Bank of America reports quarterly results Monday before the bell.
Dow blue-chip names report earnings this week, including IBM, Procter and Gamble, Travelers, Dow Inc, Johnson and Johnson, American Express and Verizon.
Netflix earnings are due on Tuesday and Tesla out on Wednesday. Snap reports Thursday.
JPMorgan Chase’s Chief Executive Jamie Dimon warned of economic uncertainties arising from Russia’s invasion of Ukraine and soaring inflation after first-quarter profits at the largest U.S. bank slumped 42%.
Consumer Banking
Net income of $2.9B vs. $6.8B in 1Q21 & revenue of $12.2B, down 2% YoY
Corporate & Investment Banking
Net income of $4.4B, down 26% YoY & revenue of $13.5B, down 7%
YoY
Commercial Banking
Net income of $850mm, down 28% YoY & revenue of $2.4B was flat compared to the prior year.
JPMorgan Chase’s Chief Executive Jamie Dimon warned of economic uncertainties arising from Russia’s invasion of Ukraine and soaring inflation after first-quarter profits at the largest U.S. bank slumped 42%.
Consumer Banking
Net income of $2.9B vs. $6.8B in 1Q21 & revenue of $12.2B, down 2% YoY
Corporate & Investment Banking
Net income of $4.4B, down 26% YoY & revenue of $13.5B, down 7%
YoY
Commercial Banking
Net income of $850mm, down 28% YoY & revenue of $2.4B was flat compared to the prior year.
The 10-year U.S. Treasury yield topped 2.79% on Monday, reaching its highest level in three years.
The macro-economic picture is deteriorating fast and could push the U.S. economy into recession as the Federal Reserve tightens its monetary policy to tame surging inflation, Bank of America strategists warned in a weekly research note.
Investors need to ask, what’s in the price? As you can see from the chart below, JPM has corrected over the last 6 months from $175 to $130.
JPMorgan Chase & Co, the largest U.S. bank, is expected to report first-quarter earnings on Wednesday.
Goldman Sachs Group Inc is scheduled to report first-quarter results on Thursday.
BlackRock Inc is scheduled to report first-quarter earnings on Wednesday
Citigroup Inc reports first-quarter results on Thursday
Wells Fargo & Co reports first-quarter earnings Thursday
Morgan Stanley is scheduled to report first-quarter results on Thursday
NASDAQ’s PE ratio is now 27X forward earnings with 2022 earnings growth rate forecast at 12.3%. The recent rally is a significant extension given the move higher in interest rates.
The graph below looks at the valuation of the S&P relative to US GDP.
9/4 update: The downside momentum continues in the NASDAQ.
Charter Communications, Inc. – Class A Common is under Algo Engine buy conditions.
GS:NYS is under Algo Engine buy conditions.
HD:NYS is under Algo Engine buy conditions.
NASDAQ’s PE ratio is now 27X forward earnings with 2022 earnings growth rate forecast at 12.3%. The recent rally is a significant extension given the move higher in interest rates.
The graph below looks at the valuation of the S&P relative to US GDP.
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