What's moving markets today
Bank of America reported record and better-than-expected profits, sending the stock more than 4% higher before the market open.
The bank brought in $7.3 billion in profit last quarter. Full-year profit from 2018 reached $28.1 billion. Both are records for BofA (BAC).
The consumer division showed solid growth, but trading stumbled. Bond trading revenue fell 15% last quarter. JPMorgan Chase (JPM) and Citigroup (C), which released earnings earlier this week, took similar trading hits.
Market volatility appears to have spooked investors. Repeat sell-offs may have encouraged them to stay on the sidelines or cash out investments without making new ones.
Fiserv, a financial services company, is buying rival First Data in an all stock-transaction worth $22 billion.
The acquisition "unites two premier companies to create one of the world’s leading payments and financial technology provider," according to Fiserv.
The departure of another high-level exec at Snap Inc. (SNAP) is hitting the stock hard. Shares are down roughly 11% in premarket trading.
After market close on Tuesday, the struggling messaging app said CFO Tim Stone is leaving just eight months after joining Snap from Amazon.
Here's who else that has left over the last year, per our Heather Kelly:
- HR chief Jason Halbert
- VP of Marketing Steve LaBella
- Chief Strategy Officer Imran Khan
- CFO Drew Vollero (Stone's predecessor)
- VP of Product Tom Conrad
Investors have been watching closely to see how banks handled major market volatility at the end of last year.
US stock futures are pointing higher after a day of relative calm on Wall Street.