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.

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 604184

Reported Deaths: 7620
CountyCasesDeaths
Hennepin1248631774
Ramsey52480895
Dakota46804470
Anoka42746458
Washington27416291
Stearns22552224
St. Louis18137312
Scott17548135
Wright16370149
Olmsted13391102
Sherburne1201295
Carver1066448
Clay825892
Rice8196110
Blue Earth762543
Crow Wing681594
Kandiyohi667885
Chisago619752
Otter Tail585884
Benton582998
Goodhue483874
Douglas475381
Mower470733
Winona461251
Itasca459263
Isanti439964
McLeod430361
Morrison424662
Nobles407950
Beltrami407561
Steele397616
Polk389072
Becker386655
Lyon363853
Carlton352756
Freeborn346932
Pine335023
Nicollet331045
Mille Lacs311654
Brown307840
Le Sueur297226
Cass286032
Todd285632
Meeker263142
Waseca238023
Martin235332
Roseau211021
Wabasha20783
Hubbard196441
Dodge18783
Renville182446
Redwood176338
Houston174616
Cottonwood167124
Wadena162823
Fillmore157410
Faribault154419
Chippewa153938
Pennington153820
Kanabec146828
Sibley146810
Aitkin138837
Watonwan13579
Rock128719
Jackson122612
Pipestone116726
Yellow Medicine114920
Pope11296
Murray107010
Swift106918
Koochiching95217
Stevens92411
Clearwater89016
Marshall88817
Wilkin83213
Lake83120
Lac qui Parle75622
Big Stone6044
Grant5938
Lincoln5843
Mahnomen5669
Norman5479
Kittson49022
Unassigned48293
Red Lake4017
Traverse3775
Lake of the Woods3453
Cook1720

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 370914

Reported Deaths: 6048
CountyCasesDeaths
Polk58232640
Linn21204339
Scott20306247
Black Hawk16119312
Woodbury15238230
Johnson1461585
Dubuque13506211
Dallas1128999
Pottawattamie11223174
Story1071448
Warren583991
Clinton561493
Cerro Gordo553593
Sioux517074
Webster515494
Muscatine4880106
Marshall486676
Des Moines467271
Wapello4337122
Buena Vista426940
Jasper421172
Plymouth402981
Lee382356
Marion366076
Jones300957
Henry294637
Bremer288261
Carroll286852
Crawford268540
Boone268434
Benton259655
Washington256751
Dickinson249344
Mahaska232351
Jackson225242
Clay216627
Kossuth216166
Tama211871
Delaware210943
Winneshiek198535
Page194522
Buchanan193733
Cedar192223
Hardin187444
Fayette186543
Wright185940
Hamilton181851
Harrison179973
Clayton171057
Butler166235
Madison164619
Mills163724
Floyd163342
Cherokee159338
Lyon158841
Poweshiek157036
Allamakee152652
Hancock150234
Iowa149824
Winnebago144531
Cass139255
Calhoun138913
Grundy137333
Emmet135841
Jefferson133435
Shelby131537
Sac130920
Union129935
Louisa129749
Appanoose129049
Mitchell126643
Chickasaw124717
Franklin123323
Guthrie123232
Humboldt119626
Palo Alto113523
Howard104922
Montgomery103638
Clarke100924
Keokuk96532
Monroe96330
Unassigned9560
Ida91535
Adair87332
Pocahontas85822
Davis85225
Monona82931
Osceola78916
Greene78011
Lucas77923
Worth7598
Taylor66812
Fremont6269
Decatur6169
Van Buren56418
Ringgold56324
Wayne54423
Audubon53411
Adams3444
Rochester
Clear
86° wxIcon
Hi: 89° Lo: 61°
Feels Like: 83°
Mason City
Clear
86° wxIcon
Hi: 90° Lo: 64°
Feels Like: 84°
Albert Lea
Partly Cloudy
88° wxIcon
Hi: 90° Lo: 61°
Feels Like: 85°
Austin
Partly Cloudy
88° wxIcon
Hi: 90° Lo: 62°
Feels Like: 85°
Charles City
Partly Cloudy
84° wxIcon
Hi: 90° Lo: 65°
Feels Like: 83°
Father's Day is looking rather stormy
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Aaron's Friday Night Forecast (6/18/21)

Image

Family Service Rochester looking for volunteers

Image

Rochester Preps

Image

Hole In One

Image

Vaccine rate slowing in MN

Image

Minnesota DNR says we can all double-down on water safety this year

Image

There's a nationwide blood shortage

Image

Juneteenth is now a federal holiday

Image

Aaron's Friday Forecast (6/18/21)

Image

Runner attacked by deer on Austin trail

Community Events