🚨BANK SELL OFF: 📉
As banks report earnings many are warning about credit loss a clear sign the economy is not well as $JPM stated today
“We set aside $3.1 billion in provisions for credit losses, 62% higher📈 than the first quarter.” pic.twitter.com/6RqY8eUNgg
— The Coastal Journal (@1CoastalJournal) July 12, 2024
NII came in at $22.7b, up 4% but slightly below estimates, while expenses climbed more than expected. The bank also took its highest provision for loan losses since the early days of Pandemic.
JPMorgan Notches Record Profit on Visa Gain, Dealmaking Jump t.co/shvdqRhKj4
— じぇい (@17296Jay18416) July 12, 2024
📈 Earnings Alert $JPM – JPMorgan 2Q Provision for Credit Losses Misses Estimates:
∙ Provision for credit losses $3.05b, est $2.83b
∙ Adj revenue $50.99b
∙ Return on equity 23%, est 17.4%t.co/ZPPGNUWwcQ pic.twitter.com/vL1LqMwA2c— Smartkarma (@smartkarma) July 12, 2024
We are now to believe that an imploding economy will be good for banks and retail stocks.
The last false narrative to attend the final rotation.
I think short covering is close to ending with this PPI-induced robo rally.
A lot of pain out there in hedge fund land where consensus trades just got obliterated.
We are now to believe that an imploding economy will be good for banks and retail stocks.
The last false… pic.twitter.com/RkdeTERzO8
— Mac10 (@SuburbanDrone) July 12, 2024