CLOSINGS: View Closings

NYSE trader: We prefer no volatility

Seaport Securities Founder Ted Weisberg talks to CNN's Maggie Lake about the recent volatility on Wall Street.

Posted: Apr. 13, 2018 7:37 AM
Updated: Apr. 13, 2018 7:50 AM

Jamie Dimon isn't fazed by rising market volatility and the possibility of a trade war.

JPMorgan Chase reported earnings and revenue for the first quarter Friday morning that topped Wall Street's forecasts. The bank posted a profit of $8.7 billion for the quarter, an increase of 35% from a year ago.

Results were strong across the board, with JPMorgan Chase posting solid increases in net income at its consumer banking, investment banking, commercial banking and wealth management businesses. No wonder Dimon remains upbeat.

"The global economy continues to do well, and we remain optimistic about the positive impact of tax reform in the US as business sentiment remains upbeat, and consumers benefit from job and wage growth," Dimon said in a press release.

But during a conference call with reporters Friday, JPMorgan Chase chief financial officer Marianne Lake said that the bank has not yet received a significant benefit from tax reform -- it likely will come later in the year.

She added though that the more interest rate hikes from the Federal Reserve should help boost profits.

JPMorgan Chase forecasts a solid 2018 overall.

The bank said that net interest income for the year, a key measure of profitability, will be in a range of $54 billion to $55 billion this year. That would be a nearly 10% increase from last year's profit of $50.1 billion.

Related: Dimon says immigration deadlock is hurting America

But the bank's bullish outlook comes just one week after Dimon expressed concerns about the political divide in the United States -- particularly the debate about immigration -- in his annual letter to the bank's shareholders.

"We need to resolve immigration — it is tearing apart our body politic and damaging our economy," Dimon wrote.

Lake acknowledged trade tensions between the US and China as well Friday. She said the bank is hoping that the two nations will reach an agreement soon, but that it remains "business as usual for now" for many of its corporate clients and that CEOs are still bullish.

Nonetheless, Wall Street seemed pleased by JPMorgan Chase's earnings and guidance. Shares were up slightly in early morning trading Friday, as was the broader market.

The bank's results kick off the so-called earnings season for the first quarter. Rival banks Citigroup and Wells Fargo also reported first quarter earnings that topped forecasts Friday while Bank of America, Goldman Sachs and Morgan Stanley are due out next week.

Article Comments

Mason City
Clear
46° wxIcon
Hi: 65° Lo: 41°
Feels Like: 46°
Albert Lea
Clear
50° wxIcon
Hi: 63° Lo: 41°
Feels Like: 50°
Austin
Clear
50° wxIcon
Hi: 65° Lo: 43°
Feels Like: 50°
Charles City
Clear
54° wxIcon
Hi: 64° Lo: 41°
Feels Like: 54°
Rochester
Clear
51° wxIcon
Hi: 62° Lo: 41°
Feels Like: 51°
Tracking the return of sunshine for the midweek.
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Veterans speak out about healthcare

Image

Grants for safe rides to school

Image

Former State Patroller recovering from addiction

Image

Olmsted County life saving awards

Image

EXCLUSIVE: Huisentruit person of interest speaks out

Image

Mill and Overlay project begins tomorrow

Image

Mill and Overlay Project

Image

Golden Apple

Image

New Information in Jodi Huisentruit Case

Image

Minnesota church responds to Sri Lanka blasts

Community Events