(https://www.cnbc.com/2026/07/15/morgan-stanley-ms-earnings-q2-2026-.html) and the Street is modeling another beat on trading revenue. But here's the risk: JPM and GS rallied recently *because* Iran escalation and Hormuz risk spiked volatility — not because their core lending franchises improved. Mortgage rates just hit a year high, which pressures net interest margins for the next two quarters.

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