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Good morning! Here is the latest in trending:
Easing rules: The U.S. has formally approved exports of Nvidia’s (NVDA) H200 AI chip to China, but with some conditions.
Bidding race: Netflix (NFLX) is considering making its offer all cash for Warner Bros. Discovery (WBD) streaming and studio assets.
Alright, alright, alright: This actor is trademarking himself to deter AI misuse, as celebrity deepfakes become more common.
After JPMorgan Chase (JPM) kicked off the Q4 earnings season with mixed results, focus now shifts to the three banks that are reporting this morning. And a big area of concern is President Donald Trump’s proposed move to cap credit card interest rates.
Results recap: JPMorgan reported earnings that topped estimates, largely on lower-than-expected operating expenses. But its shares fell over 4% on Tuesday after its investment banking revenue missed expectations. The bank’s guidance for overall net interest income came in better than estimates, and its expectation for expenses was in line. “JPM’s Q4 results are unsurprisingly robust, with trading revenue and loan demand keeping up well,” said SA analyst Steve Booyens. “However, slower consumer sentiment, higher market-based CPR in mortgages, and lower-than-expected IBD fees are risks worth considering in 2026.”
Credit card cap: Banks largely pushed back against Trump’s proposal for a one-year cap on credit card interest rates at 10%, a move that would likely require congressional approval. In an earnings call with analysts, JPMorgan’s CFO Jeremy Barnum warned that the move could lead to people losing access to credit “on a very, very extensive” basis. “And so that’s a pretty severely negative consequence for consumers and frankly, probably also a negative consequence for the economy as a whole right now,” he added. Investors will look out for additional commentary on the proposed cap from other bank executives this week.
Latest earnings: Bank of America (BAC) posted better-than-expected Q4 results this morning, sending its shares slightly higher before the bell. Wells Fargo’s (WFC) revenue came in below estimates, with its stock down 1.2% at the time of publishing. Next up is Citigroup (C), which SA analyst Julia Ostian believes is now fairly valued after a dramatic turnaround, “with future returns likely to track earnings growth rather than further multiple expansion.”
Here’s the latest Seeking Alpha analysis
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What else is happening…
Seeking Alpha analysts see bullish year ahead for S&P 500 (SP500).
Visa (V), Mastercard (MA) stocks slide as Trump targets swipe fees.
Microsoft (MSFT) to ensure AI data centers don’t hike power bills.
Elon Musk: Saving for retirement will be irrelevant, thanks to AI.
Powell sent Fed renovation details to senators; Trump backs probe.
Pulte questions home builders’ stock buybacks in affordability push.
Senate committee releases new draft of crypto market structure bill.
Debt-laden luxury retailer Saks Global files for Chapter 11 bankruptcy.
Spot silver surges past $90 for the first time on Fed rate cut bets.
China trade surplus reaches record $1.2T despite Trump’s tariffs.
Today’s Markets
In Asia, Japan +1.5%. Hong Kong +0.6%. China -0.3%. India -0.3%.
In Europe, at midday, London +0.3%. Paris +0.2%. Frankfurt -0.3%.
Futures at 6:30, Dow -0.3%. S&P -0.4%. Nasdaq -0.6%. Crude +1.2% to $61.87. Gold +1% to $4,643.30. Bitcoin +3.2% to $94,915.
Ten-year Treasury Yield –2 bps to 4.16%.
On The Calendar
Companies reporting today include Infosys (INFY) and Compass Diversified (CODI).
See the full earnings calendar on Seeking Alpha, as well as today’s economic calendar.
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