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S&P 500 Dips on Poor JP Morgan & Morgan Stanley Earnings

S&P 500 Dips on Poor JP Morgan & Morgan Stanley Earnings

SPX, MS, JPM Analysis and Talking Points

  • US earnings season gets off to a weak start.
  • JPM & MS Miss Expectations.
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US earning season gets off to a weak start as the major US banks kick off proceedings. Both JP Morgan (JPM) and Morgan Stanley (MS) reported lower than expected financial figures for their EPS and revenue, and thus shares are set to open lower. Although, perhaps the more ominous headline is that JP Morgan announced that they have temporarily suspended their share buyback program.

JPM Q2 Results

  • EPS $2.76 vs Exp. 2.88
  • Revenue $31.63bln vs Exp. 31.98bln
  • IB Revenue $1.35bln vs Exp. 1.92bln
  • Temporarily suspends share buyback

MS Q2 Results

  • Adj EPS $1.44 vs Exp. 1.57
  • Revenue $13.1bln vs 13.33bln

A reminder that financials have been expected to perform poorly, while energy names are seen outperforming the rest of the pack during this season. At the same time, the weak start to earnings further compounds the view that S&P 500 quarterly earnings are expected to be the lowest since Q4 2020.

Source: Refinitiv

Source: Refinitiv

US 500 Bearish
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 6% 5% 6%
Weekly 3% -8% -4%
What does it mean for price action?
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