Based in Pittsburgh, PNC provides a range of retail and commercial banking, residential mortgage lending, and asset management services. It has operations in Pennsylvania, Ohio, New Jersey, Michigan, Illinois, Maryland, Indiana, North Carolina, Florida, Kentucky, Washington, D.C., Delaware, Alabama, Virginia, Missouri, Georgia, Wisconsin, and South Carolina. In May 2020, PNC disposed of its 22% stake in BlackRock Inc. (BLK) in a registered offering. The proceeds were used to acquire BBVA USA Bancshares, the Houston-based U.S. banking subsidiary of Banco Bilbao Vizcaya, in June 2021.

Stocks are solidly in the red at midday on Monday. Wall Street is taking in news from Europe as world leaders meet in Davos. President Trump is pushing his plan to take over Greenland and to impose severe tariffs on any country that objects to that goal. That news is now competing with earnings reports for the attention of investors.

Based in Pittsburgh, PNC provides a range of retail and commercial banking, residential mortgage lending, and asset management services. It has operations in Pennsylvania, Ohio, New Jersey, Michigan, Illinois, Maryland, Indiana, North Carolina, Florida, Kentucky, Washington, D.C., Delaware, Alabama, Virginia, Missouri, Georgia, Wisconsin and South Carolina. In May 2020, PNC disposed of its 22% stake in BlackRock Inc. (BLK) in a registered offering. Proceeds were subsequently used to acquire BBVA USA Bancshares, the Houston-based U.S. banking subsidiary of Banco Bilbao Vizcaya, in June 2021.

The session on October 14 had a little bit of everything, with wild price action first to the downside and then to the upside. The major indices tested the October 10 closing low almost to the penny during the first 20 minutes of action and then rallied sharply until 1:00 pm ET. After a few hours of tight sideways trading, the majors hit an air pocket following social media rhetoric from Present Trump on China. After all that, the S&P 500 finished flat, while the Nasdaq and Nasdaq 100 fell about 0.7%. Smaller stocks led again, with the S&P 600 and Russell 2000 both surging near 1.5% and the S&P MidCap 400 adding almost 1%. At the intraday lows, the S&P 500 was down 99 points or 1.5% from the close on October 13, while both the Nasdaq and QQQ were off about 2% in the early going. Leadership was very broad, with Consumer Staples popping 1.6%, while Industrials, Financials, Materials, Utilities, and Real Estate all gained between 0.9% and 1.2%. Nine sectors rose, with Information Technology at the bottom, falling 1.3%. The mega-cap semiconductors (NVDA, AVGO, TSM) took a break, dropping 2%-4%. We think the stock market could be susceptible to more downside based on how prices of the major indices deal with their respective 50-day averages. The three majors all closed right at their 21-day exponential moving averages (EMAs), and there are minor bearish five-day/13-day EMA crossovers. For the S&P 500, the rising 50-day is at 6,544; for the Nasdaq, it is at 22,018; and for the QQQ, it is at 585. That means there isn't a lot of wiggle room. The Russell 2000 (IWM) isn't in any danger (yet) and has been leading the majors of late.