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Goldman Sachs, JPMorgan, and Others to Report Earnings on October 13

Goldman Sachs, JPMorgan, Wells Fargoand Citiare scheduled to report earnings on October 13, while Morgan Stanleyand Bank of Americaare expected to announce earnings the day after. What to watch for:OUTLOOK:JPMorgan is expected to post third quarter EPS of $5.93 on revenue of $51.2B, Goldman Sachs $12.87 on $16.8B, Wells Fargo $1.85 on $22.3B, Citi $2.65 on $23.7B, Bank of America $1.10 on $30.6B, and Morgan Stanley $2.93 on $19.9B.STOCK ACTION:JPMorgan and Citi shares are down about 4% over the past month, Goldman Sachs nearly 10%, Wells Fargo more than 6%, and Bank of America and Morgan Stanley over 8%.AI SCARE TRADE:Ahead of quarterly results, Wells Fargo analyst Mike Mayo says the firm remains constructive on bank stocks over the next year but urges investors to "mind the gap" given rate concerns and, to a lesser extent, narratives around AI and the mid terms. Wells argues three emerging negative themes are "overdone": the AI "scare trade," which it expects to reverse as earnings reinforce trust driven deposit moats; mid term election noise that may slow deregulation but not derail it; and worries that higher rates are hurting capital markets, loan growth and credit, though the firm notes potential extra provisions tied to data center credit issues and softer FICC.Wells continues to see "Goliath as winning" in deposit competition. Its top pick remains Citi, though it expects a so so Q3, followed by Bank of America with relatively weak capital markets trends. Among large regionals, the firm favors Fifth Thirdand PNC Financial. In mid caps, Wells prefers Banc of California, Old National Bancorpand Pinnacle Financial, while remaining cautious near term on BOK Financial, BankUnitedand Commerce Bancshares.SELECTION 'IS CRITICAL':TD Cowen resumed coverage of 16 large-cap banks, assigning Hold ratings to JPMorgan, Bank of America and Morgan Stanley, and Buy ratings to Wells Fargo, Citi and Goldman Sachs. The firm says the fundamental backdrop "seems about as good as it gets," but views stock selection as "critical" given its stronger conviction in sector fundamentals than in current valuations.

Nasdaq Futures Decline as Investors Remain Cautious

Stock futures are lower as investors adopt a cautious stance ahead of a round of Big Tech earnings, with results from Alphabet and Tesla due after the closing bell. Nasdaq futures are leading the declines, pressured by renewed weakness in semiconductor stocks, while Dow and S&P 500 futures are also modestly lower as traders await fresh catalysts.Alphabet and Tesla's reports are expected to provide the first major test of whether companies' heavy investments in artificial intelligence continue to generate meaningful returns. Investors will closely scrutinize Alphabet's AI monetization strategy and cloud growth, while Tesla faces questions surrounding vehicle demand, margins and its autonomous driving initiatives.Energy markets remain in focus as Brent crude climbed above $94 a barrel, reaching its highest level in roughly six weeks as escalating tensions in the Middle East raise concerns over potential supply disruptions. Reports that two Saudi oil tankers altered their routes in response to Houthi threats in the Red Sea have added to fears that higher energy prices could reignite inflation pressures and complicate the Federal Reserve's policy outlook.In pre-market trading, S&P 500 futures fell 0.32%, Nasdaq futures fell 0.90% and Dow futures fell 0.12%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Super Microup 12% after reporting that Q4 gross margins are estimated to be in the range of 15% to 17%, which is significantly higher than guidance of 8.2% to 8.4%, primarily due to a favorable customer and product mix.UP AFTER EARNINGS -RPMup 8%Equinorup 4%AT&Tup 3%Wabtecup 3%PulteGroupup 2%CME Groupup 2%Otis Worldwideup 1%Teledyneup 1%Travel + Leisureup 1%DOWN AFTER EARNINGS -Adtrandown 15%BankUniteddown 6%TE Connectivitydown 5%Cal-Maine Foodsdown 4%GE Vernovadown 3%Philip Morrisdown 1%

Q2 Net Charge-offs Drop to 0.11%

Reports Q2 Net Charge-offs annualized 0.11%, down 0.50% from prior quarter and 0.10% from a year ago. Reports Q2 ROE 9.3% vs. 9.4% last year. Chairman, President and CEO Rajinder Singh commented, "Our Q2 performance reflects continued progress in strengthening the franchise and enhancing the quality of our balance sheet. Record non-interest-bearing deposits, solid fee income performance, and improved credit quality highlight the meaningful progress we have made over the past year. We remain focused on disciplined execution, deepening customer relationships, and building a stronger, more resilient franchise that supports long-term shareholder value creation."