, expiring in 7 day(s) on November 1, 2024. This event was a transfer of 47 contract(s) at a $102.00 strike. This particular call needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $70.9K, with a price of $1510.0 per contract. There were 219 open contracts at this strike prior to today, and today 209 contract(s) were bought and sold. 
• Regarding UBS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>), we observe a call option sweep with bullish sentiment. It expires in 203 day(s) on May 16, 2025. Parties traded 180 contract(s) at a $20.00 strike. This particular call needed to be split into 14 different trades to become filled. The total cost received by the writing party (or parties) was $229.5K, with a price of $1275.0 per contract. There were 0 open contracts at this strike prior to today, and today 180 contract(s) were bought and sold. 
• For WFC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), we notice a call option sweep that happens to be bullish, expiring in 21 day(s) on November 15, 2024. This event was a transfer of 100 contract(s) at a $60.00 strike. This particular call needed to be split into 6 different trades to become filled. The total cost received by the writing party (or parties) was $51.9K, with a price of $514.0 per contract. There were 17107 open contracts at this strike prior to today, and today 126 contract(s) were bought and sold. 
• For FUTU (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FUTU#NASDAQ">FUTU</a>), we notice a call option sweep that happens to be bearish, expiring in 7 day(s) on November 1, 2024. This event was a transfer of 64 contract(s) at a $75.00 strike. This particular call needed to be split into 64 different trades to become filled. The total cost received by the writing party (or parties) was $117.7K, with a price of $1840.0 per contract. There were 471 open contracts at this strike prior to today, and today 100 contract(s) were bought and sold. 
• For BX (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>), we notice a call option sweep that happens to be bullish, expiring in 21 day(s) on November 15, 2024. This event was a transfer of 20 contract(s) at a $155.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $27.9K, with a price of $1372.0 per contract. There were 3531 open contracts at this strike prior to today, and today 52 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more news on unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

COIN

FUTU

PYPL

RELY

10 Financials Stocks Whale Activity In Today's Session

In the current market session, PNC Finl Servs Gr Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) stock price is at $188.60, after a 0.11% decrease. However, over the past month, the company's stock spiked by 1.20%, and in the past year, by 71.91%. Shareholders might be interested in knowing whether the stock is overvalued, even if the company is not performing up to par in the current session. 

<img src="https://www.benzinga.com/files/images/story/2024/1729261810_0.png" alt="Past Year Chart" />

<h3>Evaluating PNC Finl Servs Gr P/E in Comparison to Its Peers</h3>
The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E could indicate that shareholders do not expect the stock to perform better in the future or it could mean that the company is undervalued. 
Compared to the aggregate P/E ratio of 13.44 in the Banks industry, PNC Finl Servs Gr Inc. has a higher P/E ratio of 15.96. Shareholders might be inclined to think that PNC Finl Servs Gr Inc. might perform better than its industry group. It's also possible that the stock is overvalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1729261810_1.png" alt="Guage" />

In summary, while the price-to-earnings ratio is a valuable tool for investors to evaluate a company's market performance, it should be used with caution. A low P/E ratio can be an indication of undervaluation, but it can also suggest weak growth prospects or financial instability. Moreover, the P/E ratio is just one of many metrics that investors should consider when making investment decisions, and it should be evaluated alongside other financial ratios, industry trends, and qualitative factors. By taking a comprehensive approach to analyzing a company's financial health, investors can make well-informed decisions that are more likely to lead to successful outcomes.

Barclays analyst Jason Goldberg maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Overweight and raises the price target from $209 to $229.

Price Target

Analyst Ratings

Barclays Maintains Overweight on PNC Finl Servs Gr, Raises Price Target to $229

Wells Fargo analyst Whit Mayo maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Overweight and raises the price target from $204 to $215.

Wells Fargo Maintains Overweight on PNC Finl Servs Gr, Raises Price Target to $215

Stephens &amp; Co. analyst Terry McEvoy maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Equal-Weight and raises the price target from $185 to $200.

Stephens & Co. Maintains Equal-Weight on PNC Finl Servs Gr, Raises Price Target to $200

Evercore ISI Group analyst John Pancari maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Outperform and raises the price target from $212 to $225.

Evercore ISI Group Maintains Outperform on PNC Finl Servs Gr, Raises Price Target to $225

Keefe, Bruyette &amp; Woods analyst David Konrad maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Underperform and raises the price target from $180 to $182.

Keefe, Bruyette & Woods Maintains Underperform on PNC Finl Servs Gr, Raises Price Target to $182

Morgan Stanley analyst Betsy Graseck maintains PNC Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Underweight and raises the price target from $177 to $180.

Morgan Stanley Maintains Underweight on PNC Finl Servs Gr, Raises Price Target to $180

PNC Financial Services shares are trading higher after the company reported better-than-expected Q3 financial results.

A wave of market-relevant news fueled an active trading session on Wall Street Tuesday, with large-cap indices falling due to sharp declines in tech and energy stocks, while small-caps outperformed, led by gains in regional banks.
At the forefront of the headlines is the massive plunge in ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) shares. The Dutch chipmaker&#8217;s stock nosedived over 16% after a technical error prematurely revealed its third-quarter earnings, originally scheduled for Wednesday, <a href="https://www.benzinga.com/markets/equities/24/10/41339229/asml-earnings-leak-sparks-broad-semiconductor-sell-off-sector-down-sharply-as-dutch-chipmaker-lo">on the company&#8217;s website. </a>
The report disclosed weaker-than-expected guidance for 2025, leading to the worst single-day drop in ASML stock since it went public in 2002.
ASML&#8217;s collapse sent shockwaves across the semiconductor sector, with the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) falling more than 4%, marking its worst performance since early September. Key semiconductor players were hit hard, with NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) down 5% and Arm Holdings PLC-ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) tumbling 7%.
Another underperforming sector was energy. Oil prices plunged 5%, setting up their <a href="https://www.benzinga.com/markets/asia/24/10/41336413/oil-prices-take-largest-plunge-in-over-a-year-as-israel-vows-to-spare-iranian-facilities-energy-stoc">worst trading day in over a year. </a>
The sell-off followed a Monday&#8217;s report from The Washington Post, which revealed Israeli Prime Minister Benjamin Netanyahu assured the Biden administration Israel would refrain from targeting Iranian oil and nuclear facilities in any retaliatory military actions.
Meanwhile, the financial sector surged, extending its all-time highs as Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and Charles Schwab Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) all posted <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41331839/financial-sector-hits-record-highs-as-goldman-sachs-bank-of-america-citi-beat-q3-ea">stronger-than-expected quarterly earnings.</a>
Gains also spread to more economically sensitive regional banks, with the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) jumping over 3%, lifting the broader Russell 2000 index by 1%.
In other markets, both the U.S. dollar and Treasury yields remained steady, as there were no major updates on interest-rate expectations. Gold edged up by 0.6%, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued its recent momentum, climbing 1.3% after a 5.1% surge on Monday.
<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>Chg (1-day) %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,272.05</td>
<td>1.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,942.79</td>
<td>-0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,842.20</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,221.22</td>
<td>-1.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:45 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101524&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.4% to $581.82.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.3% down to $429.46.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 1.1% to $491.72.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 1% to $222.52.</li>
<li>The Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, up 1%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 2.3%.</li>
</ul>
<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>
<ul>
<li>Airlines and cruise lines rallied in reaction to lower oil prices. American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) rose 2.2%, United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) gained 2.2%. Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) and Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) rallied 7.7% and 5.5%, respectively. </li>
<li>Charles Schwab rose 7.5% after reporting stronger-than-expected quarterly results. </li>
<li>Other stocks reacting to earnings were UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>), down 7.4%; Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), up 1.8%; Bank of America Corp., up 1.9%; Goldman Sachs Group Inc., down 0.3%; Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), down 4%; PNC Financial Services Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>), up 4%; State Street Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>), up 0.6% and Walgreens Boots Alliance Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>), up 13%</li>
<li>Companies slated to report earnings after the close include Interactive Brokers Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NASDAQ">IBKR</a>), United Arlines Holdings Inc., Omnicon Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMC#NYSE">OMC</a>) and J.B. Hunt Transport Services Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>). </li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41336897/3-reasons-why-a-bitcoin-all-time-high-before-the-election-is-back-in-play">3 Reasons Why A Bitcoin All-Time High Before The Election Is Back In Play</a></li>
</ul>
Photo: Shutterstock

Broad U.S. Equity ETFs

Guidance

Commodities

Tech

$BTC

ASML

SPDR Dow Jones Industrial Average ETF Trust

IBKR

JBHT

NCLH

NVDA

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

Chipmaker Stocks Sink On ASML Earnings Leak, Oil Eyes Worst 1-Day Drop This Year, Small Caps Rally: What's Driving Markets Tuesday?

PNC Sees Q4 Adj. Fee Income Down 5%-7% Vs Q3

PNC Financial Services Group, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) shares are trading higher after it reported<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41326623/pnc-reports-third-quarter-2024-net-income-of-1-5-billion-3-49-diluted-eps" rel="noreferrer noopener"> third-quarter&nbsp;results</a>.
Revenue rose 4%&nbsp;Y/Y to $5.432 billion, beating the consensus of&nbsp;$5.389 billion. Revenue growth Y/Y led by higher&nbsp;noninterest income.
Net interest income remained flat Y/Y at&nbsp;$3.41 billion, with a net interest margin of 2.64%.
Noninterest income grew&nbsp;11%&nbsp;Y/Y to&nbsp;$2.02 billion, led by higher fee income (+13% Y/Y) thanks to strong capital markets and advisory revenue.
Average loans and average deposits both remained stable Y/Y in the&nbsp;third quarter. EPS of&nbsp;$3.49&nbsp;topped&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;$3.32</a>.
The company reported a provision for credit losses of&nbsp;$243 million&nbsp;in the quarter (vs.&nbsp;$129 million&nbsp;a year ago). CET1 capital ratio stood at&nbsp;10.3%&nbsp;vs. 9.8%&nbsp;in the prior year quarter.&nbsp;
Dividend: On October 3, 2024, PNC&#8217;s board of directors declared a quarterly cash dividend on common stock of&nbsp;$1.60, payable on November 5, 2024, to shareholders of&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41168021/pnc-declares-dividend-of-1-60-on-common-stock" rel="noreferrer noopener">record as of October 16, 2024</a>.
PNC returned&nbsp;$0.8 billion&nbsp;of capital to shareholders, comprising share repurchases over&nbsp;$0.1&nbsp;billion&nbsp;in the quarter.
The company expects the share repurchase activity for the fourth quarter of 2024 is expected to match recent quarterly averages.
Bill Demchak, Chairman and CEO, said, &#8220;Our results for the third quarter demonstrate PNC&#8217;s continued strong momentum across the franchise. NII and NIM both increased, fee revenue grew substantially and expenses remained well controlled, resulting in positive operating leverage.&#8221;
&#8220;Importantly, we increased TBV, grew customers and continued to strengthen our capital levels. We remain well positioned to capitalize on opportunities and achieve record NII in 2025.&#8221;
<a target="_blank" href="https://d1io3yog0oux5.cloudfront.net/_c053e26bac1e3ba8730bf90f9a1b5811/pnc/db/2250/21523/presentation/3Q24+Earnings+Slides_Final.pdf" rel="noreferrer noopener">Guidance</a>: For the&nbsp;fourth quarter, the bank expects average loans and total revenue to be stable and net interest income to be&nbsp;up&nbsp;1% sequentially.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Regional Banks ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAT#NYSE">IAT</a>) and&nbsp;Invesco Exchange-Traded Fund Trust II Invesco S&amp;P Ultra Dividend Revenue ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDIV#NYSE">RDIV</a>).
Price Action: PNC shares are up 0.78% at $190.00 premarket at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41324660/jim-cramer-says-earnings-season-will-fuel-markets-record-run-but-warns-of-this-horr" target="_blank" rel="noreferrer noopener">Jim Cramer Says Earnings Season Will Fuel Market&#8217;s Record Run, But Warns Of This &#8216;Horrendous&#8217; Headwind That Could Apply Brakes To Rally</a></li>
</ul>

Earnings

Dividends

Buybacks

iShares Dow Jones US Regional Banks Index Fund

RDIV

PNC Financial Surges Past Q3 Expectations With Revenue Boost And Strong Fee Growth

Wall Street mood has become circumspect as traders gear up to receive a slew of earnings reports this week <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41319060/s-p-500-extends-record-highs-dow-breaks-43-000-ahead-of-pivotal-earnings-week-bitco">amid the market&#8217;s record run.</a> The Nasdaq Composite has been a laggard among the major averages and it remains to be seen if the early sentiment reverses and tech stocks could finish the session with a flourish. 
A spate of earnings due ahead of the market may set the tone for the day&#8217;s trading. Traders may also focus on any potential preannouncements, the results of a regional manufacturing survey and a couple of speeches by Federal Reserve officials. Energy stocks could lose their verve amid the sharp retreat in energy prices amid waning demand and supply concerns. Bond yields continue to hold firm. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.12%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.05%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.06%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.07%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Tuesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged down 0.06% to $583.99 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) moved down 0.15% to $496.77, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
Optimism concerning tech earnings season abounded on Wall Street on Monday as the S&amp;P 500 and Nasdaq Composite Indices opened solidly higher and moved roughly sideways before closing higher. The 30-stock Dow opened lower as Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) served as a drag, but the blue-chip average recouped its losses and moved higher in late-morning trading and stayed in the green for the remainder of the session.
As a result, the Dow and S&amp;P 500 set fresh closing and intraday highs, with the former topping 43,000 for the first time ever. The Nasdaq Composite is just under seven points from its all-time high of 18,509.34.
All but one of the S&amp;P 500 sector indices closed higher for the day, with energy stocks notching a marginal loss. IT and utility stocks were the biggest gainers of the session, led by Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). The artificial intelligence stalwart ended the session at a record high.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td> Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.87%</td>
<td>18,502.69</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.77%</td>
<td>5,859.85</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.47%</td>
<td>43,065.22</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.64%</td>
<td>2,248.64</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Cyclical stocks are poised for relative outperformance, thanks to the recent data that reinforces the resilience of the economy, according to Morgan Stanley analysts. But positioning in cyclicals remains light, said the firm&#8217;s Chief U.S. Equity Strategist Mike Wilson. 
&#8220;This creates opportunity in a sector that we upgraded to overweight last week given rebounding capital markets activity, a better loan growth environment in 2025, an acceleration in buybacks post Basel Endgame re-proposal, and attractive relative valuation,&#8221; he said.
The focus now shifts to the general election, Wilson said. The three high-level dynamics which are still important, according to the strategist, are:
<ul>
<li> business cycle remains more important than the election outcome.</li>
<li>on average, volatility picks up in September of election years and stays elevated through October before decelerating in November.</li>
<li>history is supportive of a quality bias in election years.</li>
</ul>
WisdomTree Senior Economist and Wharton Professor Emeritus Jeremy Siegel also expressed a preference for quality names. &#8220;Looking ahead, I see opportunity if the current resilience continues,&#8221; the economist said.
&#8220;Stocks are not cheap by historical standards, but with the fear gauge elevated and investors still largely hedging their bets, we could see a sharp move higher if sentiment turns more positive,&#8221; he added.
Siegel said quality remains the key for investors. Small caps are catching up a bit but the fundamentals of large-cap tech companies continue to drive performance, he said. &#8220;With inflation moderating and the Fed's easing cycle beginning, sectors like financials and industrials could benefit from a more favorable economic backdrop,&#8221; he added.
Early reports from banks have been solid and could set the tone for broader market gains, the economist said.
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Upcoming Economic Data
<ul>
<li>The New York Federal Reserve is scheduled to release the results of its regional manufacturing survey at 8:30 a.m. EDT. Economists, on average, expect the index to decline sharply from 11.5 in September to 3 in October.</li>
<li>San Francisco Fed President Mary Daly will speak at 11:30 a.m. EDT.</li>
<li>The Treasury will auction three- and six-month bills at 11:30 a.m. EDT.</li>
<li>Fed Governor Adriana Kugler is scheduled to make a public appearance at 1 p.m. EDT.</li>
</ul>
Stocks In Focus:
<ul>
<li>Wolfspeed, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>) climbed nearly 10% <a href="https://www.benzinga.com/premarket">in premarket trading </a>after the company announced up to $750 million in proposed direct funding under the CHIPS and Science Act and an additional $$750 million of new financing from a consortium led by Apollo Global. </li>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) climbed over 10% as the stock reacted to Republican presidential nominee Donald Trump&#8217;s improving fortunes. </li>
<li>Chipmakers Nvidia, Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) and Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) and AI server maker Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) were all trading lower, following their recent gains.</li>
<li>Energy stocks tumbled in reaction to the 4%+ pullback in oil prices.</li>
<li>Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Charles Schwab Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>), Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), PNC Financial Services Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>), Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), UnitedHealth Group Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) and Walgreens Boots Alliance, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) are among the <a href="https://www.benzinga.com/calendars/earnings">companies reporting their quarterly results ahead of the market opens.</a></li>
<li>Those reporting after the close include J.B. Hunt Transport Services, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>) and United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil plunged over 4.50% in the early New York session after reports said Israel won&#8217;t launch an attack on Iran&#8217;s crude oil infrastructure, and gold futures were modestly higher. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) firmed up over the past 24 hours and traded above the $65.5K level. The benchmark 10-year old Treasury note yield weakened slightly to 4.065%.
In Asia, Hong Kong and Chinese markets retreated sharply as a string of recent weak data weighed down on sentiment, even as traders looked ahead to further stimulatory measures from the government and the central bank. Most other major markets advanced, taking cues from the positive performance of Wall Street stocks overnight.
European stocks traded mostly lower in early hours amid falling oil prices. 
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41324660/jim-cramer-says-earnings-season-will-fuel-markets-record-run-but-warns-of-this-horr">Jim Cramer Says Earnings Season Will Fuel Market&#8217;s Record Run, But Warns Of This &#8216;Horrendous&#8217; Headwind That Could Apply Brakes To Rally</a></li>
</ul>
Photo via Shutterstock

Futures

Previews

Federal Reserve

Pre-Market Outlook

Movers

SMCI

WOLF

Wall Street On Edge As Nasdaq Nears Record High, Oil Prices Plummet: Strategist Says There's Opportunity If Resilience Continues

PNC Q3 Net Interest Income $3.41B, Provision For Credit Losses $243M

Barclays analyst Jason Goldberg maintained a Buy rating on PNC Financial (PNC – Research Report) today and set a price target of $229.00. The compa...

Barclays Sticks to Their Buy Rating for PNC Financial (PNC)

Clearfield (CLFD) announced the election of Kate Kelly and Ademir Sarcevic to its Board of Directors, effective December 11, 2024. Most recently, K...

Clearfield elects Kate Kelly, Ademir Sarcevic to board of directors

As financials continue to outperform the S&P 500, here are the top 10 SA quant picks

PNC Financial to spend $500M in new branch expansion plan

BancAnalysts Association of Boston Conference

Wall Street picks for bank stocks after Trump's victory include Capital One, PNC

In a report released today, David Konrad from KBW maintained a Sell rating on PNC Financial (PNC – Research Report), with a price target of $182.00...

PNC Financial (PNC) Gets a Sell from KBW

Artisan Value Income Fund Q3 2024 Commentary

Wells Fargo raised the firm's price target on PNC Financial (PNC) to $235 from $215 and keeps an Overweight rating on the shares as part of a broad...

PNC Financial price target raised to $235 from $215 at Wells Fargo

In a report released today, Mike Mayo from Wells Fargo maintained a Buy rating on PNC Financial (PNC – Research Report), with a price target of $23...

Wells Fargo Keeps Their Buy Rating on PNC Financial (PNC)

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PNC Financial Services Group, Plaid Enter Data Access Agreement

PNC Bank Launches Akoya Integration for PINACLE Connect® to Provide More Secure, Transparent Data Access for Corporate Clients

PNC Declares Dividend of $1.60 on Common Stock

PNC Reports Third Quarter 2024 Net Income of $1.5 Billion, $3.49 Diluted EPS

Offerings

PNC Announces Redemption of Senior Floating Rate Bank Notes Due Dec. 2, 2024 and 5.671% Fixed Rate/Floating Rate Senior Notes Due Oct. 28, 2025

PNC Executives to Speak at BancAnalysts Association of Boston Conference

Economic experts share 2025 outlook at 61st Annual ASU/PNC Bank Luncheon

PNC Announces Redemption Of All Depositary Shares Representing Interests In Series R Preferred Stock

PNC Bank, N.A. Changes Prime Rate

PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States

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