Stocks are trading lower this afternoon as bank earnings failed to impress, and investors shrugged off an increase in consumer confidence. Both Wells Fargo (NYSE:WF) and JP Morgan Chase (NYSE:JPM) earnings reportedly showed lower net interest margin, despite posting increased earnings. JP Morgan's earnings were much better than analysts expected, but those shares are lower by over 1-1/2%.
Among the few winners today on Wall Street, Walmart (NYSE:WMT). Those shares enjoyed a boost after an upgrade by Jefferies to a buy from hold. Walmart is predicting a strong holiday season. Jefferies thinks the price target could reach $88.
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