What's moving markets today

7:51 a.m. ET, January 16, 2019

Bank of America reports record profits

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.

8:11 a.m. ET, January 16, 2019

$22 billion mega-merger brings together rival financial tech companies

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.

Shares of First Data (FDC) are spiking 27% premarket. Fiserv (FISV) stock is up roughly 1%.

7:31 a.m. ET, January 16, 2019

Snap is getting slugged after CFO exit

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.

The departure comes at a difficult time for the company, which has been struggling with a declining user base and falling stock.

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
7:56 a.m. ET, January 16, 2019

Coming up: More bank earnings

Bank earnings are now in full swing, with Goldman Sachs (GS), Bank of America (BAC) and PNC (PNC) reporting before the opening bell.

Investors have been watching closely to see how banks handled major market volatility at the end of last year.

On Tuesday, JPMorgan Chase (JPM) results fell below analyst expectations, a rare miss for the country's largest bank.

And on Monday, Citi (C) reported earnings that topped forecasts, but its revenues were lower than what Wall Street was expecting. 

6:40 a.m. ET, January 16, 2019

Markets check before the bell

US stock futures are pointing higher after a day of relative calm on Wall Street.

The Dow closed up 0.7% on Tuesday, while the S&P 500 added 1.1% and the Nasdaq gained 1.7%.

Investors will be keeping an eye on BlackRock (BLK) and Charles Schwab (SCHW), who are set to release earnings before the open. Alcoa (AA) and Kinder Morgan (KMI) will also follow after the close.