News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.88% Silver: -0.04% Gold: -0.20% View the performance of all markets via
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.19% 🇦🇺AUD: 0.06% 🇨🇦CAD: 0.04% 🇬🇧GBP: -0.04% 🇪🇺EUR: -0.05% 🇨🇭CHF: -0.07% View the performance of all markets via
  • IG Client Sentiment Update: Our data shows the vast majority of traders in USD/CHF are long at 75.86%, while traders in France 40 are at opposite extremes with 82.70%. See the summary chart below and full details and charts on DailyFX:
  • Dow Jones Retreats Ahead of FOMC, Nikkei 225 and ASX 200 Open Lower
  • 🇦🇺 Westpac Leading Index MoM (MAY) Actual: -0.06% Previous: 0.19%
  • MSCI #EmergingMarkets Index (EEM), which is heavily weighed in Chinese stocks, has been struggling to breach the 54.97 - 55.34 inflection zone A hawkish #Fed (especially amid ebbing #PBOC liquidity measures), could risk weighing the index Breach under 20-day SMA exposes MAR low
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
  • Natural gas spot prices have been on the rise, recapturing a key trendline, following the EIA’s Short-Term Energy Outlook. Where can prices head from here? Find out from @FxWestwater here:
  • Heads Up:🇦🇺 Westpac Leading Index MoM (MAY) due at 01:00 GMT (15min) Previous: 0.2%
S&P 500 Finishes Higher as Bank Earnings Underwhelm Start to Earnings Season

S&P 500 Finishes Higher as Bank Earnings Underwhelm Start to Earnings Season

Thomas Westwater, Analyst


  • JPMorgan and Wells Fargo increase reserve builds as the banks expect a rough economic recovery
  • The S&P 500 Index climbs higher despite the weak earnings from JPM and WFC
  • IMF economic outlook for 2020 shows a 3 percent contraction for global growth

The S&P 500 Index finished well in the green Tuesday as earnings season kicked off with two of the largest banks in the United States reporting Q1 earnings this morning. JP Morgan Chase printed earnings of $0.78 per share, missing estimates of $2.49. Wells Fargo also missed with EPS of $0.01 versus estimates of $0.61 per share. JP Morgan and Wells Fargo ended the trading session -2.74% and -3.98% respectively.


SP500 Bank earnings

Source: IG Charts

Despite the weak prints, US equity markets are now well above their March lows as central banks and fiscal policymakers have enacted record breaking stimulus into the economy. New York’s recent decline in virus deaths may also be supplying further fuel for equities as NY Governor Cuomo said ‘the worst is over’ on Monday as fatalities appear to be declining in the hard-hit state.

While signs may be appearing for a peak in the virus pandemic, the fallout to the economy is likely to persist through the year according to two of the largest banks in the United States. Chase reported a 69 percent decline in net income as they increased reserve levels by $6.8 billion for a predicted sharp uptick in credit losses. Wells Fargo also increased its reserves in anticipation for economic distress in the months ahead, with a $3.1 billion build in its reserve levels.


Q1 bank earnings versus Spx

Created by Thomas Westwater in TradingView

Adding to the calls for economic fallout to continue through the rest of the year, the IMF released its world economic outlook this morning,forecasting the deepest global recession since the great depression of the 1930’s. The Great Lockdown, as the IMF terms it, is expected to put a serious hit on global growth for the current year forecasting a 3 percent contraction, 6.3 percent lower than the last forecast from the organization.

Going forward, banks may see a rough path to recovery versus other sectors of the economy with less exposure to the expectedly harsh economic conditions ahead. Recent actions from the Federal Reserve may also drag on the banking sector altogether, with interest rates near zero. This, combined with the loss on loans going forward, presents somewhat of a double-edged sword to banks, which normally see higher profits in periods where interest rates are high.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.