Big Banks like JPMorgan Chase (JPM) are starting off earnings season, with JPMorgan reporting a record $49.6 billion in annual net income. As banks begin to roll out fourth-quarter earnings, many on Wall Street look to them as a potential readout for what lies ahead for the year.
Ben Emons, NewEdge Wealth Senior Portfolio Manager, joins Yahoo Finance to discuss what bank earnings can tell investors about the tone of the markets for 2024.
"I think the FDIC charts was the, let's say, the headline dampener. But, if you look into JPMorgan being such an incredible machine, particularly the wealth management business reaching about $4 trillion in assets, and the other banks like Morgan Stanley and Goldman [Sachs] are obviously big in that area too," Emons explains. "So I think that sets us up for earning season for those, as in they're trying to gain market share there, probably good results on that front."
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