Toronto-Dominion Bank (NYSE: TD) is growing more cautious about the economy, and earnings missed expectations as a result. Shares of Toronto-Dominion fell about 3% on Thursday on the miss it reported, and also what it implies about where things go from here.

Toronto-Dominion, like most bank stocks, has had a rocky 2023. Rising rates provide opportunities for banks to boost income by charging more for loans, but the rates can also put stress on consumers and corporate customers.

TD earned 1.99 Canadian dollars in its fiscal third quarter ended July 31 on revenue of CA$13.01 billion. The sales number came in ahead of expectations and was up by about CA$1.5 billion year over year, but the earnings missed estimates by about CA$0.04 per share and was down from a year prior.

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Source Fool.com