Big banks kick off the unofficial start to earnings season Tuesday. JPMorgan Chase was the first major bank to report earnings for the period ending in June and set an initial positive tone for its fellow financials. The company reported earnings and revenue that both topped analysts’ estimates at $1.38 per share and $33.0 billion. Trading revenue spiked 79% to a record $9.7 billion, led by bond and equity trading surpassing initial expectations. JPMorgan Chase is the biggest United States bank by assets and is considered somewhat of a barometer for how the ongoing COVID-19 pandemic has impacted big banks’ retail business. CEO Jamie Dimon appeared cautiously hopeful following the earnings release, saying, “Despite some recent positive macroeconomic data and significant decisive government action, we still face much uncertainty regarding the future path of the economy. However, we are prepared for all eventualities as our fortress balance sheet allows us to remain a port in the storm.” Dimon also stated back in May that the odds were “pretty good” the economy will rebound in the back half of 2020, driven mostly by the economic reopening. In addition to JPMorgan Chase, Goldman Sachs, U.S. Bank, BNY Mellon, and PNC will report Wednesday. Morgan Stanley and Bank of America will report Thursday, followed by BlackRock Friday. Financials have been among the worst-performing sectors this year, with the Financial Select Sector SPDR Fund down over 23% YTD. Second-quarter clarity could offer necessary relief for financials, or further, beat down an already beaten up group of stocks.