This is a long article with numerous earnings reports and company updates. I'll provide a summary of the key points:
Earnings Reports:
- Johnson & Johnson (JNJ): Reported Q2 earnings that beat Wall Street estimates due to strong demand for its cancer drug, Darzalex, and strength in its medical device business.
- Goldman Sachs (GS): Reported higher dealmaking and trading revenue for the second quarter, with profits surging 22% from the year ago quarter.
- JPMorgan Chase (JPM): Reportedly said that the US consumer "basically seems to be fine" despite market volatility and tariff-related sticker shock.
- Wells Fargo (WFC): Beat Q2 profit estimates but cut its 2025 guidance for net interest income, dropping shares of the lender 3%.
- Albertsons (ACI): Raised annual sales forecast but left profit outlook unchanged, despite beating earnings estimates and reporting strong growth in pharmacy sales.
Company Updates:
- **Morgan Stanley's (MS) trading revenue jumped 15% to $5.4 billion in the quarter, with equities revenue surging 10%.
- **Bank of America's (BAC) profit beat estimates as its traders brought in more revenue from tumultuous markets.
- Citigroup (C): Reportedly said that it sees "no signs" of a recession despite market volatility and economic uncertainty.
Industry Trends:
- **Grocers like Albertsons have benefited from consumers' shift to value and continued spending on necessities despite inflationary pressures.
- **The US consumer seems to be holding steady despite market volatility and tariff-related sticker shock, according to JPMorgan Chase's CEO Jamie Dimon.
Market Commentary:
- **JPMorgan Chase's CEO Jamie Dimon expressed concerns about elevated asset prices being a "significant" risk.
- **The article notes that the world is pricing in a soft landing, which could be problematic if interest rates rise or economic growth slows down.
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