Multiple U.S. pre-market updates: BlackRock downgrades U.S. stocks, JPMorgan Q3 revenue below expectations

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Pre-market U.S. stock market roundup: BlackRock downgrades U.S. stocks, JPMorgan Q3 revenue misses expectations

BlockBeats reports that October 13, the key news from the U.S. pre-market session on Tuesday is as follows: 1. ChangXin Memory Technologies recently disclosed that it has made key progress on a memory-chip architecture also being pursued by Samsung Electronics and SK SK hynix; 2. Morgan Stanley's latest report states that Samsung and SK SK hynix currently have forward P/E ratios of only approximately 3 to 4 times. They appear cheap, but the valuations may conceal a cycle-peak trap. Morgan Stanley believes that the stronger the memory industry's fundamentals, the more likely the risk of a cycle peak is to be underestimated; strong conditions do not necessarily translate into sustained excess returns; 3. JPMorgan reported third-quarter results, with adjusted revenue of 50910000000 USD, versus market expectations of 51370000000 USD. Third-quarter earnings per share were 5.57 USD, while third-quarter FICC business sales and trading revenue was 5370000000 USD, versus expectations of 6000000000 USD；

4. Goldman Sachs (GS.N) third-quarter equity sales and trading revenue was 6440000000 USD, versus expectations of 5090000000 USD. Third-quarter fixed-income, currency and commodities sales and trading revenue was 3470000000 USD, versus expectations of 3720000000 USD；

5. Citigroup Q3 revenue was 23850000000 USD, versus market expectations of 23720000000 USD. Third-quarter fixed-income, currency and commodities sales and trading revenue was 4390000000 USD, versus expectations of 4260000000 USD. Third-quarter equity sales and trading revenue was 1730000000 USD, versus expectations of 1780000000 USD；

6. The BlackRock Investment Institute adjusted its U.S. asset allocation, raising its rating on short-term U.S. Treasuries to overweight and long-term U.S. Treasuries from underweight to neutral, ending its nearly 6-year underweight stance on U.S. Treasuries. The institute also downgraded U.S. stocks from overweight to neutral; 7. Yesterday, U.S. spot Bitcoin ETF recorded net outflows of 65400000 USD, while spot Ethereum ETF recorded net outflows of 85400000 USD.

Original link https://m.theblockbeats.info/flash/371607

Key points

The BlackRock Investment Institute downgraded U.S. stocks from overweight to neutral.
The BlackRock Investment Institute upgraded short-term U.S. Treasuries to overweight and long-term U.S. Treasuries from underweight to neutral.
JPMorgan's third-quarter adjusted revenue was 50910000000 USD, versus market expectations of 51370000000 USD。
JPMorgan's third-quarter earnings per share were 5.57 USD，FICC business sales and trading revenue was 5370000000 USD, versus expectations of 6000000000 USD。
Goldman's third-quarter equity sales and trading revenue was 6440000000 USD, versus expectations of 5090000000 USD; fixed-income, currency and commodities sales and trading revenue was 3470000000 USD, versus expectations of 3720000000 USD。
Citigroup Q3 revenue was 23850000000 USD, versus market expectations of 23720000000 USD。
Yesterday, U.S. spot Bitcoin ETF recorded net outflows of 65400000 USD, while spot Ethereum ETF recorded net outflows of 85400000 USD。

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

This is a collection of U.S. pre-market news. The BlackRock-affiliated research institute lowered its allocation assessment for U.S. stocks while raising its allocation assessment for U.S. Treasuries. Bank earnings were mixed: JPMorgan's adjusted revenue and FICC revenue were below the expectations listed in the article; Goldman Sachs' equity trading revenue exceeded expectations, while its fixed-income, currency and commodities trading revenue fell short; Citigroup's revenue and fixed-income, currency and commodities trading revenue exceeded expectations, while its equity trading revenue fell short.

Why it matters to readers

These ratings, earnings reports and fund-flow data can help track institutions' views on U.S. stocks and Treasuries, as well as the performance of large banks' different business lines relative to market expectations.

Beginners should distinguish between “actual data” and “market expectations”: being above or below expectations only indicates a difference from the prior forecast and does not mean the stock price will necessarily rise or fall. Institutional ratings are allocation views, not guarantees of returns.

Risks and unknowns

The content is a summary and paraphrase by BlockBeats and does not provide the institutions' original reports, complete earnings reports or ETF fund-flow details.
The original text only says “October 13” and “yesterday”; it does not specify the year or the specific date corresponding to the ETF fund flows.

Multiple U.S. pre-market updates: BlackRock downgrades U.S. stocks, JPMorgan Q3 revenue below expectations

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