JPMorgan Tops Views. Goldman Sachs Among Slew Of Bank Earnings.

The Q4 earnings season kicks into higher gear Wednesday. JPMorgan Chase beat views, with Goldman Sachs, Wells Fargo, BlackRock, and Citigroup set to report results.

Earnings growth for banks and financial stocks is set to reaccelerate this year with an improving regulatory backdrop, Truist and BofA wrote in research notes last week. Meanwhile, Keefe Bruyette anticipates banks will receive a boost as the Basel III Endgame capital requirements "will be meaningfully watered down."

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JPMorgan Chase

JPMorgan Chase (JPM) reported earnings of $4.81 per share, beating FactSet views for a 35% increase to $4.09 per share. Reported revenue increased to $42.77 billion per share, also clearing views for about 9% growth to $41.9 billion.

JPMorgan's earnings growth has slowed over the past five quarters leading up to the report, from a 50% gain to a 4% decline for Q3.

Elsewhere, CEO Jamie Dimon during a CBS News Sunday Morning interview said he will "likely" take over as chairman once he steps down as head of the Wall Street bank, noting that the decision is ultimately up to the board.

JPMorgan rose 1.2% early Wednesday.

JPM stock is trading just below a 245.69 buy point for a six week cup-with-handle base.

Shares hit a record high of 254.31 on Nov. 25.

Goldman Sachs

Goldman Sachs (GS) earnings leapt to $11.95 per share from $5.48 per share last year. Net revenue surged 23% to $13.87 billion.

FactSet analysts expected earnings of $8.21 per share on $12.36 billion in revenue.

Goldman Sachs stock climbed 1.7% Wednesday.

GS stock is trading in a flat base with a 612.73 buy point, matching its record high from Nov. 29.

Wells Fargo

Wells Fargo (WFC) reported earnings of $1.43 per share, up from 86 cents last year. Earnings just edged out expectations for $1.42 per share.

Total revenue ticked down 0.5% to $20.38 billion, missing views for $20.58 billion.

Wells Fargo surged 3.2% premarket Wednesday.

WFC stock is working on a seven-week flat base with a 78.13 buy point.

However, Wells Fargo is trading narrowly below its 50-day moving average after attempting to rebound above that technical line to start the year.

WFC stock hit a record high of 78.13 on Nov. 26.

BlackRock

BlackRock (BLK) posted earnings of $11.93 per share adjusted, up 23% from last year and easily clearing estimates for $11.26 per share. Revenue jumped 23% to $5.68 billion, also beating views for $5.57 billion.

BlackRock earnings growth declined the last two quarters leading up to the report.

BlackRock swung 2.7% higher Wednesday morning.

BLK stock has fallen from its record high of 1,082.45 on Dec. 12 to drop below its 50-day line and 21-day exponential moving average.

BlackRock stock is still trading a good distance above its 200-day moving average.

Citigroup

Analysts expect Citigroup (C) to report earnings of $1.22 per share, improving from a loss of $1.16 per share last year. FactSet forecasts total revenue increases nearly 12% to $19.51 billion.

C stock is extended from an early November breakout.

Shares traded tightly the past three weeks. A push above Citi's Jan. 7 high of 74.29 could mark an entry opportunity.

You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison

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