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Good Morning!
Happy Friday! Have a great weekend:
👉CPI results are in
👉JP Morgan earnings are in
👉Wells Fargo results
CPI: Results Are In
In June, the monthly inflation rate dipped for the first time in over four years, hinting that the Federal Reserve might lower interest rates later this year. The consumer price index (CPI) fell 0.1% from May, bringing the annual rate to 3%, its lowest in three years, according to the Labor Department.
Source: CNBC
This was the first monthly decrease since May 2020. Core CPI, excluding food and energy, rose 0.1% monthly and 3.3% annually. Gasoline prices dropped 3.8%, offsetting slight increases in food and shelter costs.
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EARNINGS: JP Morgan
JPMorgan Chase reported second-quarter profits and revenue that beat analysts' expectations, driven by a 52% surge in investment banking fees. The bank's earnings rose 25% from a year earlier to $18.15 billion, or $6.12 per share, and $4.26 per share.
Source: CNN
Revenue increased by 20% to $50.99 billion, aided by strong investments and equities trading. CEO Jamie Dimon cautioned about future risks like inflation and interest rates despite current optimistic market valuations.
WELLS FARGO: Earnings
Wells Fargo reported a 9% drop in net interest income despite exceeding Q2 earnings and revenue expectations. The bank posted $11.92 billion in net interest income, below the expected $12.12 billion, due to higher interest rates.
Source: NY Times
Net income slightly decreased to $4.91 billion from $4.94 billion last year. They set aside $1.24 billion for credit losses. Revenue rose to $20.69 billion. In H1 2024, Wells Fargo repurchased over $12 billion in stock and plans a 14% dividend increase in Q3.
Chart of the Day
📊Stocks Near 52-Weeks Lows
Source: @Carbon Finance
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Source: @wallstbets
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