JPMorgan Chase kicked off the earnings season with a rare miss, falling short of estimates on both revenue and profit. The bank cited weaker fixed income trading and higher expenses as key factors. CEO Jamie Dimon noted that trading and investment banking activity had moderated somewhat. Shares initially dropped over 3% but recovered after the bank raised its net interest income guidance for 2026.
In contrast, Goldman Sachs reported strong results, driven by a 72% surge in equities trading revenue. The bank also set a record in advisory revenue at $1.65 billion, sending shares up more than 3.5%. Wells Fargo beat earnings expectations but missed on revenue, with CEO Charlie Scharf emphasizing consumer resilience despite economic challenges.
Delta Air Lines delayed its nonstop service between Atlanta and Riyadh due to recent attacks on the Saudi capital's airport. The route, originally set to launch this month, will now begin in March. The Federal Aviation Administration has advised caution for U.S. airlines operating in the region.
Meta introduced Muse Wonder, its most advanced AI model for digital assistants, priced at $20 per month. The move reflects Meta's push to diversify revenue beyond advertising. AI chief Alexandr Wang highlighted the model's enhanced capabilities and safeguards against cyber misuse.
McDonald's plans to focus on chicken and drinks but faces tough competition from brands like Chick-fil-A, 7 Brew, and Starbucks. Meanwhile, Starbucks denied rumors of acquiring Chipotle, causing Chipotle's shares to dip nearly 4%.