Big Banks, J&J Open Earnings Week as June CPI Arrives
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- JPMorgan, Wells Fargo, Goldman Sachs, Bank of America, and Citigroup report Q2 earnings Tuesday morning, with the June CPI release due at 8:30 a.m. ET — the same moment CEO Jamie Dimon's conference call begins.
- Wells Fargo enters its report after two disappointing quarters, needing to show top-line growth and ROTCE tracking to a 17-18% range while addressing AI spending strategy and consumer health.
- Goldman Sachs is positioned for strong revenue, with Q2 investment banking numbers boosted by its lead role on SpaceX's record-breaking IPO during the quarter.
- Johnson & Johnson reports Wednesday near all-time highs, with investors tracking blood-cancer drug Darzalex, autoimmune treatment Tremfya, and the launch trajectory of Icotyde, its daily psoriasis pill approved in March.
- The Federal Reserve's next rate decisions hinge on June CPI (forecast at 3.8% YoY, cooling from May's 4.2%) and June PPI (forecast at 6.2% YoY), with WTI's roughly $20 June drop poised to flatter the headline.
- WTI crude slid from the low $90s in early June to just below $70 by month-end on an interim U.S.-Iran deal that partially reopened the Strait of Hormuz, though renewed tanker-traffic slowdowns over the weekend muddied the energy outlook.
Why it matters: June CPI arrives as the first inflation read since oil fell roughly $20 in June on the U.S.-Iran reopening of the Strait of Hormuz — potentially flattering the headline, but renewed tanker-traffic disruptions suggest that energy relief could reverse. Wells Fargo specifically faces pressure to restore its 17-18% ROTCE target after back-to-back soft quarters or risk undermining the conviction behind a key Club position.
