After some nice gains yesterday in the markets, it appears as if we will likely open the day on Tuesday down somewhat. There are several banks that reported earnings early this morning. They include, Goldman Sacks, Bank of America, and BNY Mellon.

Bank of America reported a loss of $7.3 billion on a one time charge. Overall though, their earnings without the one time charge were better than most analysts had expected. For the third quarter, Bank of America reported earnings of $3.1 billion, or approximately $0.27 per share. This clobbered expectations on the street which were predicting about $0.16 per share. Shares of BAC remain unchanged in pre-market trading this morning.

Goldman Sacks also reported their earnings this morning. They reported total revenues of $8.9 billion and net earnings of $1.9 billion for its third quarter. This also beat forecasts from analysts according to Thomson Reuters, who had predicted a total revenue number around $7.9 billion. A $1 billion beat is always nice. Shares of Goldman Sachs (GS) are trading up slightly in pre-market trades this morning.

Overall, this shows that the banking sector may not be as hurt as many analysts had thought. Goldman Sachs did warn that the economy was still very sluggish in many areas. Bank stocks took a hit over the last week, in part because of the recent foreclosure freezes. It may be a good time to invest in the sector if you are looking long term.