S&P 500 earnings have recently seen multiple sharp upward revisions.
This comes after 15 consecutive weeks of downside earnings revisions fueled by tariff fears. Overall, it seems that US corporations are actually coming out on the other side of these fears stronger. This is a tailwind for the stock market. Source: Bravos research
Dow Jones Industrials forms a Golden Cross for the first time since November 2023 🚨
The last one sent prices soaring 29% over the next 13 months 📈📈📈 Source: Barchart
The sp500 yesterday
Source: Brew markets
$VIX seasonality last 20 years.
If we are to see a spike, should be any day now. Just simply basing off seasonality. Source: Heisenberg @Mr_Derivatives
Party like it's 1999! Goldman posts best stock-trading quarter in Wall Street History
At $4.3bn, equity-trading revenue for Q2 was about $600mln more than what analysts were expecting and $100mln above Q1. Source: HolgerZ, Bloomberg
Nvidia is 3% of global market cap. The other 82,292 stocks (Bloomberg-tracked primary listings) make up the other 97%.
Source: David Ingles, Bloomberg
⚠️ JPMorgan Chase on Tuesday topped analysts’ estimates on better-than-expected revenue from fixed income trading and investment banking.
▶️ The bank said that second-quarter earnings fell 17% to $14.9 billion, or $5.24 a share, from the year-earlier period, when it had a $7.9 billion gain on Visa shares. But even when backing out a $774 million income tax benefit that boosted per share earnings by 28 cents, JPMorgan topped estimates for the quarter. 🔴 $JPM JPMorganChase Q2 FY25. • Net revenue -11% Y/Y to $44.9B ($1.7B beat). • Net Income -17% Y/Y to $15.0B. • EPS: $4.96 ($0.48 beat). • FY25 NII ~$95.5B ($1.0B raise). Source: App Economy Insights, CNBC
The Q2 2025 earnings season begins this week, with analysts forecasting modest S&P 500 EPS growth of 4.8%, the lowest rate since Q4 2023.
Early reports have already painted a mixed picture, showing strong AI and travel demand ( $MU, $DAL ) but softness in consumer goods and shipping ( $NKE, $FDX). The spotlight is now on the big banks, with $JPM, $C, $WFC, and others reporting Tuesday and Wednesday. In their reports, we'll be watching for commentary on three key themes: credit quality, a potential recovery in investment banking, and the expected plateau in net interest income. Source: Wall Street Horizon
