The stock market appeared ready to open on a flat note on Tuesday morning, largely playing a waiting game as market participants wait for the latest financial results for some top companies in areas like technology and communication services. Stock index futures eased very slightly lower in premarket trading before the open.

Last week, investors got a large helping of financial reports from bank stocks, and the various numbers from different banking institutions gave several perspectives on how things are going in the sector. More banks reported their latest results on Tuesday morning, and Bank of America (BAC -0.21%) and Morgan Stanley (MS 0.29%) in particular gave their shareholders a nice view on the current state of the industry. Here's what the two big banks had to say and what investors in areas across the stock market can draw from their reports.

Bank of America gets a market boost

Shares of Bank of America were up 1% in premarket trading Tuesday morning. The Charlotte-based banking giant reported second-quarter financial results that painted a different picture of business conditions than many of its peers.

BofA's headline numbers were strong. Revenue climbed 11% year over year to $25.2 billion, with net interest income jumping 14% from year-ago levels to $14.2 billion. Credit loss provisions more than doubled to $1.1 billion, but more modest increases in noninterest expense helped BofA increase its net income by 19% to $7.4 billion. That worked out to $0.88 per share.

BofA's segment results encouraged investors. As other banks have reported, BofA's consumer banking division showed solid performance, with segment revenue up 15%. Deposits were down 7% year over year, but the company added 157,000 new checking accounts on the consumer side. The bank also reported strong gains in its wealth and investment management, global banking, and markets businesses, with perhaps the most notable news coming from the fact that sales and trading-related revenue actually inched higher by 3% from year-ago levels. Many industry peers cited considerable weakness in trading operations, making BofA stand out in that area.

The results from Bank of America paint a pretty picture of its corner of the banking industry. The stock did get a lift last week when other banks reported their results, but it's still surprising not to see a more positive move in BofA shares this morning.

Morgan Stanley takes a small step backward

Shares of Morgan Stanley also managed to climb almost 1% in premarket trading. The investment-focused bank's second-quarter financial results showed some signs of weakness, but the company remains confident about its future.

Morgan Stanley's financial numbers for the quarter were mixed. Revenue inched higher by 2.5% year over year to $13.5 billion. However, net income dropped 13% to $2.18 billion, producing earnings of $1.24 per share.

The report indicated pockets of strength and weakness for Morgan Stanley. Low activity levels in investment banking and substantial declines in equity and fixed income trading revenue weighed on the company's institutional securities segment. However, Morgan Stanley's wealth management division delivered record net revenue and attracted $100 billion in new client assets, according to CEO James Gorman.

Morgan Stanley highlighted its decision to raise its dividend following favorable Federal Reserve stress test results. With a strong capital position, Morgan Stanley remains dedicated to its long-term strategic vision and intends to move aggressively toward making it a reality.

Both Morgan Stanley and Bank of America stand to do well if trading conditions keep improving. With many seeing Wall Street in a new bull market, the future could bring even more success to the two banks.