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Availability of credit is driving the stock market rally 

JPM Misses and Weighs on Financials: A Bad Start to Earnings Season?
As a key industry bellwether, JPMorgan Chase signaled pressure in its latest earnings, confirming investment banking revenue came in below guidance. Shares fell more than 4% Tuesday, dragging the broader financial sector lower. The results suggest that in a high-rate environment, capital markets activity is recovering more slowly than expected, while rising operating costs are squeezing margins. Does JPMorgan’s earnings miss point to a broader slowdown in capital markets activity? In a higher-for-longer rate environment, can banks defend margins against rising costs?
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