JPMorgan Chase reported earnings of $6.14 per share on revenue of $58.02 billion, surpassing analyst expectations of $5.85 per share and $50.19 billion in revenue, although it remains unclear if the profit is directly comparable to consensus estimates.
Bank of America also exceeded expectations with earnings of $1.21 per share and revenue of $31.7 billion, compared to forecasts of $1.13 per share and $30.72 billion, but its shares remained flat in premarket trading.
Wells Fargo's stock fell 1% despite posting earnings of $2 per share on revenue of $22.62 billion, which beat the anticipated earnings of $1.72 per share and revenue of $21.84 billion. In the tech sector, Apple shares dropped about 1% after KeyBanc downgraded the stock to underweight, citing concerns over consumer spending amid rising prices, with a price target of $250 implying a 21% downside.
IBM's shares plummeted 17% following a preliminary Q2 earnings report that fell short of expectations, with a projected profit of $2.93 per share against an expected $3.01.
Lastly, Telefonaktiebolaget LM Ericsson's shares fell nearly 10% after reporting disappointing revenue of SEK52.70 billion, missing the SEK53.94 billion consensus estimate, and an adjusted gross margin of 48.4%, below the expected 47.8%. These results highlight the varying performance across sectors and could impact investor strategies moving forward