The Market's View on the Big Banks

Wells Fargo beat 40% profit without first republic, 67% increase in profit with first republic. JP Morgan has kind of a muted performance after these beats. We're seeing the stock actually take a little bit higher as we're talking. I think banks, and also I think the big deal for me, was expectations were lowered. They weren't jumping off a high mark here, but numbers were positive. That's a good read through for the consumer. As Jenny said, I think the consumer is hanging in on the margins. The S&P 500 will be outperforming once again because it's indicative of this kind of collective environment. This market does not need to deteriorate significantly into