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Philip Morris Q2 2026 EPS Beats at $2.20, Up $0.16 vs Estimates — Revenue Hits $11.2B as Smoke-Free Reaches 42% of Sales

Philip Morris International reported Q2 2026 non-GAAP EPS of $2.20, beating the $2.04 consensus by $0.16, with revenue of $11.19 billion exceeding estimates by $580 million. Smoke-free products, led by IQOS, now account for 42% of total revenue, growing 9.7% organically. The company guided Q3 2026 EPS to $2.20–$2.25 and shares opened near $188, approaching a 52-week high of $194.90 as investors reacted positively to another consecutive beat.

ASML Q2 2026 Revenue Hits €9.33B, Beats Estimates — Full-Year Guidance Raised 16% to €43–45B on AI Chip Demand

ASML reported Q2 2026 net sales of €9.33 billion and net income of €2.92 billion, both beating analyst estimates, and raised its full-year 2026 revenue outlook to €43–45 billion — a 16% increase at the midpoint from its prior range of €36–40 billion. The Dutch lithography equipment monopolist also announced a 30% production capacity expansion over the next two years. US-listed ASML shares rose 2.87% in regular trading and added 3.51% after hours.

JPMorgan Q2 2026 EPS Beats at $6.14 vs. $5.85 Estimate; Revenue Hits $58.02B — Wells Fargo Posts $2.00 EPS on $1.72 Forecast

JPMorgan Chase reported Q2 2026 EPS of $6.14 against the $5.85 LSEG consensus and revenue of $58.02 billion, towering above the $50.19 billion estimate in one of the company's largest-ever quarterly beats. Wells Fargo matched with $2.00 EPS versus the $1.72 estimate. Goldman Sachs, Bank of America, and Citigroup were still pending before the open. Combined, the five banks hold more than $13 trillion in assets and set the tone for an earnings season where S&P 500 profits are expected to grow 23.9% in Q2.

Q2 2026 Bank Earnings Season Opens Tuesday — JPMorgan Consensus EPS $5.49, Goldman $14.47, Options Markets Price 4-6% Swings

JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs all report Q2 2026 earnings Tuesday before the open, the same morning as the June CPI release. Consensus expects JPMorgan EPS of $5.49 on $48.7 billion in revenue and Goldman EPS of $14.47 on roughly $16 billion — both reflecting year-over-year growth above 10%. Options markets are pricing single-day moves of 4.4% to 6.0%, and the KBW Bank Index is trading near record highs ahead of results.

All 32 Banks Pass 2026 Fed Stress Test as JPMorgan Unveils $50B Buyback and 10% Dividend Hike — Goldman Sachs, Wells Fargo, Morgan Stanley Follow With Double-Digit Increases

All 32 U.S. banks passed the Federal Reserve's 2026 annual stress test, absorbing $708 billion in projected losses while maintaining capital ratios above minimums. JPMorgan Chase raised its quarterly dividend 10% to $1.65 per share and authorized a new $50 billion buyback effective July 1. Goldman Sachs lifted its dividend 11% to $5 per share, Wells Fargo raised its payout 11% to $0.50, and Morgan Stanley boosted its dividend 15% to $1.15 per share while reauthorizing a $20 billion repurchase program.

Federal Reserve 2026 Bank Stress Tests Cover 32 Institutions — Capital Return Plans Face Key Examination

The Federal Reserve will release 2026 stress-test results covering 32 major U.S. banks after markets close. The scenario assumes unemployment reaching 10%, residential real estate prices falling 30%, and commercial real estate declining 39%. Although capital requirement changes have been delayed until 2027, investors remain focused on buyback plans, dividend capacity, and capital return programs. Strong results could reinforce confidence in the banking sector and support large financial institutions heading into the second half of the year.

Alphabet (GOOG) Drops 7%, Loses $269B in Market Cap — Gemini Co-Lead Defects to OpenAI, Nobel Laureate Exits to Anthropic

Alphabet shed approximately $269 billion in market capitalization Monday — its largest single-day dollar loss on record — after Gemini co-lead Noam Shazeer announced a departure to OpenAI and Nobel Prize-winning DeepMind VP John Jumper disclosed his move to Anthropic, both within days of each other. The dual exodus raises pointed questions about Alphabet's ability to generate competitive AI returns on its $180 billion to $190 billion 2026 capital expenditure plan.

Trump Threatens 50% Tariff on China Over Alleged Iran Arms Shipment, Escalating Trade and Geopolitical Tensions

President Trump on Sunday threatened to impose an immediate 50% tariff on Chinese goods if Beijing is proven to be supplying military weapons to Iran, following reports of a potential air defense system shipment. The warning compounds existing geopolitical stress and raises fresh concerns about U.S.-China trade relations ahead of a scheduled May summit, adding another layer of uncertainty to an already volatile global market environment.

Wall Street Braces for Most Consequential Earnings Week of 2026 as Big Banks and Goldman Report

Investors are heading into what analysts are calling the most pivotal earnings week of 2026, with Goldman Sachs reporting Monday, followed by JPMorgan Chase, Citigroup, Wells Fargo, BlackRock, Bank of America, and Morgan Stanley all releasing first-quarter results by Thursday — with markets looking for confirmation that the 'March Oil Shock' has not derailed the U.S. economic expansion and that the M&A and investment banking fee renaissance remains intact.