Element Solutions price target raised to $27 from $24 at Goldman Sachs
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19 minutes ago
- Yahoo
Goldman Sachs beats Q2 expectations as revenue rises 15%
-- Goldman Sachs Group, Inc. reported second quarter earnings that exceeded analyst expectations, with revenue climbing 15% compared to the same period last year, driven by strong performance in its Global Banking & Markets division. The investment banking giant posted earnings per share of $10.91, surpassing the analyst estimate of $9.59 by $1.32. Revenue came in at $14.58 billion, above the consensus estimate of $13.51 billion and up 15% from the second quarter of 2024. Following the announcement, Goldman Sachs shares rose 1.1%. Global Banking & Markets revenue increased 24% YoY to $10.12 billion, with investment banking fees up 26% to $2.19 billion. The firm's Equities business saw a 36% jump in revenue to $4.30 billion, while Fixed Income, Currency and Commodities (FICC) revenue rose 9% to $3.47 billion. "Our strong results for the quarter reflected healthy client activity levels across our businesses, our differentiated franchise positions and the talent and commitment of our people," said David Solomon, Chairman and CEO of Goldman Sachs. "At this time, the economy and markets are generally responding positively to the evolving policy environment." Asset & Wealth Management revenue declined 3% YoY to $3.78 billion, reflecting significantly lower net revenues in Equity and Debt investments, partially offset by higher Management and other fees. The firm's efficiency ratio improved to 62.0% for the first half of 2025, compared with 63.8% for the first half of 2024. Operating expenses increased 8% YoY to $9.24 billion, primarily due to higher compensation and benefits expenses reflecting improved performance. Goldman Sachs also announced it is increasing its quarterly dividend to $4.00 per common share. During the quarter, the company returned $3.96 billion to shareholders through $3.00 billion in share repurchases and $957 million in dividends. Related articles Goldman Sachs beats Q2 expectations as revenue rises 15% Clients buying into summer rally, bracing for later pullback, says BofA's Hartnett Buy this massive AI stock into upcoming Q2 print: Morgan Stanley Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19 minutes ago
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Stock market today: Dow futures rise as S&P 500, Nasdaq lag as Wall Street juggles tariffs, earnings, and inflation
US stock futures felt the pressure on Wednesday as Wall Street scoured the latest earnings for signs that corporate America is weathering the tariff turmoil that's keeping inflation aloft. Dow Jones Industrial Average futures (YM=F) rose 0.2% after the blue-chip index lost over 400 points on Tuesday, while S&P 500 futures (ES=F) were little changed. Those on the tech-heavy Nasdaq 100 (NQ=F) slipped roughly 0.2%. Solid earnings from Bank of America (BAC) and Johnson & Johnson (JNJ) helped ease some Wall Street worry about President Trump's cycle of escalating tariff threats. BofA's trading desks benefited from trade policy-driven market gyrations, as did those at fellow banks Morgan Stanley (MS) and Goldman Sachs (GS). But techs were set to lose their record-setting shine after a tariff-fueled growth warning from ASML (ASML). Shares in the top supplier of chipmaking equipment sank before the bell. Read more: Full earnings coverage in our live blog At the same time, markets are bracing for another inflation checkup after the latest consumer price reading spurred traders to pare bets on Federal Reserve interest-rate cuts. Tuesday's CPI report showed inflation accelerated in June. It rose at its fastest year-over-year clip since February, with signs of tariff-driven inflation starting to show up in the data. That has led to more speculation that the Fed will stand pat on rates not just this month — an outcome that seems virtually guaranteed at this point — but also in September, even as President Trump pushes furiously for cuts. Markets will get another inflation pulse check on Wednesday with the release of the Producer Price Index, which measures wholesale inflation before prices reach consumers. Like consumer prices, the PPI is expected to show a pickup in inflation last month. As the market attempts to digest the early effects of Trump's trade moves, he has signaled that tariffs on drug imports will probably come in on Aug. 1, when the pause on implementation of "reciprocal" rates lifts. Implementation of levies on semiconductors are likely to follow the same timeline. Read more: The latest on Trump's tariffs Meanwhile, Trump has plowed ahead with plans to impose increased duties next month on key trading partners, including the European Union, Canada, and Mexico. Trump announced Tuesday that the US had reached a deal with Indonesia as it continues talks. Shares of Goldman Sachs (GS), JPMorgan Chase (JPM), and Citigroup (C) were moving higher in premarket trading on Wednesday after the Wall Street firms reported higher dealmaking and trading revenue this week to kick off earnings season. Yahoo Finance's David Hollerith reports: Read more here. Yahoo Finance's Ben Werschkul reports: Read more here. ASML (ASML, shares slumped almost 8% in premarket trading after the chip industry linchpin said it may not achieve growth in 2026. The warning came even as the world's biggest supplier of chipmaking gear's second quarter bookings topped Wall Street estimates on Wednesday. Reuters reported: Read more here. Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. President Trump is in the process of signing an executive order that will allow retirement plan providers to invest more heavily in private assets, according to those familiar with the matter. The order should take place within the next few days and will open up retirement plans to riskier investments. Reuters reports: Read more here. Shares of Goldman Sachs (GS), JPMorgan Chase (JPM), and Citigroup (C) were moving higher in premarket trading on Wednesday after the Wall Street firms reported higher dealmaking and trading revenue this week to kick off earnings season. Yahoo Finance's David Hollerith reports: Read more here. Yahoo Finance's Ben Werschkul reports: Read more here. ASML (ASML, shares slumped almost 8% in premarket trading after the chip industry linchpin said it may not achieve growth in 2026. The warning came even as the world's biggest supplier of chipmaking gear's second quarter bookings topped Wall Street estimates on Wednesday. Reuters reported: Read more here. Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. 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Yahoo
an hour ago
- Yahoo
Goldman's profit jumps as market turbulence powers record equities trading
(Reuters) -Goldman Sachs' profit jumped 22% in the second quarter, as turbulent markets lifted equities trading revenue to a record and a pickup in dealmaking boosted investment banking. Investors flocked to markets to make trades and manage tariff-related risks as U.S. trade policies shifted. The turmoil boosted trading desks across Wall Street. Goldman's equities trading revenue rose 36% to $4.3 billion, while fixed income, currencies and commodities hauled in $3.47 billion, 9% higher than a year ago. Its investment banking fees stood at $2.19 billion in the quarter, rising 26% from a year earlier. Fees from advisory were significantly higher, while debt underwriting dipped. Overall profit was $3.7 billion, or $10.91 per share, for the three months ended June 30, compared with $3.04 billion, or $8.62 per share, a year earlier. Rivals JPMorgan Chase and Citigroup also reported strong trading gains on Tuesday. ASSET AND WEALTH REVENUE FALLS Revenue from Goldman's asset and wealth management arm, which caters to institutions and high net-worth individuals, dipped 3% to $3.78 billion due to weakness in equity and debt investments. The business is important for Goldman as it can offer steadier revenue than trading and investment banking. The bank set aside $384 million as provisions for credit losses, compared with $282 million last year. The provisions were mainly related to its credit card portfolio. Goldman was one of 22 banks that cleared the Federal Reserve's annual stress test last month, paving the way for it to increase its dividend by $1 a share from the third quarter. Its shares have climbed 23% so far this year, making them the fifth best-performer in the S&P 500 financial index. The bank awarded Solomon an $80 million stock bonus to retain him for another five years, drawing pushback from influential proxy advisers Institutional Shareholder Services and Glass Lewis. At its annual meeting in April, shareholders approved pay packages for the bank's executives, although with lower support compared to last year.
