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Big Bank Earnings: Opening Ceremonies
Welcome to the opening ceremonies of earnings season. JPMorgan, Citi, Wells Fargo, Goldman, and Morgan Stanley all reported today, with Bank of America tomorrow, and the early read is better than the higher-rate worriers feared. JPMorgan had a rare earnings miss, but the stock bounced after it raised net interest income guidance to $106 billion, and Goldman is up double digits year over year. I would remind you that the quarter-over-quarter numbers may look softer only because last quarter carried the SpaceX IPO, so a weaker sequential print is a one-time comp rather than a crack in the…
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