Earnings
Banks take the spotlight as the season kicks off
JPMorgan, Goldman, and peers headline a heavy banking calendar after reports of stronger trading and deal activity.
Earnings season starts in force with JPMorgan, Bank of America, Citi, Wells Fargo, Goldman Sachs, and Fastenal all on the calendar today. Tomorrow brings Elevance Health, Johnson & Johnson, Morgan Stanley, and BlackRock.
The headlines already point to where the market’s attention is going. CNBC says Goldman Sachs and JPMorgan are emerging as AI winners, with record revenue driven by surging trading and investment banking. Reuters also says the market closes higher on cool inflation data and solid bank earnings.
Watch the banks first. CNBC Finance says a July rate hike from the Fed is gaining odds, and the 2-year yield sits at 4.26%. That keeps the backdrop relevant for lender margins, trading, and deal activity.
Outside financials, CNBC Earnings flags TSMC’s 68% June revenue surge, Delta’s higher-airfare thesis, and Levi Strauss beating estimates and raising guidance. IBM’s plunge after its warning is the other major read-through from the tape: this is a market that still rewards upside surprises and punishes misses fast.