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JPMorgan and banks rally as Q2 earnings power financials to new highs
Financials’ fund XLF touched a fresh all-time high near $57.60, even as bank shares pulled back ahead of the Fed meeting.
Financial stocks have been posting notable gains as investors rotate away from a struggling technology and AI complex, with JPMorgan and other large banks drawing fresh attention after strong Q2 results, according to MarketBeat Ratings.
The Financial Select Sector SPDR Fund, XLF, recently reached a fresh all-time high near $57.60 before easing back into the mid-$50s, while the segment has gained close to 5.5% over the past month as semiconductors and broader AI-linked stocks corrected.
MarketBeat Ratings points to Q2 earnings season as a catalyst, saying JPMorgan, Bank of America, and Goldman Sachs all beat estimates, helped by fee income tied to IPOs and megadeals and financing demand from the AI buildout.
JPMorgan also stood out on the stock side, with the shares hitting a new all-time high near $360 and up roughly 9% year to date, after its July 14 Q2 report delivered nearly $58 billion in revenue and $6.14 in earnings per share, both above expectations.