Bank Earnings Have Entered the Upside Down

Big banks show diverging stock reactions to earnings, with consumer spending resilient but unevenly distributed across income levels.

• JPMorgan's miss stands out: EPS of $5.57 missed Wall Street's $5.90 estimate even as the stock rose; excluding net securities losses, EPS was still below estimate.
• Divergent bank reactions: Goldman Sachs, Wells Fargo and Citigroup beat estimates but fell, while JPMorgan missed and rose — hosts call it "Bizarro" earnings day.

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