US stocks surge to 2019 highs; JP Morgan kicks off earnings season


  • US stocks called to open higher in risk-on trade

  • S&P500 breaks above 2900 to hit new YTD highs

  • JP Morgan begins earnings season with strong beat


The week on the whole had been fairly uneventful for US stock benchmarks with the S&P500 trading in a narrow range of a little over 20 points from 2877-2900 before this morning saw the market make a potentially decisive break higher. At the 5th attempt price managed to break above the key psychological 2900 handle and since then the market has extended to the upside and reached a new peak for the year. The gains could be attributed to some data from China that implies the country continues to provide ample credit as it scales back its deleveraging but if truth be told it is simply a continuation of the uptrend that has been in place for the past couple of weeks.  

The S&P500 has surged above the 2900 level to trade at a new 2019 high ahead of the opening bell. Source: xStation


With NFPs coming in strong last week and the FED minutes on Wednesday showing the central bank are unlikely to resume tightening anytime soon, the attention for US stock markets now turns to corporate earnings which began in earnest today with JP Morgan delivering a strong set of results. The bank reported a record first-quarter profit of $2.65 a share against analyst expectations for $2.35. Revenues were also strong with a 5% rise to $29.9B topping estimates by about $1.5B. A key contributor to this improvement came from an 8% rise in net interest income which was according to JP Morgan thanks to the “impact of higher rates.'' Unsurprisingly shares in JP Morgan have reacted positively to this update in pre-market trade with the stock called to open higher by 2.7%.

Shares in JP Morgan are called to open higher this afternoon after the bank reported a strong earnings update which beat on both the top and bottom line. Source: xStation  


Daily summary: Wall Street lags behind European bourses
Canaccord Genuity cuts Tesla price target
EUR/USD starts to show signs of recovery
Chart of the day - OIL.WTI (14.06.2021)
Economic calendar: Second tier data from Europe and Canada
When performing transactions in the OTC Forex market, the possibility of making a profit is inextricably linked with the risk of losses.