One thing that is clear is that financial conditions are tightening. That will act as a brake on the economy and help the Federal Reserve bring inflation to heel.
Text size
Earnings season started last week with results from
JPMorgan and other big banks. Or did it? For many investors, it doesn’t really begin until
Netflix, the first of the big tech stocks, reports after Tuesday’s close.
Tech looms over the market. The FAANG stocks plus
Microsoft have a combined market cap of more than $7 trillion, or roughly 22% of the total value of the
And big tech has been stuck. The FAANG+M stocks have risen an average of just 1.4% over the past three months, trailing the 8% gain of the market. Banks and energy stocks have risen more than 40% over that period.
It’s earnings season!
Yes, a few companies like Delta Air Lines and BlackRock reported earlier this week, but it’s the releases from four big banks JPMorgan Chase, Citigroup, Wells Fargo and PNC Financial Services that really signal the starting gun has fired.
The numbers, so far, are pretty good. JPMorgan smashed results, earning $3.79 a.
Close
From