Diamonds and Dogs
JP Morgan Chase (JPM) jumped 7% as earnings easily beat estimates as revenues rose 24.8% year/year to $38.35 billion. CEO Jamie Dimon made comments that he expects a recession, but it may be pushed off a bit expecting interest rates to remain higher for longer. Dimon believes inflation is still sticky and is not terribly concerned about commercial real estate.
One step forward, one step back. Boeing (BA) fell 5% as after warning the 737 Max plane deliveries could be delayed due to a parts issue from supplier Spirit AeroSystems. Boeing stressed it is not a safety issue and the in-service planes can continue to operate. The 737 Max passenger jet was grounded worldwide in 2019 after two fatal accidents. Since then, the airplane has returned to service with Boeing looking to ramp up deliveries.
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