Banks, Consumers & mRNA

Investors in the stocks of big banks are looking forward to the earnings boosts likely in a lower-interest-rate environment, and their optimism has fueled nice share price momentum. The S&P 500 Financials sector lags only tech-related sectors ytd. Yet there were some concerning aspects of the major banks’ Q2 earnings reports; their robust investment and trading business saved the day. … Are consumers’ rising credit-card delinquencies a warning sign for consumer spending? No, reports Jackie; the evidence suggests that delinquency rates are simply normalizing after pandemic-related distortions. … And: Moderna is leveraging the mRNA technology of its Covid vaccines into treatments for a wide range of conditions.