Hightower's Stephanie Link on the key takeaways from big bank earnings

• JPMorgan Chase (JPM) missed both EPS and revenue estimates, with its stock down in extended hours, though equity trading was a positive segment.
• Wells Fargo (WFC) beat EPS but missed revenue, showing signs of a turnaround with better net interest margins and lower expenses/provisions, making it a potential 'buy' according to Link.
• The broader market is supported by a strong consumer and the transformative potential of AI, which Link believes will create new jobs and drive growth, offsetting worries about high interest rates.

Stephanie Link analyzes big bank earnings, noting JPMorgan's misses and Wells Fargo's mixed but encouraging results. She highlights a strong consumer and the long-term benefits of AI as key drivers for the broader market, despite concerns about rising interest rates and initial negative reactions to bank reports.