Stock Market Today: Big Banks' Bumper Quarter Points to Strong U.S. Economy — WSJ

By Ed Ballard

Big banks came out with record-smashing earnings this morning, delivering a reassuring signal on the health of consumers and Corporate America on what is shaping up to be a lively day in markets.

Goldman Sachs shares are rallying, leading gains among JPMorgan and Bank of America. Wells Fargo and Citigroup shares are lower.

Lenders' Wall Street operations were a bright spot across the board, most notably thanks to the blockbuster SpaceX IPO and the AI investment boom. "It's getting close to as good as it gets," JPMorgan chief Jamie Dimon said. "We just don't know how long it's going to last."

Meanwhile, the Dow is being dragged down by a 24% decline in IBM, potentially a record drop that followed a profit warning from the tech company. The Nasdaq composite is climbing and Treasury yields are sliding after June inflation came in at 3.5%, cooler than expected.

Armed with that fresh data, Fed Chair Kevin Warsh is answering lawmakers' questions in his Congressional testimony. Investors pared back the odds of an interest-rate hike this month to about 16%, from 42% yesterday, according to CME data.

Oil prices pared gains after President Trump walked back plans to impose a 20% fee on all cargo transiting the Strait of Hormuz. But they remain elevated as hopes of a quick resolution to the conflict dwindle.

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(END) Dow Jones Newswires

July 14, 2026 12:54 ET (16:54 GMT)