1 00:00:02,520 --> 00:00:10,440 Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The Stock Movers podcast, 2 00:00:10,800 --> 00:00:14,040 Speaker 1: your roundup of companies making moves in the stock market, 3 00:00:14,240 --> 00:00:17,360 Speaker 1: harnessing the power of Bloomberg data. 4 00:00:17,800 --> 00:00:19,400 Speaker 2: Take a look at some of the stocks on the 5 00:00:19,400 --> 00:00:22,560 Speaker 2: move today. Lisa Manteo, Well, it's all about bank earnings, 6 00:00:22,600 --> 00:00:24,279 Speaker 2: all right, So it looks like Wall Street's biggest banks 7 00:00:24,280 --> 00:00:26,600 Speaker 2: they continue to benefit from that turbulence spark from President 8 00:00:26,640 --> 00:00:29,120 Speaker 2: Trump's policies in the early days of his second term. 9 00:00:29,320 --> 00:00:31,120 Speaker 2: So I want to start with the biggest US bank, 10 00:00:31,200 --> 00:00:34,560 Speaker 2: JP Morgan Stock Traders. They took in this record hall 11 00:00:34,640 --> 00:00:37,559 Speaker 2: in the first quarter. Equities market revenue increased forty eight 12 00:00:37,600 --> 00:00:40,760 Speaker 2: percent to three point eight one billion. That beat expectations, 13 00:00:41,000 --> 00:00:44,159 Speaker 2: setting a new record. What's interesting, though, is that CEO 14 00:00:44,240 --> 00:00:47,000 Speaker 2: Jamie Diamond, while he kind of struck this cautious tone 15 00:00:47,560 --> 00:00:49,720 Speaker 2: about the prospects of the economy, he said, it's facing 16 00:00:49,760 --> 00:00:52,720 Speaker 2: considerable turbulence. So yeah, if he did, he pointed to 17 00:00:52,760 --> 00:00:54,720 Speaker 2: a couple of positives, right, you have tax reform to 18 00:00:54,800 --> 00:00:59,360 Speaker 2: regulation that negatives, he said, tariffs, trade wars, ongoing inflation, 19 00:00:59,520 --> 00:01:03,560 Speaker 2: Hyphis deficits volatility. I mean, but it's interesting because those 20 00:01:03,600 --> 00:01:06,080 Speaker 2: comments just come off of you know, days earlier, when 21 00:01:06,080 --> 00:01:07,720 Speaker 2: this week, earlier, this week when he said that a 22 00:01:07,760 --> 00:01:10,559 Speaker 2: recession is likely, and then came the ninety day pause 23 00:01:10,640 --> 00:01:14,920 Speaker 2: and everything changed after that. But it's large and expected reserve. 24 00:01:15,400 --> 00:01:17,600 Speaker 2: That's kind of this sign that companies are really gearing 25 00:01:17,680 --> 00:01:21,119 Speaker 2: up for this economic downturn. On top of it, we lost, yeah, 26 00:01:21,160 --> 00:01:24,600 Speaker 2: Morgan Stanley, we go to stock traders deliver the first 27 00:01:24,720 --> 00:01:28,160 Speaker 2: quarter revenue beat expectations, earning record four point one three 28 00:01:28,200 --> 00:01:30,479 Speaker 2: billion from equities training that was up about forty five 29 00:01:30,520 --> 00:01:34,080 Speaker 2: percent from a year ago. Wealth business higher than anticipated, 30 00:01:34,120 --> 00:01:36,800 Speaker 2: net new assets ninety three point eight billion. You had 31 00:01:36,800 --> 00:01:40,080 Speaker 2: investment banking fees, roads, equity underwriting coming in about three 32 00:01:40,120 --> 00:01:43,959 Speaker 2: hundred and nineteen million, another quick point, debt underwriting six 33 00:01:44,040 --> 00:01:48,080 Speaker 2: hundred and seventy seven million. Non interest expenses though higher 34 00:01:48,160 --> 00:01:50,960 Speaker 2: than expected because they had some severance costs of about 35 00:01:50,960 --> 00:01:53,360 Speaker 2: one hundred and forty four million, laid off about two 36 00:01:53,360 --> 00:01:56,640 Speaker 2: thousand employees last month. I think business is so good 37 00:01:56,640 --> 00:01:59,800 Speaker 2: they're get one more try and Wells Fario can't forget 38 00:02:00,280 --> 00:02:01,640 Speaker 2: kept its expenses. 39 00:02:01,200 --> 00:02:04,600 Speaker 1: In thanks today did it's a big day. I didn't 40 00:02:04,600 --> 00:02:05,400 Speaker 1: expect that from you. 41 00:02:05,480 --> 00:02:09,280 Speaker 2: I'd expect that behavior from Tucker, but continued Wells Fargo. 42 00:02:09,320 --> 00:02:14,040 Speaker 2: Wells Fargo beat expectations, credits lost provisions, right, but we 43 00:02:14,080 --> 00:02:18,280 Speaker 2: talked about Morgan Stanley's not interest expenses being higher than 44 00:02:18,320 --> 00:02:21,680 Speaker 2: expected for Wells Fargo's similar situation. Top forecast three point 45 00:02:21,720 --> 00:02:24,480 Speaker 2: one percent declined to thirteen point nine billion. You have 46 00:02:24,560 --> 00:02:27,480 Speaker 2: CEO Charlie Sharf, he's really been trying to cut back 47 00:02:27,520 --> 00:02:31,800 Speaker 2: on costs. Full year guidance unchanged. Now as far as tariffs, 48 00:02:31,800 --> 00:02:35,560 Speaker 2: everybody's waiting what about tariffs? Analyst CEOs, They've really been 49 00:02:35,600 --> 00:02:39,240 Speaker 2: struggling to predict this impact on earnings because it changes. 50 00:02:39,360 --> 00:02:41,040 Speaker 2: I mean this morning we had a change, so it's 51 00:02:41,080 --> 00:02:44,680 Speaker 2: constantly changing. He did say something, he said, we support 52 00:02:44,680 --> 00:02:47,880 Speaker 2: the administration's willingness to look at Barrios affair trade, but 53 00:02:47,960 --> 00:02:51,320 Speaker 2: he said there are certainly risks that are associated with 54 00:02:51,400 --> 00:02:53,840 Speaker 2: it as well. So it's just kind of this thought 55 00:02:53,840 --> 00:02:56,560 Speaker 2: about you know, Trump's election, it came with these promises 56 00:02:56,560 --> 00:03:00,400 Speaker 2: of tax cuts, deregulation, optimism, deal boom, but so far 57 00:03:00,480 --> 00:03:03,080 Speaker 2: the policy changes really have had the opposite effect. We 58 00:03:03,080 --> 00:03:05,720 Speaker 2: have inflation fears and companies kind of pausing. 59 00:03:06,760 --> 00:03:11,120 Speaker 1: The Stockmovers podcast from Bloomberg Radio check back with us 60 00:03:11,160 --> 00:03:14,079 Speaker 1: throughout the day for the latest roundup of companies making 61 00:03:14,160 --> 00:03:17,720 Speaker 1: news on Wall Street, and for the latest market moving headlines. 62 00:03:17,880 --> 00:03:21,800 Speaker 1: Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg 63 00:03:21,840 --> 00:03:24,639 Speaker 1: dot com, and on Applecarplay and Android Auto with the 64 00:03:24,680 --> 00:03:26,040 Speaker 1: Bloomberg Business app.