Earnings Reports

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JPMorgan Chase (JPM) along with the other money center major banks PNC Financial ($PNC), Wells Fargo ($WFC) and Citigroup ($C) kick off the banking sector's Q217 earnings season on Friday, July 14 before the market opens. Most recently, the banking sector received a boost after the largest U.S. banks passed Fed stress tests and were allowed to raise dividends and share buybacks.


JPM CEO Jamie Dimon is also chairman of the Business Roundtable for the Trump administration. Trading income continues to deliver for most banks in 2017.  The Fed also continues to raise rates, helping banks' finances.

JPMorgan Chase Consensus Forecast
Expected to report a 3% increase in EPS of $1.60 on revenue also seen up 3% to $25.017 billion.

Caution hangs over the sector if congress can pass regulatory rollbacks after the GOP's unsuccessful attempt to replace the Affordable Care Act. Auto and student loans also overhang the banking and finance sectors.

The bank rally has been fueled by expectations for easier regulations including a possible repeal of DoddFrank and infrastructure spending. The Federal Reserve decision to raise rates has also helped banks.  The new surge in home prices has also buoyed optimism for the mortgage business and banks profits thereto.

 

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