What banking crisis?… Big banks kicked off Q2 earnings season on Friday, with JPMorgan Chase, Citi, and Wells Fargo beating estimates. It could be a taste of what Bank of America, Charles Schwab, and Morgan Stanley might report this week. Chase and WF saw profits soar by over 50% as they raked in more interest income on loans thanks to steeper rates (Citi also got a rate boost, but its profit fell). IOU defaults ticked up but are historically low. While “too big to fail” banks are looking solid, results might not be as sunny for smaller players.
Rewatching “Wednesday”... while waiting for Netflix to report Wednesday. Now that Hollywood writers and actors are on strike, the US content-churning machine is on pause. But while Netflix’s Q1 subscriber growth underwhelmed, analysts expect more action from Q2. Netflix’s cheaper ad-based tier has seen 5M+ global sign-ups since November, and the password-mooching crackdown seems to be paying off: since Netflix restricted US account sharing in May, it reportedly notched its four biggest sign-up days on record (thanks, exes).