Making sense of the markets this week: January 23 Jan 22nd

Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.

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Making sense of the markets this week: January 23

– moneysense.ca

Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.

U.S. earnings season is in full swing

Earnings season is off and running. As always, the financials were battling to be the lead-off batter, as we look at the final quarter of 2021. The lineup of fourth-quarter reports includes heavyweights like Goldman Sachs (GS), Proctor & Gamble (PG), Netflix (NFLX) and United Airlines (UAL).

Since last week, the banks offered mixed results. A few banks underwhelmed the markets, while others knocked it out of the park. We had lacklustre results from major U.S. banks, including JPMorgan (JPM), Wells Fargo (WFC) and Citigroup (C).

On Tuesday, Goldman Sachs (GS) reported a fourth-quarter profit that missed expectations, sending its shares down as much as 8%. JPMorgan beat profit expectations last Friday, but it saw shares fall 6% on expense concerns.

The markets were not in a good mood coming into this past week, and these mediocre results were not enough to reverse the downward trend for U…

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