JPMorgan Chase and Wells Fargo report strong third-quarter earnings

JPMorgan Chase and Wells Fargo reported strong third-quarter results, with combined net income exceeding $21 billion. JPMorgan Chase reported a 6% year-over-year increase in net income to $15.3 billion, while Wells Fargo saw a 6% rise to nearly $6 billion.

Despite these earnings, major financial institutions like JPMorgan Chase and Wells Fargo are excluded from the Invesco QQQ Trust. The ETF tracks the Nasdaq-100 index, which follows two specific rules: companies must be listed on the Nasdaq exchange and cannot be classified as financial businesses. This exclusion means the fund lacks exposure to the banking and insurance sectors, which represent a significant portion of the broader market.

In separate market activity, JPMorgan Chase shares rose 1.1% following a price target increase by Truist Financial, which raised its target from $352.00 to $361.00. The stock has seen various analyst adjustments recently, with an average rating of 'Moderate Buy' and an average target price of $362.96.