Good morning, CFOs. Earnings season to offer latest results from JPMorgan Chase, Wells Fargo, BlackRock and others; Morgan Stanley’s global co-head of equity capital markets on the IPO market; plus, Trump says 200% pharma tariffs are coming.

A barrage of tariff threats from President Trump didn’t keep investors from driving stocks to fresh records this past week. The coming earnings season could make the trade war harder to ignore.

Strong corporate profits have helped the S&P 500 rebound from the depths of April’s turmoil to a gain of 6.4% this year. The broad index notched fresh records in recent days even as the White House threatened tariffs on goods from a host of trade partners, including Brazil and Canada.

Now, the coming reports pose a fresh test. Investors are seeking clarity from corporate leaders about how the back-and-forth on trade has affected their businesses, worried it will hurt economic growth and corporate profits when stocks already look expensive relative to history.

“It’s hard not to think that there hasn’t been some head-in-the-sand type of euphoria in the markets,” said Marta Norton, chief investment strategist at financial-services firm Empower. “My concern is that maybe there’s more to it than people think.”

In the week ahead, investors will parse results from banks including JPMorgan Chase, Wells Fargo and Citigroup. BlackRock, the world’s largest asset manager, also reports earnings.

Monday

Earnings: Fastenal

Tuesday

Earnings: Albertsons, Bank of New York Mellon, BlackRock, Citigroup, J.B. Hunt Transport Services, JPMorgan Chase, Omnicom Group, State Street and Wells Fargo

The Bureau of Labor Statistics releases the consumer price index for June.

Wednesday

Earnings: ASML Holding, Bank of America, Goldman Sachs Group, Johnson & Johnson, Kinder Morgan, Morgan Stanley, M&T Bank, PNC Financial Services Group, Progressive, Prologis and United Airlines Holdings

The BLS releases the producer price index for June.

The Federal Reserve releases the beige book for the fifth of eight times this year.

Thursday

Earnings: Abbott Laboratories, Cintas, Citizens Financial Group, Elevance Health, Fifth Third Bancorp, GE Aerospace, Interactive Brokers Group, Marsh & McLennan, Netflix, Novartis, PepsiCo, Snap-On, Taiwan Semiconductor Manufacturing, Travelers and U.S. Bancorp

The Census Bureau reports retail sales data for June.

The National Association of Home Builders releases its Housing Market Index for July.

Friday

Earnings: 3M, American Express, Charles Schwab, Huntington

Bancshares, Regions Financial, SLB and Truist Financial
The Census Bureau reports new residential construction data for June.

The University of Michigan releases its Consumer Sentiment index for July.

After a couple years in a slump, the market for initial public offerings has been stronger this year.

🎧 In this week's episode of WSJ’s Take On the Week, host Telis Demos is joined by Arnaud Blanchard, global co-head of equity capital markets at Morgan Stanley, to discuss how recent IPO deals from companies like Chime and Voyager Technologies are giving the market a bump, where IPOs are expected to go in the second half of 2025 and if there is any chance of the market returning to its 2021 highs.

📰 Other headlines

• Trump Says 200% Pharma Tariffs Are Coming. Wall Street Shrugs.
• Elon Musk Is Back at Work and Burning Through Executives
• SpaceX to Invest $2 Billion Into Elon Musk’s xAI
• The Best EV Deals Now Are on the Used Market
• ‘Superman’ Bounds to $122 Million Domestic Opening
• Can the French Reinvent America’s Broken Department-Store Model?
• Private-Markets Giant Blue Owl Pushes Into 401(k)s
• Private-Equity Firms Bain and Kohlberg Make Another Big Bet on Biopharma Industry
• Plunging Dollar Leaves American Travelers With Less Buying Power This Summer

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.