Stock Market Update

[BRIEFING.COM] The major averages are little changed shortly after midday. 

PNC (PNC 222.79, +7.75, +3.60%) reported record Q4 results and issued upbeat 2026 guidance that surpassed market expectations, driving shares sharply higher. The bank enters 2026 with significant momentum following the completion of its FirstBank acquisition, forecasting robust revenue and loan growth while planning to increase its quarterly share repurchase activity to as much as $700 million in 1Q26.

Investors are applauding PNC's record performance and bullish 2026 outlook. The acquisition of FirstBank is a major catalyst, expanding PNC's footprint into high-growth Colorado and Arizona markets and adding about $1 per share to 2027 earnings. CEO Bill Demchak highlighted "substantial momentum" fueled by record technology and AI investments aimed at optimizing existing business lines. Key tailwinds include a resilient economy with 2% real GDP growth and stable unemployment. Management's decision to hike share repurchases to a $700 million quarterly pace signals strong capital flexibility.