Bank of America Corp (BAC) announced its third-quarter earnings today, reporting a net income of $6.9 billion, translating to an earnings per share (EPS) of $0.81. This performance surpassed analysts' expectations of $0.77, despite a 12% year-on-year decline attributed to increased provisions for loan losses and rising expenses. Revenue, net of interest expense, rose 1.0% year-over-year to $25.49 billion, exceeding the consensus estimate of $25.29 billion.
In broader market movements, U.S. stocks opened lower, with the Dow Jones index decreasing by approximately 200 points, down 0.49% to 42,855.88. The NASDAQ, however, experienced a slight increase of 0.20%, reaching 18,539.77, while the S&P 500 rose 0.10% to 5,865.71.
Sector performance varied, with real estate shares gaining 0.9%, while energy shares fell by 2.6%. In commodity trading, oil prices dropped by 5% to $70.14, while gold saw a modest increase of 0.1% to $2,668.60.
In international markets, the eurozone's STOXX 600 index decreased by 0.1%, with mixed results across major European indices. Asian markets closed predominantly lower, with Japan's Nikkei 225 gaining 0.77%, contrasting with significant declines in Hong Kong and China.
Overall, the financial landscape remains dynamic, with Bank of America's strong earnings standing out amid fluctuating market conditions.