Investors can catch their bearings now that an action-packed Q2 earnings season is in the rearview mirror. The landscape began with a tame US Dollar Index, steady interest rates, and an S&P 500 that was in rally mode off its mid-March low.
JPMorgan Chase (JPM) kicked things off with solid results – the bank topped Wall Street consensus estimates and increased net interest income guidance for the year. Shares rallied, and the broader sector rose into late July. That was also about when the Dow Jones Industrial Average rose for 13 consecutive sessions. Times were good ahead of mega-cap-tech earnings that took place in the middle of the season.
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