Bank Earnings, CPI Data: 3 Things to Watch in Stocks This Week
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- JPMorgan reports Q2 earnings Tuesday at 8:30 a.m. ET — the exact moment the June CPI releases — with CEO Jamie Dimon's call setting the market tone ahead of Bank of America, Citigroup, Wells Fargo, and Goldman Sachs.
- Wells Fargo faces a pivotal quarter after back-to-back disappointments, with analysts expecting $21.8 billion in revenue and $1.72 EPS as investors watch for ROTCE tracking to its 17%-18% target and an improving efficiency ratio.
- Goldman Sachs will likely highlight its role leading SpaceX's record-breaking Q2 IPO, though investors want sustainable ROTCE beyond deal-flow strength; analysts expect $16.1 billion in revenue and $14.39 EPS.
- Johnson & Johnson reports Wednesday near all-time highs, with growth drivers including Darzalex, Tremfya, and newly launched daily psoriasis pill Icotyde (approved in March) — though analysts don't expect a J&J Icotyde revenue disclosure yet; Street forecasts $25.05 billion revenue and $2.85 EPS.
- June CPI (Tuesday) is forecast at 3.8% annual and a 0.2% monthly decline, easing from May's 4.2%, while PPI on Wednesday (6.2% annual expected) also feeds into the Federal Reserve's interest-rate decisions.
- Oil prices plunged in June (WTI from the low $90s to just below $70) on a U.S.-Iran ceasefire that reopened the Strait of Hormuz, easing inflation — but the source flags the deal as now "muddier" after weekend missile and drone activity slowed tanker traffic.
- Netflix reports later in the week alongside United Airlines and J.B. Hunt, giving investors reads on streaming subscriber behavior, travel demand, and freight activity outside of the banking sector.
Why it matters: Bank CEOs will weigh in on AI spending and consumer health, with JPMorgan's call clashing the moment the June CPI prints. But the source flags oil as mattering more than CPI itself — and the U.S.-Iran ceasefire that pushed WTI from the low $90s to under $70 is now fraying after weekend missile activity through the Strait of Hormuz, complicating the inflation picture for the Fed.
