On this episode of Stock Movers:
- JPMorgan Chase & Co. (JPM) shares are up as the big bank giant's investment bankers had a surprise gain in the second quarter, with investment-banking fees climbing 7%, according to the bank. CEO Jamie Dimon said dealmaking "activity started slow but gained momentum as market sentiment improved". JPMorgan's stock traders had their best second quarter ever, with fixed-income trading and equity trading performing well ahead of expectations.
- Wells Fargo (WFC) shares are down after lowering its full-year guidance for net interest income after a quarter of tepid growth amid the ongoing trade war. The bank posted $11.7 billion in NII for the three months through June, falling short of analysts’ estimates of $11.8 billion. Wells Fargo CEO Charlie Scharf said the bank now has the opportunity to grow in ways it could not while the asset cap was in place and can move forward to serve consumers, businesses, and communities to support US economic growth.
- Nvidia (NVDA) shares rise as much as 4.8% in premarket trading on Tuesday after the company said it received assurances from the Trump administration that sales of its H20 AI chip to China would be approved, a dramatic reversal by the White House. Melius Research notes that the stock’s next stop is $5 trillion.
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