Squawk on the Street
After the Tech Sell-off: Big Bank Earnings, Hot PPI, Tesla 11-day Win Streak Snapped 7/12/24
Jul 12, 2024
Financial journalists Carl Quintanilla, David Faber, and Sara Eisen discussed major bank earnings, hot PPI data, and Tesla's win streak ending. Topics included tech selloff, Russell 2000 surge, Tesla's
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Quick takeaways
- Major banks like JPMorgan and Wells Fargo showcased contrasting performance in Q2 earnings, reflecting challenges and strengths in investment banking and net interest income.
- Tech stock movements and delays in Tesla's robo-taxi launch highlight changing investor sentiments and market shifts towards consumer sentiment and rate cuts.
Deep dives
Bank Earnings and Market Reaction
Earnings reports from major banks like JPMorgan and Wells Fargo reveal varying performance factors impacting their stock prices. While JPMorgan showed strength in investment banking and management, Wells Fargo faced challenges with net interest income declines. Market reactions reflected these differences, with JPMorgan stocks steadier despite higher credit loss provisions and City Group also showing growth in banking businesses.
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