Shares in the financial sector slipped as the lack of a clear path for peace in the Middle East curbed risk appetite amid rising inflation fears.
Travelers reported surging profits in the second quarter. Net income was up 46%, at $2.21 billion, compared with $1.51 billion for the same period last year. Underwriting profits rose even more sharply. Per share, earnings were $10.26, or $10.04 when adjusted for certain items. That beats analyst expectations for adjusted earnings of $5.41 a share, according to FactSet.
Fifth Third Bancorp recorded a step-up in revenue and profit for the second quarter as the integration of its recent Comerica acquisition translated to major gains. The bank posted a profit of $763 million, or 83 cents a share, up from $591 million, or 88 cents a share, in the year-earlier quarter.
Truist Financial reported a second-quarter profit of $1.23 a share, easily beating Wall Street forecasts for $1.08. Total revenue, on a tax equivalent basis, climbed more than 5% year over year to $5.31 billion, the company said, thanks to higher investment banking and trading and wealth management income.
Write to Paulo Trevisani at paulo.trevisani@wsj.com
