- US earnings season gets off to a weak start.
- JPM & MS Miss Expectations.
US earning season gets off to a weak start as the major US banks kick off proceedings. Both JP Morgan (JPM) and Morgan Stanley (MS) reported lower than expected financial figures for their EPS and revenue, and thus shares are set to open lower. Although, perhaps the more ominous headline is that JP Morgan announced that they have temporarily suspended their share buyback program.
JPM Q2 Results
MS Q2 Results
A reminder that financials have been expected to perform poorly, while energy names are seen outperforming the rest of the pack during this season. At the same time, the weak start to earnings further compounds the view that S&P 500[1] quarterly earnings are expected to be the lowest since Q4 2020.
Source: Refinitiv
Source: Refinitiv
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