Bitcoin Continues Hot Streak
Bitcoin, the most popular cryptocurrency, reached a new record high Thursday morning, climbing as high as $5,231.28 Thursday morning, according to CNBC. The currency was still trading above $5,200 about an hour ahead of Thursday’s opening bell.
Rumors that the currency could resume trading in China after being banned are helping bitcoin’s exchange rate.
Citi Climbs Premarket on Beats
Citigroup shares were up 0.4% premarket after the bank reported quarterly earnings of $1.42 per share that topped estimates by a dime. The bank also reported revenue of $18.17 billion vs. Wall Street estimates of $17.9 billion.
Trading revenue was down at Citi in the third quarter, as it was for JPMorganChase in the period, as low market volatility ate in the financial sector’s revenue.
JPMorgan’s Earnings Beat Clouded by Weak Bond Trading
JPMorgan Chase shares were little changed in premarket trading in spite of the bank’s top- and bottom-line beats Thursday morning as weak bond market results clouded an otherwise strong quarter.
The bank reported a 2.7% increase in revenue to $26.2 billion while overall profits increased 7.1% to $1.76 per share. Analysts were expecting revenue of $25.23 billion to yield earnings of $1.65 per share.
However, the bank also reported that revenue from bond market trading fell 27% in the quarter. Overall, revenue from trading stocks and bonds was down 21%.
U.S. futures were off to a cold start ahead of the opening bell Thursday, with contracts for each of the major indices falling.
Markets will look to build off the momentum from Wednesday’s session when all three indices closed trading at record highs as earnings season continues to ramp up.
Government officials will continue to negotiate the North American Free Trade Agreement with Canadian Prime Minister Justin Trudeau heading to Mexico to continue talks after speaking with President Donald Trump yesterday.