After watching theKBWB

bank index collapse almost 16% since Apr. 2’s tariff announcement, Wall Street titans now face a Promethean task: telling investors what comes next. JPMorganJPM

, Wells FargoWFC

, Morgan StanleyMS

, and others report earnings today — with all eyes on forward guidance as the passing quarter reflects pre-trade war conditions.

• “Banks [earnings] are a reflection of the economy,” noted an analyst, as JPMorgan’s CEO warned that tariffs “will drive up inflation and slow growth” — creating jitters around Wall Street’s response to Trump’s 90-day truce.
• Analysts are scrutinizing whether business loan growth stalls, indicating executives “are hitting the pause button” — but also changes in overall credit quality, loan write-offs, and increases to loss reserves.

Deals on ice: Even with the market comeback, a Barclays analyst says, “Investment banking fees are expected to fall” as Klarna, StubHub, and eToro shelve IPO plans. Amid the market volatility, Reuters notes trading desks can thrive despite wealth management units suffering portfolio losses. However, regional banks stand the most exposed compared to their diversified megabank counterparts — already receiving analyst downgrades. As earnings season unfolds, Trump’s 90-day pause feels more like the eye of the hurricane.