NEW YORK, July 14, 2026, 19:05 (EDT)
International Business Machines Corp NYSE:IBM, Goldman Sachs Group Inc NYSE:GS, Citigroup Inc NYSE:C, Wells Fargo & Co NYSE:WFC, and JPMorgan Chase & Co NYSE:JPM are on the watchlist for Wednesday, after Tuesday’s results spread out a 34.2-point gap from top to bottom performers. Investors weren’t just chasing earnings beats—they put money behind repeatable revenue and walked away from preliminary numbers or companies with muddy cost outlooks.
U.S. cash markets closed at 4 p.m. EDT after a regular session. June consumer prices dropped 0.4% from May, seasonally adjusted, which helped stocks. But moves at the company level stood out more than the gains for the overall market. That’s what matters. The start of big-cap earnings this quarter shows weaker inflation isn’t much help when guidance for next quarter is shaky.
Wells Fargo and Citi turned in the next biggest earnings beats behind Goldman among IBM and the top banks reporting, but shares in both dropped. JPMorgan had the smallest beat but its stock gained as it raised its forecast for interest income. List below is by closing price swings, not market cap or analyst views.
| Rank | Stock | EPS used vs LSEG consensus | Surprise | Tuesday move | Main test |
|---|---|---|---|---|---|
| 1 | IBM | Preliminary adjusted $2.93. LSEG consensus was $3.02. | -3.0% | -25.2% | Waiting on final numbers; software and infrastructure mix in focus |
| 2 | Goldman Sachs | $20.98 reported, LSEG had $14.48 | +44.9% | +9.0% | Question is whether record trading revenue can continue |
| 3 | Citigroup | EPS $3.15; consensus was $2.74 | +15.0% | -5.3% | Spending in second half and how that affects return target |
| 4 | Wells Fargo | $2.00 reported vs $1.72 expected | +16.3% | -2.7% | Lending margin pressure; guidance kept unchanged |
| 5 | JPMorgan | $6.14 ex-items compared with $5.85 consensus | +5.0% | +2.5% | Looking at changes to interest income and expense forecasts |
IBM is looking shaky on this list. The company reported preliminary revenue of $17.2 billion, up 1%, and operating earnings per share of $2.93, both numbers still subject to some adjustment. Software revenue climbed 5%, but infrastructure fell 7%. CEO Arvind Krishna said IBM “did not anticipate the magnitude” of a late-June customer shift toward servers, storage and memory. Investors seemed to view the selloff as more of a budget-allocation issue than just a small miss on forecasts. SEC
Goldman went the other way. Equities revenue jumped 72% to a record $7.42 billion. Investment-banking fees rose 55% to $3.40 billion. CEO David Solomon said “momentum has accelerated throughout our businesses” and pointed to the firm’s transaction pipeline. The question is if a quarter boosted by market swings and big deals can set a higher earnings base. Goldman Sachs
Citi’s quarterly revenue hit $24.8 billion, the best in 10 years, and preliminary return on tangible common equity was 13%. But the bank stuck to its 2026 target of 10% to 11% and said it might move up some investments. Wells Fargo analyst Mike Mayo and Bank of America Corp NYSE:BAC analyst Ebrahim Poonawala asked if that points to a softer second half. CEO Jane Fraser said the overhaul is “creating more durable results.” Shares now depend on whether Citi can keep costs in line.
Wells posted a big earnings beat. Average loans climbed 12% and investment banking fees jumped 35%. CEO Charlie Scharf said there was “broad-based revenue growth.” But the stock dropped. The bank kept its full-year outlook steady and net interest margin slimmed to 2.43% from 2.47% in Q1. Lifting the asset cap is no longer enough to drive growth. SEC
JPMorgan’s adjusted earnings beat was modest but buyers came in as the bank changed its forecasts both ways. It bumped up its 2026 net interest income outlook, ex-markets, to $96.5 billion from $95 billion, but said it now sees expenses at $107.5 billion versus $105 billion before. Markets revenue climbed 35% and investment banking fees jumped 30%, which helped cover higher spending. CEO Jamie Dimon said “several risks are shifting below the surface like tectonic plates.” Reuters
The trade could swing the other way just as fast. Quieter markets might hit trading revenue, pipelines could slip, and bank margins face pressure from funding costs. Borrowers could get shakier. IBM numbers aren’t final until July 22. Citi and Wells might address cost worries if they offer more detail. The dispersion that put these names on the watchlist is also the key risk.
On Wednesday, IBM is one to watch for follow-through and any move in software names. Citi and Wells Fargo could see a test for stabilization. Goldman and JPMorgan are ones to watch to see if buyers push further into the recent winners. Bank of America rose 1.9% after delivering a 7.1% earnings surprise, with management pointing to upper-end growth in net interest income—6% to 8%. That stock works as a control here. The bar wasn’t high, but guidance was clear.
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