TGIF the 13th.

In this buzz Big Banks’ Earnings⚠️; JPMorgan & Bank of America; Jamie Dimon & the Dow 200; Wells Fargo; Black Rock, Delta and UnitedHealth; meme stock Bed Bath and Beyond and more …

If the headline sends a mixed message, it seems fitting. On one hand, we’re at the cusp of a long weekend, celebrating the MLK Jr. holiday on Monday. It’s an opportunity to reflect on his work on equality, peace and togetherness.

Pre-Open Reaction:
On the other hand, we must get through Friday the 13th first and after seeing the pre-open reaction to some of the big banks’ earnings, traders could be in for a long day.
Granted,

• JPMorgan and Bank of America both topped expectations as higher interest rates help offset slowing deal flow and investment banking.
• But Jamie Dimon’s warnings about the risks of recession, seemed enough to push the Dow 200 points lower.

• Wells Fargo notably did not beat expectations as it’s shares fell after reporting its profit was cut in half by higher reserves and legal settlement costs.
• Also reporting today are BlackRock, Delta and UnitedHealth; should be fun.

Though nearly bankrupt, meme stock Bed Bath and Beyond shares have rallied 200% this week as retail traders keep buying with their little diamond hands* (is that sill a thing?).