Happy Thursday! Wall Street’s biggest banks have been on a tear this year — but with earnings just around the corners, the stakes have never been higher. Could this be the moment the rally unravels, or are we on the cusp of another upside surprise? Read on for all the details.

Also, the highly anticipated report of the deadliest aviation disaster over the past decade between Boeing and Air India is set to be released — and it could rattle more than just regulators. With Boeing once again under the microscope, discover why this could mark a critical inflection point for the aerospace giant and the broader airline industry.

Plus, if you’re looking for a fast-growing healthcare company newly added to the Russell 3000, check out today’s sponsor.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

Big Bank Stocks Soared In 2025 — But This Earnings Season Could Shake Things Up

Wall Street’s biggest banks have been riding high this year, with the likes of JPMorgan, Wells Fargo, Citigroup and Goldman Sachs powering an 18% average gain that’s left the S&P 500 in the dust.

But with second-quarter earnings on deck, Wall Street is holding its breath. Has the rally run too far, too fast, or are we about to see another round of surprises that push stocks even higher?

JPMorgan, the sector’s benchmark, is expected to post strong results — but expectations are already sky-high. Meanwhile, Citigroup and Wells Fargo, long seen as turnaround plays, might finally be ready for their moment if things hold up. Elsewhere, capital markets are cooling, raising questions for Goldman Sachs and Morgan Stanley, despite solid trading performance and dividend hikes. Add in fresh M&A rumors swirling around, and you've got a banking sector that’s anything but predictable heading into earnings.

Which banks are poised to lead and which ones are at risk of stalling? Read on to find out.

SBC Medical Group Holdings Inc. (SBC) is making inroads with investors, and it's shown up in its share price. By the close of trading on June 30, the Japanese owner and operator of a chain of cosmetic surgery clinics had been added to the broad-market Russell 3000® Index, which gave shares a pop.

Membership, which lasts for a year, means automatic inclusion in either the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. Being part of the indexes increases visibility and opens SBC Medical up to a broader base of investors.

The company also recently named longtime marketing expert Shinya Inoue as Chief Marketing Officer, gearing up for more growth. To learn more about SBC Medical Group, click here.

This is a paid ad. Please see 17b disclosure here for more information.

Yesterday: U.S. stocks ended higher on Wednesday, recovering some losses from this week’s tariff-driven decline, as investors weighed new trade developments. The White House outlined tariffs on seven additional countries and extended the broader implementation deadline to August 1, with slightly reduced rates from earlier proposals, signaling potential flexibility in trade negotiations. The Nasdaq closed at a record high, and Nvidia became the first public company to reach a $4 trillion market valuation. Lastly, the U.S. dollar weakened against major global currencies, and oil prices and treasury yields fell as well, with the 10-year yield slipping to 4.34%.

On Our Radar: Analysts will be watching initial jobless claims this morning as well as speeches from two Fed presidents (Mary Daly and Alberto Musalem) throughout the day. On the earnings front, all eyes will be on Levi Strauss (LEVI) and WD-40 (WDFC) which will report after the bell today.

Nvidia hit a record milestone, and tech stocks powered the Nasdaq to a record close, even amid fresh tariff headlines. Rate cut optimism and strong megacap momentum helped offset trade tension concerns. But that wasn’t the only big mover of the day…

Discover how the market is moving with our interactive heatmap — filter by market cap and zoom in for deeper insights. Click any box to explore specific sectors or assets in detail.

With global tensions escalating, rate cut bets rising and defensive sectors gaining steam, the market is shifting fast. Matt Maley’s Inner Circle gives you real-time access to how he’s positioning — using 35 years of Wall Street experience to trade volatility, spot sector rotations and capitalize on macro-driven moves. See what Matt’s targeting this week and get his next trade idea here.

On This Day In 1832…

President Andrew Jackson vetoed the recharter of the Second Bank of the United States, dealing a decisive blow to its federal monopoly. In his veto message, Jackson condemned the Bank as unconstitutional, a tool favoring wealthy elites, and a threat to American democracy. This landmark decision intensified the fierce political battle over federal banking and reshaped the nation’s economic landscape, marking a defining moment in Jackson’s presidency and the early republic’s struggle for economic power.

QUOTE OF THE DAY

“The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.”

— Seth Klarman

Air India Boeing 787 Dreamliner Crash Report Expected On Friday As Investigation Centers On Engine Fuel Control Switches

A highly anticipated report tied to one of the most catastrophic air disasters in recent memory is set to surface by week’s end, and it could shake both regulators and investors.

The crash of Air India Flight 171, a Boeing 787 Dreamliner bound for London, remains a mystery, with investigators zeroing in on the aircraft's engine fuel control switches as a possible focal point. With 260 lives lost and just one survivor, this incident now ranks as the deadliest in a decade, and casts a long shadow over Boeing after it was just starting to recover from all the reputational damage from 737 MAX accidents in 2018 and 2019 — which killed more than 300 people.

The recent crash of the 787 Dreamliner is the first fatal incident for that model since it entered service in 2011. However, this only adds more fuel to the fire as investigators look deeper into Boeing's safety practices and production standards.

This isn’t just another aviation story; it’s a potential turning point for investor confidence, airline safety standards and the future of one of India’s most ambitious airline overhauls.

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