Stock Market Update

[BRIEFING.COM] The major averages continue to trade in a relatively stable range.

The financials sector (+0.3%) now trades modestly higher after a busy morning of earnings reports.

JPMorgan Chase (JPM 313.54, -0.14, -0.05%) is extending the banking sector's bullish momentum following its 1Q26 report, delivering better-than-expected EPS and revenue as resilient client activity and stable credit trends supported results. While overall performance was strong, the company modestly lowered its FY26 Net Interest Income outlook to approximately $103 billion from prior guidance of $104.5 billion, signaling a slightly more cautious forward rate and deposit backdrop.

Citigroup (C 128.70, +2.42, +1.92%) also topped earnings estimates this morning, and notably expects to see Net Interest Income excluding Markets up 5-6% for FY26.

Meanwhile, Wells Fargo (WFC 81.87, -4.77, -5.51%) trades sharply lower after beating EPS estimates by $0.02 but missing on revenues. The company reaffirmed its FY26 Net Interest Income outlook, expecting stable NII and a controlled expense base.

On the macro front, Treasury Secretary Scott Bessent told CNBC that he still believes rates should be cut, but understands if the Fed wants to wait for clarity.