US banks post strong Q2 earnings boosted by SpaceX IPO

Major U.S. banks reported second‑quarter results that beat analysts’ expectations. Bank of America posted earnings per share of $1.21 on revenue of $31.6 billion, while Goldman Sachs earned $20.98 per share on $20.3 billion in revenue. JPMorgan reported $7.70 per share on $57.3 billion of revenue, and Wells Fargo posted $2.00 million per share on $22.6 billion of revenue. All banks cited double‑digit net‑income growth and strong returns on equity. Investment‑banking fees rose sharply, with Goldman Sachs and Morgan Stanley benefiting from the record‑size SpaceX IPO, which generated sizable advisory and financing fees. Trading divisions also saw gains, helped by heightened market volatility linked to geopolitical tensions. CEOs highlighted resilient consumer spending, robust corporate loan demand, and AI‑driven investment as supporting factors for the upbeat performance.