The major indexes slid lower on recession fears as big banks report earnings — and more in Friday’s stock market recap.

JPMorgan Chase & Co. (NYSE: JPM) beat analysts’ expectations on earnings and revenue, but said a mild recession remains its chief concern for the coming year, causing shares to fall 3% in premarket trading.

Bank of America Corp. (NYSE: BAC) also beat earnings and revenue estimates, but the bank’s net interest income came in below expectations despite rising interest rates. Its shares fell 2.8% premarket.

Wells Fargo & Co. (NYSE: WFC) was one of the worst performers as it struggled with the impact of a record settlement. Earnings fell more than 50% from a year ago, and revenue came in more than 5% below estimates, causing shares to drop more than 4% premarket.

Banks are also setting aside reserves to prepare for potential credit losses as we approach a less favorable economic environment.

In this morning’s stock market recap video, I’ll reveal what’s going on with the global economy and how it’s impacting U.S. stocks… how algos run stops and manipulate technicals… why momentum levels are extremely overbought and how to gauge them… a complete overview of broad market action and the current trading range… why I believe real estate stocks are due to sell off hard… plus an update on bank stocks and how their reports will set the tone for earnings season!

Don’t forget to like, subscribe and leave your comments and questions on our YouTube videos — we will respond!

P.S. The Only Earnings Announcements to Focus On

Earnings announcements are happening all the time — not just during the few weeks we call “earnings season.”

And with over 17,000 different earnings reports every year, there’s no way you could keep track of them all.

But legendary trader Tom Busby discovered there’s a subcategory of earnings reports that open a special window called an “earnings drift.”

And for these select stocks, during the 72-hour period after they report, a massive opportunity window can open for investors.

Tom recently sat down with me to share all the details on this incredible breakthrough…

Discover a Whole New Way to Trade Earnings

P.P.S. When it comes to trading, every second counts. And in choppy markets like these, often driven by headlines, stocks can make big moves in a flash.

That’s why I want you to get my latest trading ideas and market updates as fast as possible. So I’m rolling out an all-new option for my students to receive trade alerts with Telegram!

Telegram allows me to get trade ideas, videos and watchlists to you in a matter of seconds.

Check out this short article we put together with instructions on how to download telegram and access my private channel. Go here to get the details. 

On Fridays, we’ll review the week that was… We’ll discuss how our trades did, what we learned and how to apply it to next week’s trading plan, and any developing trade setups. This video will put a bow on the week. We’ll also go over winners from my different member strategies.

Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to!

Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.

My Top ETF as GameStop Prepares to Report Earnings

My Top ETF as GameStop Prepares to Report Earnings

 The market is little changed following news that the U.S. House passed a debt ceiling bill and sent it to the Senate. The Fiscal Responsibility Act passed with bipartisan support, and is key in raising the debt ceiling and preventing the U.S. from defaulting....

read more
My Top Trades With More Tech Earnings on Deck

My Top Trades With More Tech Earnings on Deck

 Before we get to today’s stock market outlook, I want to let you know that I’m appearing on “Roundtable With Don Yocham” alongside Celeste Lindman and Jeffrey Muller at 11 a.m. ET today, May 31! Join us here: We’ll discuss...

read more
2 Overdone Sectors and an End to the Debt Ceiling Crisis

2 Overdone Sectors and an End to the Debt Ceiling Crisis

 The major indexes rose to start the shortened trading week Tuesday morning on positive news regarding the debt ceiling debate. President Joe Biden and House Speaker Kevin McCarthy appeared to reach a deal over the long Memorial Day weekend on raising the U.S. debt...

read more