Big Banks Report Jaw-Dropping Profits as Stock Market Soars

Good morning,

Big banks are reporting this morning as the Dow futures rise more than 100 points.

JPMorgan Chase posted a 67% jump in profit for the second quarter on Friday as it earned more in interest from borrowers. The largest U.S. lender’s profit climbed to $14.47 billion, or $4.75 per share, for the quarter ended June 30. That compares with $8.65 billion, or $2.76 per share a year earlier.

Wells Fargo’s profit rose in the second quarter as it earned more in interest payments from customers. Net income rose to $4.94 billion, or $1.25 per share, for the three months ended June 30, compared with $3.14 billion, or $0.75 per share, a year earlier.

BlackRock Inc, the world’s largest asset manager, posted a 25% rise in its second-quarter adjusted profit on Friday, benefiting from investors pouring money into its various market funds. Revenue for the quarter ended June 30 was $4.46 billion compared with $4.53 billion a year earlier.

Coinbase Global was up 0.1% premarket, after soaring 24% in the previous session as bitcoin surpassed the $31,000 mark on Thursday.

WTI crude futures held around $76.80 per barrel. Gold increased to a 4-week high of 1963 while the yield on the US 10-year Treasury note hovered near 3.77%.

Join us on the Platinum Channel Zoom call later today.

Have a great weekend!