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JPMorgan posted results that topped estimates , but shares slipped due to year-over-year declines in net income and revenue. In addition, CEO Jamie Dimon said elevated mortgage-related costs and losses may continue for a while longer.
Wells Fargo also beat earnings expectations as the bank posted strong mortgage banking results, but shares dipped.
Regional banks were hit the hardest, dragged by firms including Suntrust , Regions and First Horizon .
“The path of least resistance in the short-term is for a correction,” said Bruce McCain, chief investment strategist at Key Private Bank. “We have not yet decoupled from markets in Europe and Asia—If they sneeze, we won’t necessarily catch pneumonia, but the idea that we’ll avoid any signs of a cold is optimistic.”
McCain believes the market is still in the "middle of a correction" and may last more than usual near the bottom.
“As you get to the bottom of whatever the level is, unless we see significant deterioration in Europe or much worse outcomes from Asia, then it’s time to put more money to work,” he recommended. “There’s potential for a rebound in the emerging regions later on off the summer correction.”
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