Second-quarter results from both lenders exceeded analyst forecasts amid resilient economic activity.
Bank of America and Wells Fargo reported second-quarter earnings that surpassed Wall Street expectations on Tuesday. The beats reflect sustained consumer spending and loan demand in a still-healthy U.S. economy, despite elevated interest rates.
Analysts had anticipated modest gains for large banks heading into earnings season, with consensus estimates calling for single-digit revenue growth. Both lenders outperformed, though premarket trading saw Bank of America shares dip 1% and Wells Fargo fall 2%.
The Dow Jones index declined ahead of the June CPI inflation report, while IBM stock plunged 23% following its own earnings release, weighing on broader market sentiment.