Jan 15, 2026 · 24 min · 11 segments
U.S. equity futures point higher after two straight losses, with tech leading the rebound. Sentiment is driven by strong AI-linked earnings and easing geopolitical pressure as crude oil falls more…
Julie HymanHost
Venu KrishnaGuestTed MortensenGuest
Brian Sozzi
Let's take a closer look now at some of the earnings results rolling in today from Goldman Sachs and Morgan Stanley.
So what are some of my big picture sort of takeaways from these companies? For Goldman Sachs, they absolutely crushed it in terms of their equities trading revenue last year, $4.31 billion, which was not just the highest for Goldman Sachs in a quarter, it was for the highest for any bank ever.
It's been underwriting a lot of these deals, a lot of these financings for the various data centers.
And so that's something that investors have been focusing on, debt underwriting revenue surging by 93% to $785 million for that company.
But to put this in context here, when you look at those two items and then the third, which is that both of the stocks are trading very close to record highs.
So even though those items I mentioned, they beat on those metrics, investment banking fees overall for Goldman Sachs were also strong.
Remember, the company is selling off its Apple Card business to JPMorgan Chase, and so it had some one-time items related to that.
But given that it is trading near that record, according to some analysts like Devin Ryan, who I'll be speaking to later this morning, maybe that setup is one of the reasons that we're seeing the stocks lower.
Similarly, for Morgan Stanley, the numbers really beating on a number of those broad metrics.
And its wealth business, which investors watched closely, saw net new assets of $122 billion.
Again, Devin Ryan over at Citizens, J&P Citizens, saying that that was something that investors were focusing on.
He said that the fact that Morgan Stanley is not raising its outlook for return on tangible common equity, that's an important metric for these companies, that might be a little bit of a source of disappointment.
We're going to continue to dig into these and have much more on them at the top of the next hour.
Let's take a closer look now at some of the earnings results rolling in today from Goldman Sachs and Morgan Stanley.
So what are some of my big picture sort of takeaways from these companies? For Goldman Sachs, they absolutely crushed it in terms of their equities trading revenue last year, $4.31 billion, which was not just the highest for Goldman Sachs in a quarter, it was for the highest for any bank ever.
It's been underwriting a lot of these deals, a lot of these financings for the various data centers.
And so that's something that investors have been focusing on, debt underwriting revenue surging by 93% to $785 million for that company.
But to put this in context here, when you look at those two items and then the third, which is that both of the stocks are trading very close to record highs.
So even though those items I mentioned, they beat on those metrics, investment banking fees overall for Goldman Sachs were also strong.
Remember, the company is selling off its Apple Card business to JPMorgan Chase, and so it had some one-time items related to that.
But given that it is trading near that record, according to some analysts like Devin Ryan, who I'll be speaking to later this morning, maybe that setup is one of the reasons that we're seeing the stocks lower.
Similarly, for Morgan Stanley, the numbers really beating on a number of those broad metrics.
And its wealth business, which investors watched closely, saw net new assets of $122 billion.
Again, Devin Ryan over at Citizens, J&P Citizens, saying that that was something that investors were focusing on.
He said that the fact that Morgan Stanley is not raising its outlook for return on tangible common equity, that's an important metric for these companies, that might be a little bit of a source of disappointment.
We're going to continue to dig into these and have much more on them at the top of the next hour.
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