| | | Hello. | Bank earnings season might be the closest thing Wall Street has to an MRI of the US economy. | The biggest lenders in the country sit on top of the actual checking accounts, credit cards, mortgages, corporate loans, and M&A deals that make the economy move. So when they report, you're getting real data on the real economy | And this week has been loaded. | Goldman kicked it off Monday, JPMorgan and Wells Fargo went Tuesday, and today we got Bank of America, Morgan Stanley, and PNC. BNY Mellon and US Bank report tomorrow. Friday brings Truist, Fifth Third, State Street, and a couple of Indian heavyweights (HDFC and ICICI). | Here's the thing: the headlines are going to tell you "banks beat estimates again." But that's not the story. The story is buried in what exactly beat, what missed, and what Jamie Dimon just said! | So here's what this week actually told us about the economy, pulled directly from the earnings calls and results: | First though, the copper narrative is alive and well with this miner: | This is not financial advice. Always do your own research. Past performance doesn’t guarantee future results. |
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| | | The Mining Story No One's Talking About (Yet)... |
Dear Reader, Lithium had its surge. Uranium has its cycle. Now copper - and the metals behind electrification - are moving back into focus. AI infrastructure is expanding rapidly. Grid upgrades are accelerating. Defense and aerospace demand persist. Meanwhile, Washington is placing renewed emphasis on domestic supply. In the U.S., this small explorer controls exposure to multiple critical metals just as this shift gains momentum. Most commodity cycles don't announce themselves at the beginning. They form quietly. Until they don't. See the Metals Story Taking Shape > |
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| | 5 Things From This Week's Bank Earnings That Tell You Everything About the Economy | Huge week, and what a way to kick of earnings season. Up first: | 1. The consumer is still hanging in there. | Bank of America CEO Brian Moynihan said it outright: "we saw healthy client activity, including solid consumer spending and stable asset quality, indicating a resilient American economy." BAC's net profit rose nearly 17% to $8.6 billion, beating EPS estimates ($1.11 vs $1.01). If a recession is lurking, the country's biggest consumer bank isn't seeing it yet. | | 2. Wells Fargo is the asterisk. | Wells missed on revenue ($21.45 billion vs $21.76B expected), and the stock fell nearly 7%. CFO Mike Santomassimo acknowledged it directly: "we acknowledge the need to address revenue challenges as we move forward." Wells has historically been a key bellwether for Main Street lending. Worth watching when the regionals (Fifth Third, Truist) report Friday. | | 3. Wall Street is getting paid, but Jamie Dimon is worried anyway. | Trading desks and dealmakers had a historic quarter. Goldman posted a record $5.33B in equities revenue (up 27% YoY) and investment banking fees up 48% to $2.84B on an 89% surge in M&A advisory. BAC's equities desk jumped 30% to $2.83B, its strongest quarter in a decade and a half. Morgan Stanley pulled in record firmwide revenue of $20.58B with IB up 36%. | Translation: institutions are repositioning aggressively, and C-suites are writing billion-dollar checks again. Both are forward-looking signals for a confident economy. | But in the middle of a blowout quarter, Jamie Dimon publicly flagged "an increasingly complex set of risks, such as geopolitical tensions and wars, energy price volatility, trade uncertainty, large global fiscal deficits and elevated asset prices." JPMorgan also trimmed its full-year 2026 NII guidance from $104.5B to $103B. When the most connected CEO in American finance throws up a caution flag during his own victory lap, that's a data point too. | | Big Picture: | Consumers are holding up. Corporates are doing M&A again. Trading desks are printing on the volatility. One regional-style-but-national bank (Wells) missed. And the most famous CEO in banking is publicly nervous. | We think this means the economy is humming better than the headlines suggest, but the smartest operators in the room are starting to hedge. | More earnings tomorrow (BNY Mellon, US Bank) and Friday (Truist, Fifth Third, State Street, HDFC, ICICI). We'll keep you posted. | Not financial advice. Always do your own research. |
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| | 📰 Market Headlines | | US stocks rallied on Tuesday as hopes for a long-term Iran truce fueled optimism and oil prices tumbled back below $100. | The S&P 500 climbed 1.1%, inching toward record territory, while the Nasdaq jumped nearly 2%, extending its win streak to 10 days. The Dow rose 0.6%.
| Oil dropped sharply as President Trump signaled he's open to further talks with Iran before the ceasefire expires next week. West Texas Intermediate retreated 7% to trade near $91 per barrel, while Brent crude fell 4% to around $95. The US and Iran are looking to arrange a second round of peace talks in the coming days, with Tehran mulling a pause in Strait of Hormuz shipments to ease negotiations. | Gold bounced 2% to $4,841 an ounce after two days of losses, as de-escalation hopes eased inflation concerns. Silver surged 5.3% to its highest level in nearly a month. The dollar fell for its seventh straight session, the longest losing streak in two years. | Amazon is buying satellite firm Globalstar in an $11.57 billion deal to take on Elon Musk's Starlink. The acquisition marks Amazon's biggest push yet into satellite internet. | United's CEO pitched a merger with American Airlines during a White House meeting, Reuters reported. The deal would create the world's largest airline, but antitrust experts say it's unlikely to clear regulatory hurdles. Sen. Ruben Gallego's response on X: "That's gonna be a no." | 7-Eleven is closing 645 stores in North America this fiscal year, outpacing the 205 locations it plans to open. The convenience giant cited softening consumer spending, "particularly among low-income households, as inflation continued to weigh.” |
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| | 🤖 AI/Future/Tech News | | Allbirds just announced that it’s no longer a shoe brand… but an AI company selling cloud infrastructure. (See above.) The stock is up over 500% Oracle and Bloom Energy surged on an expanded data center power deal, with Bloom jumping 23% as cloud providers scramble for AI energy capacity. AWS launched Amazon Bio Discovery, an agentic AI platform automating drug research workflows that typically consume years and $2.6 billion per drug. Texas and the Midwest will capture 53% of new US hyperscale capacity, up from 33%, as AI power needs push data centers inland.
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| | 🤫 Insider Trading | Stocks | Who bought/sold | Details | Total |
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Donaldson Co. Inc ($DCI) | Director | Sold 13,753 shares @ $89.21 | $1.2 million | Rapport Therapeutics Inc ($RAPP) | Chief Development Officer | Sold 10,200 shares @ $35.08 | $357,797 |
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| | 🚚 Market Movers | Disney is laying off about 1,000 employees under new CEO Josh D'Amaro, cutting marketing across studios, networks, and tech. Palo Alto Networks acquired Israeli cybersecurity startup Koi for $400 million. Koi raised just $48 million before the exit. OpenAI acqui-hired personal finance startup Hiro Finance, founded by Ethan Bloch, who sold Digit for $230 million. Lucid Motors named Silvio Napoli CEO and landed $750 million from Uber ($200 million) and Saudi Arabia's PIF ($550 milliion). Live Nation's antitrust trial heads to the jury after 34 states argued it holds 86% of the concert market. Nissan is cutting its lineup from 56 models to 45, targeting AI across 90% by fiscal 2027.
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| | 🎙️ Make Your Voice Heard | Which bank stock do you like the most at the moment? | |
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| | 🎤️ What you said last time | |
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| | 🧠 The Missing (Market) Links | Prediction market volumes are on pace to hit $240 billion in 2026, up 370% from last year, with Bernstein projecting $1 trillion by 2030. GLP-1 users are reshaping grocery aisles: more than half now buy more fresh produce, while one-third have increased protein supplement purchases. Gen Z travel spending rose 25.5% year over year in February despite high living costs. The generation now makes up 14% of holiday travelers, up from 8% in 2024. Costco's membership fee hike may have backfired in the best way: visit data shows rising engagement as casual shoppers dropped off and loyalists doubled down. Washington, D.C., topped Glassdoor and Redfin's ranking of best large cities for new grads, with three Texas cities making the top 10. The global heat sealing equipment market is forecast to grow at 4.8% annually through 2035, driven by e-commerce packaging and sustainable mono-material films. Robinhood's prediction markets hub is now a year old and generating $350 million in annual recurring revenue, its fastest-growing business. Gen Z and Millennials use AI for trip planning at 1.5x the rate of 2024, while more than half now discover destinations through short-form social video.
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| | 📜 Quote of the Day | | ❝ | | | The market doesn’t reward speed—it rewards patience, optimism, and time in great businesses. | | | | Jeremy Siegel |
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| | That’s all for today. Did we miss anything? Smash the reply button to let me know. | Cheers,
Brandon & Blake of Invested Inc |
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| | The information provided in Stocks & Income is for informational and educational purposes only and should not be construed as financial advice, investment advice, or a recommendation to buy or sell any securities. Stocks & Income is not a registered investment advisor, broker-dealer, or licensed financial planner. Always do your own research and consult with a licensed financial advisor before making any investment decisions. We may hold positions in or receive compensation from the companies or products mentioned. Disclosures will be made where applicable. Past performance doesn’t guarantee future results. | Stocks & Income, AltIndex by Invested Inc. (AltIndex LLC), Finance Wrapped, The Chain, Future Funders, and Dinner Table Discussions are all owned by Invested Inc. |
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