Banks & BlackRock kick off earnings season 📊

🌅 Today's Morning Call

S&P Futures 6,936.00 ▲ +11.50 (+0.17%)	Nasdaq Futures 25,658.25 ▲ +73.50 (+0.29%)	Dow Futures 48,426.00 ▲ +1.00 (+0.00%)
10Y Treasury 4.30% ▼ -0.02%	US Dollar 98.07 ▼ -0.25 (-0.26%)	Bitcoin $74,443 ▼ -$90 (-0.12%)

Good morning! Tuesday brings the unofficial start of earnings season, and Wall Street's biggest bank is stepping up to the plate first. Futures are modestly higher as investors prepare for a flood of quarterly results that could set the tone for the rest of April. JPMorgan kicks things off this morning, while we've already seen some interesting premarket action from healthcare giants and a surprising funding boost for a struggling EV maker. Here's your morning rundown.

👀 What to Watch Today

JPMorgan Chase (JPM) reports before the bell, and all eyes are on whether America's largest bank can meet the Street's lofty expectations of $5.45 per share on revenue of $49.17 billion. The results will offer critical insight into consumer spending, credit quality, and investment banking activity as we move deeper into 2026. Any commentary from CEO Jamie Dimon on the economic outlook tends to move markets.

Wells Fargo (WFC) already reported this morning, posting higher profits thanks to increased interest income, which suggests the higher-for-longer rate environment continues to benefit traditional banking operations. Johnson & Johnson (JNJ) also delivered results, with first-quarter sales getting a lift from strong cancer drug performance as the company works to offset the loss of patent protection on Stelara, its former blockbuster.

Beyond earnings, keep an eye on Treasury yields after the modest decline overnight. The 10-year sitting at 4.30% and a weaker dollar could provide some tailwind for rate-sensitive sectors today.

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🌏 Overnight Recap

Asian markets traded mixed overnight as investors digested China's latest trade data and waited for cues from U.S. earnings season. European bourses opened slightly higher, with financials getting a boost from the BAWAG-Permanent TSB deal that values the Irish lender at $1.9 billion and allows the Irish government to finally exit its crisis-era stake.

The dollar weakened to 98.07 on the DXY, down 0.25 points, which could provide some relief for multinational corporations reporting earnings in the coming weeks. Bitcoin slipped modestly to $74,443, continuing its recent consolidation pattern as crypto markets await clearer catalysts.

Energy markets are watching Shell (SHEL) after the oil major said it would allow shareholders to vote on a climate resolution from activist group Follow This at its AGM, though management is recommending a vote against it. BP (BP) blocked a similar resolution, highlighting the different approaches big oil companies are taking on climate governance.

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📊 Pre-Market Movers

Lucid Group (LCID) is catching a bid in premarket trading after announcing $750 million in fresh funding from Ayar Third Investment and strengthening its partnership with Uber Technologies. The struggling EV maker also appointed a new CEO as part of its turnaround efforts, though the company still faces significant challenges in ramping production and achieving profitability.

CarMax (KMX) is under pressure after reporting a quarterly loss as part of its turnaround plan involving aggressive price cuts to win back market share in the used-car business. The strategy may pay off long-term, but investors are clearly concerned about near-term margin compression and the competitive landscape.

BlackRock (BLK) is climbing after reporting a 46% jump in quarterly profit driven by higher investment management fees, even as assets under management dipped slightly below $14 trillion in March. The results demonstrate the pricing power the world's largest asset manager maintains despite modest outflows.

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🔍 Today's Watchlist

1. JPMorgan earnings at 7:00 AM ET - guidance and Dimon commentary could set the tone for financials
2. Bank earnings momentum - Wells Fargo beat on interest income, BlackRock profit jumped 46% on fees
3. Pharma partnerships - Novo Nordisk teams with OpenAI to accelerate drug discovery using AI tools
4. EV sector volatility - Lucid secures $750M funding and names new CEO in turnaround bid
5. Treasury yields and dollar weakness - 10-year at 4.30% could support growth stocks today

🎯 The Morning Playbook

Today's playbook centers on bank earnings and what they reveal about the consumer and corporate America's health. JPMorgan's results matter not just for financials but for the broader market narrative about economic resilience. If credit quality holds up and investment banking shows momentum, it supports the soft-landing thesis that's been driving stocks higher.

The Novo Nordisk (NVO) partnership with OpenAI represents another data point in the AI infrastructure build-out moving beyond tech into traditional industries. Pharma companies are racing to integrate AI tools for drug discovery, and these partnerships could accelerate development timelines and reduce costs materially.

With futures pointing to a modestly higher open and Treasury yields ticking down, conditions look favorable for a constructive session. Focus on the quality of earnings beats, not just the headline numbers. Guidance and management commentary will matter more than ever as we gauge whether corporate America can sustain momentum through the rest of 2026.

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