JPMorgan, BofA, Morgan Stanley Post Strong Q1 Results as Oil Shock Risk Mounts
JPMorgan Chase, Bank of America, and Morgan Stanley each reported strong Q1 earnings, lifting the Nasdaq 2% and a software ETF 6.4%. Economists are now warning of a potential 1970s-style oil shock, with IMF chief economist Pierre-Olivier Gourinchas and Justin Wolfers saying energy costs could persist for years if the Middle East conflict goes unresolved.
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