Reported about 7 hours ago
JPMorgan Chase and Wells Fargo's third-quarter earnings reports surpassed Wall Street's expectations, leading to a surge in their stock prices. This performance indicates resilience in the banking sector and suggests the US economy may be on track for a 'soft landing,' where inflation decreases without triggering a recession. Despite a slight fall in profits compared to the previous year, both banks experienced significant gains in investment banking. However, they acknowledged rising credit challenges, primarily affecting lower-income consumers, while overall consumer spending trends remained stable.
Source: YAHOO