Bank of America Corporation (BAC) released its second quarter earnings on Tuesday, July 14. After topping analysts’ expectations, the company’s shares rose by over 2% in midday trading following the release of the report.

Revenue came in at $31.6 billion during the second quarter, up 15% from revenue of $27.4 billion at this time last year. The results exceeded analysts’ expectations of $30.7 billion for the quarter.

“The team delivered one of our strongest quarters to date, with earnings per share up 34% year-over-year,” said Bank of America CEO, Brian Moynihan. “Every business segment reported double digit net income growth and strong returns on equity. Revenue increased 15% from last year as we deepened relationships with existing clients and welcomed new ones.”

The company reported net income of $9.1 billion for the quarter or $1.21 per adjusted share. This is up from $7.2 billion or $0.90 per adjusted share in the same quarter last year.

Bank of America’s Consumer Banking segment generated revenue of $11.3 billion during the quarter, a 5% improvement from $10.8 billion in the same quarter last year. The segment added over 160,000 net new consumer checking accounts, completing 30 consecutive quarters of net growth. The company’s Global Wealth and Investment Management segment earned revenue of $6.9 billion, a 16% increase from $5.9 billion reported a year ago. The client balances within the segment increased 12% to $4.9 trillion, driven by higher market valuations.

Bank of America Corporation (BAC) shares ended the week at $61.27, up 2% for the week.

Goldman Sachs Reports Earnings

Goldman Sachs Group, Inc. (GS) released its second quarter earnings report on Tuesday, July 14. The investment firm’s stock increased by about 9%, after reporting better-than-expected quarterly revenue.

Revenue reached $20.34 billion during the second quarter, up 39% from revenue of $14.58 billion at this time last year. The results exceeded analysts’ expectations of $16.2 billion for the quarter.

“Our record performance this quarter reflects the strength of our global franchise, the depth of our relationships, and our ability to harness the power of One Goldman Sachs,” said Goldman Sachs CEO, David Solomon. “Momentum has accelerated throughout our businesses. Clients are turning to us to lead their most strategic and consequential transactions, which are often the genesis of activity across the franchise. We are relentlessly driving our long-term growth strategy across Global Banking & Markets and Asset & Wealth Management, and given what we see in our pipelines, we expect this flywheel of activity to continue."

The company reported net income of $6.63 billion for the quarter or $20.98 per adjusted share. This was up from $3.72 billion or $10.91 per adjusted share reported in the same quarter last year.

Goldman Sachs’ Asset and Wealth Management segment generated revenue of $4.60 billion during the quarter, 20% higher compared to the same quarter last year. The company’s Global Banking and Markets segment revenue increased by 53% to $15.52 billion. Revenue for Platform Solutions reached $221 million for the second quarter, 64% lower than the prior year. The company’s Board of Directors declared a quarterly cash dividend of $5.00 per common share payable on September 29, 2026, to stockholders of record on September 1, 2026.

Goldman Sachs Group, Inc. (GS) shares ended the week at $5.15, up 2% for the week.

Cintas Posts Earnings

Cintas Corporation (CTAS), a uniform rental and cleaning supply company, posted its fourth quarter and full-year earnings on Wednesday, July 15. The company reported increased quarterly revenue, causing its stock to climb to almost 7% following the release of the earnings report.

Revenue for the fourth quarter reached $2.91 billion, up 8.9% from revenue of $2.67 billion reported during the same quarter last year. This was above analysts’ expectations of $2.87 billion. Full-year revenue increased to $11.26 billion from $10.34 billion for fiscal 2025.

“These results conclude an outstanding year for Cintas,” said Cintas CEO, Todd Schneider. “We delivered record revenues and operating margins. Our 8.3% organic revenue growth demonstrates our ability to deliver strong results in a dynamic macro environment. Our all-time high gross margin reflects the outstanding performance of our employee-partners and the clear impact of our investments in technology, capacity and talent. These results continue to showcase the strength and resilience of Cintas' value proposition."

Cintas reported quarterly net income of $510.99 million or $1.26 per diluted share. This was up from $448.26 million or $1.09 per diluted share during the same quarter last year. Full-year net income came in at $1.99 billion or $4.91 per diluted share.

The company’s Uniform Rental and Facility Services segment grew 8.2% year-over-year, reaching $2.20 billion. The First Aid and Safety Services segment reported $368.13 million in revenue. Operating income came in at $673.0 million, an increase of 12.7% compared to last year. Throughout fiscal 2026, Cintas returned capital totaling $1.65 billion to shareholders in the form of share buybacks and dividends.

Cintas Corporation (CTAS) shares closed at $204.45, up 13% for the week.

The Dow started the week of 7/13 at 52,677 and closed at 52,146 on 7/17. The S&P 500 started the week at 7,548 and closed at 7,458. The NASDAQ started the week at 26,088 and closed at 25,520.

U.S. Treasury yields rose early in the week as investors waited for the latest job hiring numbers from the private sector. Yields continued to climb toward the end of the week after jobless claims rose higher than expected.

On Wednesday, ADP reported that private sector jobs increased more than expected for May. The payroll processing company detailed that private sector businesses added 122,000 jobs in May, above Wall Street’s expectations of an increase of 110,000 jobs. ADP also revised down the payroll figures for April by 4,000 to an addition of 105,000 jobs.

“Hiring was more broad-based in May than we have seen in the last few years,” said chief economist at ADP, Nela Richardson. “The labor market continues to show sustained momentum going into the summer hiring season.”

The benchmark 10-year Treasury note yield opened the week of June 1 at 4.44% and traded as high as 4.51% on Wednesday. The 30-year Treasury bond opened the week at 4.97% and traded as high as 5.01% on Wednesday.

On Thursday, the U.S. Department of Labor reported that initial claims for unemployment reached 225,000 for the week ending May 30. This was up 13,000 from the prior week and above analysts’ expectations of 211,000. Continuing unemployment claims decreased by 8,000 to 1.78 million.

"The big picture remains that the trend in both initial and continuing claims still is very subdued," said senior U.S. economist at Pantheon Macroeconomics, Oliver Allen. "It would be unwise, however, to conclude that all is fine and well with the labor market simply because claims are low. Low fire, low hire remains an apt description of labor market conditions, and only around one of four of those unemployed make a claim."

The 10-year Treasury note yield finished the week of 6/1 at 4.52%, while the 30-year Treasury note yield finished the week at 5.00%.

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, June 4. The survey showed mortgage rates decreasing slightly after multiple weeks of increases.

This week, the 30-year fixed mortgage rate averaged 6.48%, down from last week’s average of 6.53%. Last year at this time, the 30-year fixed mortgage rate averaged 6.85%.

The 15-year fixed mortgage rate averaged 5.79% this week, down from last week’s average of 5.87%. During the same week last year, the 15-year fixed mortgage rate averaged 5.99%.

“The 30-year fixed-rate mortgage decreased to 6.48% this week,” said chief economist at Freddie Mac, Sam Khater. “With mortgage rates in the mid-6% range and income growth outpacing home price growth, housing affordability is marginally improving.”

Based on published national averages, the savings rate was 0.38% as of 5/18. The one-year CD averaged 1.55%.