That's where we'll start. Unofficial start of earning season is here. Calls from Wells Fargo and Goldman just wrapping up.City's conference calls kicking off as we speak. Leslie Picker's been monitoring it all for us this morning with some of these names going in different directions. Leslie, yeah, there's definitely some dispersion in response here.Altogether though, this deal making rebound has been a boon for bank earnings. Goldman Sachs's CEO saying on its conference call that the setup remains construc ...

JPMorgan CEO Jamie Dimon said he expects the bank’s health costs to rise 10% next year, a sign of how employers are grappling with higher spending on medical services and prescription drugs https://t.co/blN90qSnfC ...

Core Insights - The banking sector is experiencing a strong year, with major banks like JP Morgan Chase, Wells Fargo, Citigroup, and Goldman Sachs reporting earnings that beat estimates for Q3 [1][3] JP Morgan Chase Earnings Report - JP Morgan Chase reported a profit increase of 12% year-over-year, reaching $5.7 billion, with revenue of $47.12 billion, up 9% [3] - Trading revenue hit a record of $8.9 billion, driven by investor repositioning during a volatile quarter, with the trading division up 25% year-over-year [3][4] - Investment banking fees rose 16% to $2.6 billion, making JP Morgan the top bank for investment banking fees this year according to Deal Logic [4] CEO Jamie Dimon's Remarks - Jamie Dimon highlighted a generally resilient US economy but noted signs of softening in job growth and expressed concerns over geopolitical issues, tariffs, trade uncertainty, elevated asset prices, and inflation risks [5][6] - JP Morgan's provision for credit losses increased by 9% to $3.4 billion, indicating potential preparations for higher loan defaults [6] Market Reaction - Despite strong earnings, JP Morgan's stock saw a decline of about 1.3% following the earnings report, likely due to concerns raised during the earnings call [7] - The bank raised its full-year forecast for net income interest, which was viewed positively by the market [7]

Group 1: Market Overview - US-China trade tensions are causing market volatility, with major indices falling at the open, particularly the NASDAQ down about 1.5% [4][5] - Earnings season is underway, with S&P 500 earnings projected to rise about 8% year-over-year, although growth is expected to cool from Q2 [11][17] - Mixed reactions to big bank earnings, with JP Morgan and Goldman Sachs leading the downward momentum despite some banks reporting strong market revenue growth [10][20] Group 2: Company-Specific Developments - Walmart's stock is up 1.9% following the announcement of a partnership with OpenAI, aimed at enhancing the e-commerce shopping experience through AI [6][7][9] - JP Morgan reported a 25% growth in market revenue, while Citigroup saw a 15% increase, indicating robust trading activity [20] - Wells Fargo's stock is moving higher due to a strong loan business, despite mixed results from other big banks [21][22] Group 3: Consumer Behavior and Economic Outlook - There is a bifurcation in consumer spending, with high-income consumers driving momentum while lower-income consumers are feeling inflationary pressures [30][32] - Analysts are observing a narrow leadership in the stock market, with a few large tech companies significantly influencing overall performance [29][34] - The upcoming holiday season is expected to be challenging for retailers, as consumers are budget-focused and value-oriented due to inflation [32][33] Group 4: Rare Earth Stocks and Trade Tensions - Rare earth stocks are experiencing volatility due to China's new export restrictions, which could impact industries reliant on these materials [37][40] - MP Materials, the largest rare earth producer in the Western Hemisphere, saw a decline after reaching record highs, reflecting market concerns over supply chain issues [37][39] - The market is cautious about the implications of China's rare earth policies on the AI sector and broader technology industries [41][42] Group 5: AI and Investment Sentiment - There is a growing concern among fund managers that AI stocks may be in bubble territory, as indicated by a recent Bank of America survey [46] - Major tech companies continue to invest heavily in AI infrastructure, with Google announcing a $15 billion investment in a new data center hub in India [46][48] - The sentiment around AI investments remains optimistic, but there are warnings about potential disconnects between valuations and actual performance [49][50]

NEW YORK (AP) — Wall Street had one of its most profitable quarters ever, if the earnings from four of nation’s biggest banks that reported Tuesday are to be believed; as banks were helped by a flurry of deal making, soaring stock prices and a global economy that remains resilient despite tariffs and geopolitical upheaval. Despite the strong earnings from JPMorgan Chase, Citigroup, Wells Fargo and Goldman Sachs, bank executives expressed various degrees of caution about the markets and the economy, includ ...

美股周二早盘，摩根大通（JPM）下跌1.5%，此前该公司公布第三季度业绩：GAAP每股收益5.07美 元，超预期0.26美元；营收471亿美元，较预期高出15.3亿美元。尽管计提了34亿美元信贷损失拨备，该 行营收仍实现10.4%的同比增长。 来源：视频滚动新闻 ...

Core Insights - JPMorgan Chase has launched a Security and Resiliency Initiative, committing up to $1.5 trillion over the next decade to support critical industries for national economic security [1] - The initiative aims to address urgent needs in sectors such as critical minerals and frontier technologies, while strengthening US supply chains affected by geopolitical risks [1][4] Investment Plans - The bank plans to increase its previously announced investment from $1 trillion to up to $1.5 trillion, marking a 50% increase [2] - JPMorgan Chase intends to invest up to $10 billion in direct equity and venture capital to support select US companies, focusing on growth, innovation, and strategic manufacturing [3] Sector Focus - The initiative targets 27 specific sectors, including mining, solar and nuclear energy, battery storage, nanomaterials, and defense [4] - Efforts will include ensuring reliable access to essential resources like life-saving medicines and critical minerals, as well as advancing technologies such as semiconductors and data centers [6] Strategic Actions - JPMorgan Chase will provide customized financing solutions, advisory services, and partnerships to boost domestic production [5] - The bank plans to recruit industry experts and form an advisory council to guide its initiatives [5] - Advocacy for policy changes to simplify permitting processes and reduce regulatory barriers in sectors like mining is also part of the strategy [5]

Core Insights - JPMorgan's third-quarter 2025 earnings reached $5.07 per share, exceeding the Zacks Consensus Estimate of $4.83, driven by strong trading and investment banking performance [1][10] Revenue Performance - Markets revenues increased by 25% to $8.9 billion, surpassing management's expectations of high-teens growth [2] - Fixed-income markets revenues rose 21% to $5.6 billion, while equity markets revenues surged 33% to $3.3 billion [2] - Total net revenues were reported at $46.43 billion, a 9% year-over-year increase, exceeding the Zacks Consensus Estimate of $44.86 billion [6] Investment Banking (IB) Performance - IB fees increased by 16% year-over-year to $2.63 billion, with advisory fees up 9% and debt underwriting fees growing 53% [3] - Equity underwriting fees also saw a 9% increase, outperforming management's low double-digit growth projection [3] Net Interest Income (NII) and Loan Growth - NII rose 2% year-over-year to $23.97 billion, with management raising the 2025 NII guidance to $95.8 billion from $95.5 billion [4][6][10] - Total loans increased by 7% year-over-year, contributing to the rise in NII [4] Consumer & Community Banking (CCB) Metrics - CCB average loan balances grew by 1% year-over-year, while debit and credit card sales volume increased by 9% [5] - Mortgage fees and related income fell by 5% to $383 million, below the projected $313.2 million [5] Expense Management - Non-interest expenses rose 8% year-over-year to $24.28 billion, primarily due to higher compensation and marketing costs [7] - Adjusted non-interest expense guidance for the year was raised to $95.9 billion from $95.5 billion [5] Credit Quality and Provisions - Provision for credit losses increased by 9% year-over-year to $3.4 billion, exceeding the estimate of $2.64 billion [9] - Net charge-offs jumped 24% to $2.59 billion, and non-performing assets surged 23% to $10.64 billion [11] Capital Position - Tier 1 capital ratio was estimated at 15.8%, down from 16.4% year-over-year, while the total capital ratio was 17.7% compared to 18.2% a year ago [12] - Book value per share increased to $124.96 from $115.15 year-over-year [12] Share Repurchase Activity - During the quarter, JPMorgan repurchased 28 million shares for $8.32 billion [13]

Market Overview - Wall Street stocks experienced a decline due to resurfacing trade tensions with China, with the S&P 500 falling by 1%, the Dow Jones Industrial Average dropping 383 points (0.8%), and the Nasdaq composite decreasing by 1.5% [4][6] - The recent volatility in the market follows Wall Street's worst day since April and a rebound that was the best day since May, indicating shifting investor sentiment regarding US-China trade relations [4][6] Trade Relations Impact - The downturn was influenced by China's Commerce Ministry barring Chinese companies from dealing with five subsidiaries of South Korean shipbuilder Hanwha Ocean, which is perceived as a counteraction to US efforts to bolster its shipbuilding industry [4][6] - Both the US and China have imposed new port fees on each other's vessels, effective Tuesday, which adds to the ongoing trade conflict between the two largest economies in the world [4][6] Economic Indicators - The US economy has so far avoided significant negative impacts from changing tariff policies, but analysts caution that a cycle of retaliatory tariffs could result in companies passing increased costs onto consumers [4][6] - The ongoing US government shutdown has halted regular economic updates on inflation, spending, and employment, leading investors to focus on corporate earnings for insights [6] Company Performance - JPMorgan Chase's stock fell by 3.8% despite surpassing profit forecasts for its latest quarter, while Wells Fargo's stock rose by 3.5% after exceeding analysts' expectations [5][6] - Johnson & Johnson's stock decreased by 1.8% following the announcement of plans to spin off its orthopedics business into a standalone company [5][6] Treasury Yields - Treasury yields remained stable, with the 10-year yield slightly easing to 4.04% from 4.05% on the previous Friday [5][6]

Core Insights - JPMorgan Chase & Co. reported $46.43 billion in revenue for Q3 2025, an 8.9% year-over-year increase, with an EPS of $5.07 compared to $4.37 a year ago, exceeding both revenue and EPS consensus estimates [1] Financial Performance - The reported revenue of $46.43 billion surpassed the Zacks Consensus Estimate of $44.86 billion by 3.51% [1] - EPS of $5.07 exceeded the consensus estimate of $4.83 by 4.97% [1] Key Metrics - Net loan charged-off on average loans was 0.8%, slightly above the estimated 0.7% [4] - Book value per share was reported at $124.96, lower than the estimated $125.54 [4] - Total interest-earning assets averaged $3,895.76 billion, below the estimate of $3,913.34 billion [4] - Total non-performing assets were $10.64 billion, slightly better than the estimated $10.75 billion [4] Revenue Breakdown by Business - Consumer & Community Banking - Card Services & Auto revenue was $7.17 billion, exceeding the estimate of $6.87 billion, reflecting a 12% year-over-year increase [4] - Commercial & Investment Bank total net revenue was $19.88 billion, surpassing the estimate of $18.81 billion, with a year-over-year change of 16.8% [4] - Payments revenue within the Commercial & Investment Bank was $4.92 billion, exceeding the estimate of $4.54 billion, with a year-over-year increase of 12.5% [4] - Total Banking & Payments revenue was $9.48 billion, above the estimate of $9.28 billion, representing a 9.7% year-over-year change [4] - Fixed Income Markets revenue was $5.61 billion, exceeding the estimate of $5.34 billion, with a year-over-year increase of 23.9% [4] - Equity Markets revenue was $3.33 billion, surpassing the estimate of $2.94 billion, reflecting a 27% year-over-year increase [4] - Consumer & Community Banking - Home Lending revenue was $1.26 billion, slightly above the estimate of $1.24 billion, but a decrease of 2.7% year-over-year [4] - Total Markets & Securities Services revenue was $10.4 billion, exceeding the estimate of $9.53 billion, with a year-over-year change of 24.2% [4]