NVDA+1.25%AAPL+0.27%GOOGL+0.65%MSFT+1.20%AMZN+1.49%TSM-2.93%AVGO-2.69%META+1.63%SPCX-2.68%TSLA+1.42%LLY+0.86%SKHY-8.81%BRK-B+0.83%MU+3.12%JPM+0.95%WMT+0.99%AMD-3.29%ASMLa+1.61%V+1.18%XOM+0.03%JNJ+1.59%0700.HK+1.93%MA+1.77%INTC-7.89%ABBV+0.95%CSCO+1.25%BAC+1.26%AP2d+1.84%1398.HK+1.39%AMAT-4.72%COST+0.97%CAT-0.65%CVX+0.19%UNH-0.67%LRCX-4.56%GE+1.36%0005.HK+0.87%HSBA.L+0.41%KO+1.33%PG+0.30%MS-0.33%HD+2.55%ORCL-4.21%GS-1.26%0857.HK-3.53%PM+0.98%1816.HK-0.74%NVS-0.72%3988.HK+0.94%NFLX+1.74%CHFNOK+1.11%AUDNOK+0.99%EURNOK+0.97%NOKJPY-0.90%USDZAR-0.75%USDNOK+0.71%GBPZAR-0.59%EURZAR-0.50%USDTHB-0.42%GBPTRY+0.41%CADCHF-0.36%CHFSGD+0.36%USDCHF-0.35%USDPLN-0.32%GBPHKD+0.32%EURCAD+0.30%EURUSD+0.30%USDSEK-0.29%GBPMXN-0.28%AUDCAD+0.28%AUDUSD+0.27%USDDKK-0.26%EURHKD+0.25%USDMXN-0.25%GBPCHF-0.25%AUDSGD+0.24%EURSGD+0.23%NZDCHF-0.20%GBPAUD-0.19%EURCNH+0.19%USDJPY-0.19%CADJPY-0.19%EURGBP+0.19%CHFJPY+0.18%USDILS+0.16%NZDCAD+0.16%SGDJPY-0.15%NZDUSD+0.15%NZDSGD+0.14%PLNJPY+0.13%AUDJPY+0.13%AUDNZD+0.12%GBPCAD+0.11%GBPUSD+0.11%GBPJPY-0.11%CHFSEK+0.11%EURCHF-0.10%EURJPY+0.09%AUDCHF-0.08%GBPSGD+0.08%NZDMXN-0.08%EURPLN-0.07%USDCNH-0.06%USDTRY+0.05%EURCZK+0.05%USDSGD-0.04%USDCOP-0.04%EURSEK-0.03%EURNZD+0.03%GBPNZD-0.02%EURAUD-0.01%USDCAD+0.01%USDHKD-0.01%NZDJPY0.00%AUDDKK0.00%EURDKK0.00%USOIL-7.41%UKOIL-7.36%XNGUSD-4.28%S1-3.19%XPTUSD+2.75%C1-2.64%GAGUSD+1.98%XAGUSD+1.98%W1-1.64%XAUUSD+0.93%GAUUSD+0.93%SUGAR-0.78%BTCUSDT-14.17%BTCUSD-0.32%ETHUSD-0.06%USDTUSD0.00%BNBUSDT-8.72%XRPUSD-0.30%SOLUSD-0.46%TRXUSDT-0.07%DOGEUSD-0.49%ADAUSDT-33.73%ZECUSDT-1.17%XMRUSDT+0.32%LINKUSD-0.47%XLMUSD-0.44%XLMUSDT+4.40%BCHUSDT-0.44%AVAXUSDT-28.74%TONUSD+13.22%LTCUSD-0.71%SUIUSDT-24.49%TONUSDT+27.64%HBARUSDT-0.31%SUIUSD-0.33%UNIUSD+0.28%TAOUSDT-0.79%UNIUSDT+19.57%NEARUSDT+34.96%AAVEUSD+0.01%DOTUSDT-0.67%ONDOUSDT+0.25%ETCUSDT-16.83%PEPEUSD+9719087.24%ICPUSDT-0.39%WLDUSDT-0.77%ATOMUSDT-0.04%JUPUSDT-0.52%INJUSDT-0.25%ARBUSDT-0.42%PENGUUSDT+99845.17%FETUSDT-1.10%TIAUSDT-0.49%SEIUSDT+0.80%STXUSDT-0.63%IMXUSDT-0.32%PYTHUSDT+0.22%OPUSDT-0.53%GRTUSDT-0.41%WIFUSDT-0.97%NVDA+1.25%AAPL+0.27%GOOGL+0.65%MSFT+1.20%AMZN+1.49%TSM-2.93%AVGO-2.69%META+1.63%SPCX-2.68%TSLA+1.42%LLY+0.86%SKHY-8.81%BRK-B+0.83%MU+3.12%JPM+0.95%WMT+0.99%AMD-3.29%ASMLa+1.61%V+1.18%XOM+0.03%JNJ+1.59%0700.HK+1.93%MA+1.77%INTC-7.89%ABBV+0.95%CSCO+1.25%BAC+1.26%AP2d+1.84%1398.HK+1.39%AMAT-4.72%COST+0.97%CAT-0.65%CVX+0.19%UNH-0.67%LRCX-4.56%GE+1.36%0005.HK+0.87%HSBA.L+0.41%KO+1.33%PG+0.30%MS-0.33%HD+2.55%ORCL-4.21%GS-1.26%0857.HK-3.53%PM+0.98%1816.HK-0.74%NVS-0.72%3988.HK+0.94%NFLX+1.74%CHFNOK+1.11%AUDNOK+0.99%EURNOK+0.97%NOKJPY-0.90%USDZAR-0.75%USDNOK+0.71%GBPZAR-0.59%EURZAR-0.50%USDTHB-0.42%GBPTRY+0.41%CADCHF-0.36%CHFSGD+0.36%USDCHF-0.35%USDPLN-0.32%GBPHKD+0.32%EURCAD+0.30%EURUSD+0.30%USDSEK-0.29%GBPMXN-0.28%AUDCAD+0.28%AUDUSD+0.27%USDDKK-0.26%EURHKD+0.25%USDMXN-0.25%GBPCHF-0.25%AUDSGD+0.24%EURSGD+0.23%NZDCHF-0.20%GBPAUD-0.19%EURCNH+0.19%USDJPY-0.19%CADJPY-0.19%EURGBP+0.19%CHFJPY+0.18%USDILS+0.16%NZDCAD+0.16%SGDJPY-0.15%NZDUSD+0.15%NZDSGD+0.14%PLNJPY+0.13%AUDJPY+0.13%AUDNZD+0.12%GBPCAD+0.11%GBPUSD+0.11%GBPJPY-0.11%CHFSEK+0.11%EURCHF-0.10%EURJPY+0.09%AUDCHF-0.08%GBPSGD+0.08%NZDMXN-0.08%EURPLN-0.07%USDCNH-0.06%USDTRY+0.05%EURCZK+0.05%USDSGD-0.04%USDCOP-0.04%EURSEK-0.03%EURNZD+0.03%GBPNZD-0.02%EURAUD-0.01%USDCAD+0.01%USDHKD-0.01%NZDJPY0.00%AUDDKK0.00%EURDKK0.00%USOIL-7.41%UKOIL-7.36%XNGUSD-4.28%S1-3.19%XPTUSD+2.75%C1-2.64%GAGUSD+1.98%XAGUSD+1.98%W1-1.64%XAUUSD+0.93%GAUUSD+0.93%SUGAR-0.78%BTCUSDT-14.17%BTCUSD-0.32%ETHUSD-0.06%USDTUSD0.00%BNBUSDT-8.72%XRPUSD-0.30%SOLUSD-0.46%TRXUSDT-0.07%DOGEUSD-0.49%ADAUSDT-33.73%ZECUSDT-1.17%XMRUSDT+0.32%LINKUSD-0.47%XLMUSD-0.44%XLMUSDT+4.40%BCHUSDT-0.44%AVAXUSDT-28.74%TONUSD+13.22%LTCUSD-0.71%SUIUSDT-24.49%TONUSDT+27.64%HBARUSDT-0.31%SUIUSD-0.33%UNIUSD+0.28%TAOUSDT-0.79%UNIUSDT+19.57%NEARUSDT+34.96%AAVEUSD+0.01%DOTUSDT-0.67%ONDOUSDT+0.25%ETCUSDT-16.83%PEPEUSD+9719087.24%ICPUSDT-0.39%WLDUSDT-0.77%ATOMUSDT-0.04%JUPUSDT-0.52%INJUSDT-0.25%ARBUSDT-0.42%PENGUUSDT+99845.17%FETUSDT-1.10%TIAUSDT-0.49%SEIUSDT+0.80%STXUSDT-0.63%IMXUSDT-0.32%PYTHUSDT+0.22%OPUSDT-0.53%GRTUSDT-0.41%WIFUSDT-0.97%

Big U.S. Banks Head Into Q2 Tests

COMMENTARY

July 11, 2026 at 02:03 UTC

1 min read

Second‑quarter earnings season for the six largest U.S. banks is approaching, with analysts generally expecting solid results. Forecasts point to higher net interest income, support from fee growth, and a boost from strong capital markets and trading activity. A surge in sales and trading linked in part to the SpaceX (SPCX) mega IPO is cited as an additional tailwind, alongside a resilient U.S. economy.

JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS), and Morgan Stanley (MS) sit at the center of this setup. Historically, periods when large banks combined strong fundamentals with relatively low valuations have sometimes coincided with extended outperformance for sector benchmarks such as the KBW Bank Index (BKX), particularly in 2012-2013 and during the 2016 reflation phase.

However, the historical record also shows that favorable fundamentals and inexpensive valuations have not always translated into sustained stock outperformance. In 2018, for example, large U.S. banks delivered generally solid earnings supported by net interest income growth, sound credit quality, and strong capital, yet the KBW Bank Index and broad financials underperformed the S&P 500 (SPX). Macro conditions, including the yield‑curve shape, inflation path, and Federal Reserve policy trajectory, have at times dominated the influence of any single earnings season on bank share performance.

Terminology

01Net interest income: Bank revenue from interest on loans and securities minus interest paid on funding.
02Yield curve: Graph showing interest rates across different bond maturities at a single time.

References