BAC Stock Forecast: Bank of America Corp trades sideways as social media boycott looms

NYSE:BAC sheds 0.40% alongside a fifth consecutive positive day in the markets.
Bank of America is under fire for releasing customer information to the FBI following the US Capitol attack.
Bank of America has emerged as one of the better banking industry bargains and one prominent investor agrees.

Stocks Reporter FXStreet

NYSE:BAC has struggled to return to pre-COVID price levels as the banking industry continues to get beaten down by low interest rates and unfavourable market conditions. Over the past 52-weeks, Bank of America has returned a loss to investors in the amount of 6.10%, which lags the benchmark S&P 500 index by over 22%. On Friday, shares fell by 0.40% despite the broader markets rallying for a fifth consecutive day as Wall Street begins to recover from the r/WallStreetBets saga from a week ago.

On the media front, Bank of America is under some serious fire on social media as customers are boycotting the bank. The reason? It was revealed that the Bank of America released customer information for people in connection to the US Capitol attack in January. At the request of the FBI, the Bank of America released information on several hundred of its clients, which has sparked the online boycott. The timing is not great for Bank of America in a time where personal data sensitivity is at an all-time high.

BAC stock price forecast

Warren Buffett seems to have no problem continuing to add to his Bank of America position as it was reported recently that the Oracle of Omaha has over 1 billion shares, or just under 12% of a stake. This makes Bank of America his largest bank sector holding and perhaps even more impressively, he added to BAC while selling off his positions in other banks such as Wells Fargo (NYSE:WFC).

Author

Stocks Reporter

FXStreet

GBP/USD strengthens above 1.3350 ahead of US CPI data

The GBP/USD pair trades in positive territory around 1.3360 during the Asian trading hours on Tuesday. However, the potential upside for the major pair might be limited amid fears of an escalating US-Iran conflict. The US June Consumer Price Index inflation report will take center stage later on Tuesday.

EUR/USD posts modest gains above 1.1350 as traders await US CPI inflation release

The EUR/USD pair posts modest gains near 1.1385 during the Asian trading hours on Tuesday. Nonetheless, the potential upside for the major pair might be limited amid renewed US military strikes against Iran. Traders will take more cues from the US June Consumer Price Index inflation data, which will be released later on Tuesday.

Gold recovers further beyond $4,000; focus remains on US CPI, Fed's Warsh

Gold builds on its steady intraday recovery from a nearly two-week low, touched during the Asian session, and climbs to the $4,023-$4,024 region in the last hour. The US Dollar pauses following a strong two-day rally as bulls turn cautious ahead of the latest US consumer inflation figures and Federal Reserve Chair Kevin Warsh's testimony. This is seen as a key factor offering some support to the bullion.

Trump urges Senate to pass CLARITY Act as crypto bill nears crucial vote

US President Donald Trump on Monday urged the US Senate to swiftly pass the Digital Asset Market Clarity Act, following the death of Senator Lindsey Graham, who passed away unexpectedly over the weekend at age 71. "In honor of Senator Lindsey Graham, a big supporter, the US Senate should pass the CLARITY Act," Trump wrote in a Truth Social post.

Oil jumps, bonds break and the AI trade starts losing its shine

Wall Street finally ran into the collision course it had spent weeks pretending would never happen. Oil surged, bonds sold off, the dollar caught a bid, and the most crowded corner of the equity market began to buckle under its own weight.

Five sessions, one round trip: Why the whipsaw is exactly what Warsh ordered

Markets opened July with a December hike as the base case and spent five trading sessions unlearning and relearning it. A 57K payrolls print bled the tightening bets out of the strip; a re-shut Strait of Hormuz is pushing them back in. Wednesday's minutes from the June FOMC meeting landed mid-round-trip, describing a world that had already stopped existing.