Leon Hinde

Bank of America provided a bullish outlook after reporting a smaller-than expected 13% fall in first-quarter profit, as growth in consumer lending overshadowed a decline in global dealmaking.

The World Bank is reducing its global growth forecast for 2022 by nearly a full percentage point, to 3.2% from 4.1%, due to the impacts from Russia’s invasion of Ukraine, World Bank President David Malpass said.

Confidence among U.S. single-family homebuilders fell to a seven-month low in April as surging mortgage rates and snarled supply chains boosted housing costs.

Bank of America reports quarterly results Monday before the bell.

Dow blue-chip names report earnings this week, including IBM, Procter and Gamble, Travelers, Dow Inc, Johnson and Johnson, American Express and Verizon.

Netflix earnings are due on Tuesday and Tesla out on Wednesday. Snap reports Thursday.

JPMorgan Chase’s Chief Executive Jamie Dimon warned of economic uncertainties arising from Russia’s invasion of Ukraine and soaring inflation after first-quarter profits at the largest U.S. bank slumped 42%.  

Consumer Banking

Net income of $2.9B vs. $6.8B in 1Q21 & revenue of $12.2B, down 2% YoY

Corporate & Investment Banking

Net income of $4.4B, down 26% YoY & revenue of $13.5B, down 7%
YoY

Commercial Banking

Net income of $850mm, down 28% YoY & revenue of $2.4B was flat compared to the prior year.