that s right, amy. well it wasn t such good news out of jpmorgan chase. they did miss on both earnings and revenue, even though earnings managed to actually increase. but the real concern here was on revenue. they reported about a 6% drop in revenue on the period and a lot of this was due to both the market volatility and a hit on trading revenue that was largely due to the low interest rates. and it s expected that that low interest rate environment will continue, as you know, with the fed expected to stay on hold for rates for the foreseeable future. and the cfo at jpmorgan warning that analysts may be a little bit too optimistic about the next quarter. so that will cause some investor concerns, especially as we have several other big banks reporting earnings this week. today we hear from bank of america and wells fargo. i should mention with jpmorgan there was one bit of silver lining here and that was on mortgages. for the consumer bank division that was the only one really to re
when you re added to the dow, stocks don t do so well and for goldman sachs, a really terrible quarter. a lot of its trading revenues were down nearly 50%. both their own individual trading and their clients trading revenue. one of the canaries in the coal mine here that people are watching is ebay. earnings not so exciting but what s concerning is in the current quarter they ve seen a real pullback in terms of growth in spending and that s one of the things people are worried about, whether this has impacted americans, and come supers are worried and they re going to hold back to the holiday season. it create as ripple effect which is right around the corner. ber, that great to have you on there. still ahead, what the government is going to seize on. the botching of the health care rollout. some who have still not been able to sign up 17 days later. plus everything went wrong that
threat of default. for the economy, however, there is still a cloud and that is that if we don t resolve some of our differences on spending, taxes, we could be right back at another crisis, another potential shutdown just before the holidays in mid december. have a great weekend, everybody! we still have an awful lot to work through and i think you ll see a cautious tone in stocks today. that cautious tone was backed up by jp morgan chase and the news that they sold treasury deal due early november. fidelity did a similar move earlier this week. those decisions aimed at cutting exposure should a debt ceiling disaster occur. let me be clear. that means that team running big money, big players of the market are not just going assume that washington is fixing this. trading revenue is expected to be week. analysts looking for less than stellar loan growth and they will be watching what is
i think you d actually have to be there. i m anthony pearson with your cnbc wrap. a hup rally on strong corporate earning and a bipartisan plan to lower the deficit. the dow jones industrial soaring 202 points. the s&p 500 jumping 21. the nasdaq surging 61 points. coca-cola, ibm, wells fargo, harley davidson, gist a few of the big names moving higher today on better than expected quarterly earnings. but we also had goldman sachs falling far short of estimates on sharp drops in trading revenue and bank of america posting a loss that $8.5 billion
harley davidson, gist a few of the big names moving higher today on better than expected quarterly earnings. but we also had goldman sachs falling far short of estimates on sharp drops in trading revenue and bank of america posting a loss that $8.5 billion settlement wouldn t work with investors. gains accelerating after president obama backed the gang of six proposal that would cut the deficit by more than $4 trillion, and two big names reporting after the closing bell. yahoo! delivered and apple s earnings, blowout results again last quarter boosted by soaring sales of the ipad. that s it from cnbc, first in business worldwide. now back to hardball. no, no, no. oh. oh.