China Sanctions Target Shipping, JPM & WFC Earnings Movers

Market Overview - The US and China are experiencing escalating tensions, with recent sanctions imposed by China on a US shipbuilding company, which they consider a security risk [5][6] - The US is also implementing shipping fees, with exceptions for ships made in China [6] - Market reactions include a strong day for the S&P 500, recovering some losses from previous drops, but uncertainty remains regarding future movements [3][4] Earnings Reports - JP Morgan Chase reported revenues of $47.12 billion, exceeding expectations of $45.4 billion, with adjusted earnings per share at $5.7, surpassing the forecast of $4.84 [9][10] - Trading revenue for JP Morgan reached a record $8.9 billion, benefiting from market volatility and favorable trade policies [10] - Wells Fargo's Q3 net income was $5.59 billion, or $1.66 per share, beating expectations of $1.55 per share, although net interest income slightly missed at $11.95 billion against a forecast of $12.01 billion [14][15] - Wells Fargo's non-interest income increased by 9.3% year-over-year, and they are involved in M&A activities, advising on a $72 billion acquisition [16][17] Market Sentiment and Technical Analysis - The market is closely monitoring US-China relations, which may overshadow bank earnings in terms of investor focus [18] - Key resistance levels for the S&P 500 are identified at 6,665, with support at 6,550, and the VIX indicates a potential move of around 1.3% [19][20] - Technical traders are advised to watch the 20-day moving average as a critical indicator for market direction [20]