Major US Banks Kick Off Q2 Earnings as June CPI Tests 3.8% Inflation Path
Updated
Updated · CNBC · Jul 12
Major US Banks Kick Off Q2 Earnings as June CPI Tests 3.8% Inflation Path
3 articles · Updated · CNBC · Jul 12
Summary
Tuesday opens a pivotal week for markets, with JPMorgan, Bank of America, Citigroup, Wells Fargo and Goldman Sachs launching second-quarter earnings just as the June CPI report lands at 8:30 a.m. ET.
The overlap matters because investors want both real-time bank commentary on consumer spending, dealmaking and credit conditions and fresh inflation data expected to show CPI slowing to 3.8% year over year from 4.2% in May.
Wells Fargo and Goldman Sachs report before the bell, with Wells under pressure to restore consistent beats and sustain 17% to 18% ROTCE, while Goldman is expected to show strength from a busy IPO and M&A backdrop.
Wednesday adds June PPI—seen at 6.2% annually—and Johnson & Johnson earnings, while later reports from J.B. Hunt, United Airlines and Netflix should extend the read-through on consumer and business demand.
Oil's drop from the low $90s in early June to just below $70 by month-end could ease backward-looking inflation, but renewed US-Iran tensions and slower Hormuz tanker traffic keep the outlook for prices and Fed policy unsettled.