When there's market volatility, brokers and exchanges thrive.
And that's exactly what we're seeing right now.
Goldman Sachs $GS just reported their Q1 2025 results, and they were incredible.
Their equities segment grew to $4.19B, which is an astounding 27% year-over-year increase.
CEO David Solomon said in the conference call, "Clients are active and people are shifting positions."
This is putting money in Goldman's pockets.
Let's talk about what else happened with Monday's earnings reactions.
Here are the latest earnings reports from the S&P 500 👇
*Click the image to enlarge it
Goldman Sachs $GS had the best earnings reaction and reported a double beat with a muted reaction score of 0.09.
The company reported revenues of $15.06B, versus the $14.77B estimate, and earnings per share of $14.12, versus the $12.32 estimate.
M&T Bank $MTB had the worst earnings reaction and reported a double miss with a reaction score of -0.79.
The company reported revenues of $2.31B, versus the $2.34B estimate, and earnings per share of $3.32, versus the $3.40 estimate.
Now let's dive into the data and talk about what happened with these reports 👇
GS has been rewarded for 5 of its last 6 earnings reports:
Goldman Sachs rallied 1.9% after this earnings report, and here's why:
Their Global Banking & Markets segment grew revenues by 10% year-over-year
Assets under supervision hit a new all-time high of $3.17T
Approved a new share repurchase program of up to $40B of common stock
They're crushing it!
The stock is in a double-digit drawdown and looks poised to retest the shelf former highs from the prior cycle. The structural uptrend is still intact, however...
If GS is above 425, the path of least resistance is sideways to higher.
MTB has been rewarded for 5 of its last 6 earnings reports:
M&T Bank rallied 0.35% after this earnings report, and here's why:
Net interest margin widened to 3.66%, a 14 basis point increase year-over-year
Their provision for credit losses decreased to $130M, a 35% Y/Y reduction
Mortgage banking revenues increased to $118M, a 13% Y/Y increase
As you can see on the chart, the stock recently broke out to new all-time highs. However, the sellers quickly stepped in and threw the price back below a key level of interest.
In other words, it's back in the penalty box for now.
If MTB is below 195, the path of least resistance is sideways.
