Daily Rewind: Big banks’ earnings

📉 Shares of big banks fell despite strong earnings. Here’s what you should know:

  • Earnings season for U.S. banks kicked off today! Shares of JPMorgan, Citigroup and Wells Fargo, which had rallied in the past few weeks, fell despite each reporting largely strong second-quarter earnings.
  • JP Morgan Chase CEO Jamie Dimon lashed out at the government and media during the company’s earnings call. “It’s almost an embarrassment to be an American citizen traveling around the world and listening to the stupid s*** we have to deal with in this country.” He also said that media isn’t doing a good job covering the issues.
  • Bank of America, Goldman Sachs and Morgan Stanley will report quarterly financial results next week.

Other important news to know:

Americans are cutting back on spending. Consumer spending accounts for two-thirds of economic growth. Retail sales — a very important gauge of spending levels — dropped in June for the second straight month, according to Commerce Department data released on Friday. Sales in June dropped 0.2% compared to May. It’s the third decline this year. Economists said the result was disappointing. Read more from CNNMoney’s Patrick Gillespie

Honda recalls over a million cars over flaming batteries. The Japanese automaker is recalling nearly 1.2 million Accord vehicles produced between 2013 and 2016, after receiving multiple reports of the cars’ battery sensors causing fires in the engine. Read more from CNNMoney’s Rishi Iyengar

Check these stories out:

*What’s inside the Senate Republican health care bills (CNNMoney)
*AT&T is said to plan major organizational changes after deal (Bloomberg)
*Big food companies are trying to reverse the curse of the center aisle (CNBC)

That’s all for today. Have a good weekend. We’ll see you back here on Monday!

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