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NEWS
Banks Take The Market Baton

Big bank earnings helped the market reach new all-time highs, with small-caps catching a strong bid, too. Hotter-than-expected producer prices caused volatility early in the session before stocks began their steady trend higher. 👀

Today's issue covers financials flying to new highs, the market’s RoboTaxi event winners, and why Flutter shares got flogged today. 📰

Here’s the S&P 500 heatmap. 10 of 11 sectors closed green, with financials (+1.93%) leading and consumer discretionary (-0.43%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $SSSS, $TVGN, $CDT, $UBER, $ATIF 📉 $BRK.B, $TGTX, $AMC, $TALK, $XELA*

*If you’re a business and want to access this data via our API, email us.

EARNINGS
Bank Earnings Propel Financials To New Highs 🏦

JPMorgan Chase, Wells Fargo, and BlackRock helped kick off a new earnings season today, all gaining handily following better-than-expected results. 💸

The largest U.S. bank, JPMorgan Chase, saw revenues rise 6% YoY, though profits fell 2%. Adjusted earnings per share of $4.37 and revenues of $332.32 billion topped the $4.01 and $41.63 billion anticipated by analysts.

CEO Jamie Dimon struck a cautious tone as he typically does, expressing concern about rising geopolitical risks, saying the conditions are “treacherous and getting worse.”⚠️

Wells Fargo’s adjusted earnings of $1.52 topped the $1.28 expected, while revenues of $20.37 billion missed estimates of $20.42 billion. Meanwhile, BlackRock reached $11.50 trillion in assets under management (AUM) amid its push into private investments. 🧐

Today’s “Chart of the Day” in our Chart Art newsletter was from @crosshairtrader, who highlighted the continued strength in the U.S. financials ETF $XLF. We’ll see if the momentum can continue next week as Citigroup, Goldman Sachs, Charles Schwab, and others add results to the mix.

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