Bank of America CEO Sees Flat Trading Revenue; Shares Fall 5.14%
Bank of America CEO Brian Moynihan said at a Barclays conference that the bank's third-quarter 2026 trading revenue will be "relatively flat" versus the third quarter of 2025, contrasting with a record second-quarter performance in equities trading. Bank of America shares fell as much as 6% intraday and closed down 5.14%, while Goldman Sachs, Morgan Stanley, Citigroup, Wells Fargo and JPMorgan also declined. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all closed lower.
During US stock trading hours in the early hours of September 15, 2026, Beijing time, Bank of America CEO Brian Moynihan said at a conference hosted by Barclays that the bank's third-quarter 2026 trading revenue would be "relatively flat" compared with the third quarter of 2025, contrasting with the bank's performance in the first half of the year. Bank of America's equities trading division set a record high for revenue in the second quarter of 2026.
During the trading session, Bank of America shares fell more than 6% at one point and closed down 5.14%. Other large bank stocks declined in tandem, with Goldman Sachs down 3.9%, Morgan Stanley down 3.6%, Citigroup down 1.9%, Wells Fargo down 1.8% and JPMorgan down 1.7%. On the same day, the three major US stock indices all closed lower, with the S&P 500 down 0.48%, the Dow Jones Industrial Average down 0.29% and the Nasdaq Composite down 0.56%. Large technology stocks were mixed, with Alphabet Class A shares up more than 3%, Meta up more than 2%, Microsoft up nearly 2%, Apple up 0.24%, and Amazon and Tesla down more than 1%.
US chip stocks fell across the board, with the Philadelphia Semiconductor Index down 5.9%, its largest drop since July 1, and all 30 constituent stocks closing lower. Among them, Nvidia and TSMC ADRs fell more than 3%, Broadcom and AMD fell more than 4%, Intel and ON Semiconductor fell more than 5%, ASML ADRs and Applied Materials fell more than 7%, and Arm fell more than 9%.
Optical communications and memory sectors fell sharply across the board, with Corning down more than 13%, Coherent down more than 12%, Lumentum down about 10%, SK Hynix and Marvell Technology down more than 7%, Micron Technology down more than 5%, and SanDisk and Western Digital down more than 4%. On the same day, cybersecurity stocks rose, with CrowdStrike Holdings up 14% and Palo Alto Networks up 13%. US Treasuries were sold off, with the 10-year Treasury yield briefly breaking above 5% for the first time since 2023. The CME FedWatch tool showed the market assigned a 92.4% probability to a 25-basis-point rate hike by the Federal Reserve this week.