Big Banks Extend Earnings Rally (And Walmart Teams Up with OpenAI)
Big banks post another round of strong earnings as Bank of America and Morgan Stanley beat forecasts, extending Wall Street’s rally. Boeing’s aircraft deliveries surge to pre-crisis levels as it secures EU approval for its $4.7 billion Spirit AeroSystems acquisition. The U.S. seizes $15 billion in Bitcoin linked to a global “pig butchering” scam, marking one of the largest crypto recoveries ever. Stellantis unveils a $13 billion U.S. manufacturing investment that will create 5,000 jobs and expand EV output. Instagram limits teen accounts to PG-13 content and tightens AI chatbot rules amid mounting political pressure on Big Tech. Walmart and OpenAI launch in-chat shopping, letting users buy directly from ChatGPT as part of the growing “agentic commerce” wave. GM takes a $1.6 billion charge due to fading EV demand after tax credit cuts. And Americans cash in on record gold prices, selling jewelry and coins amid economic volatility.
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