ASML falls sharply after issuing a growth warning, while Goldman Sachs, Morgan Stanley, and Bank of America post better-than-expected quarterly earnings.

Shares of Goldman Sachs and Morgan Stanley fell Wednesday despite stronger-than-expected profit from the two big banks, as investors saw little reason to bid up equity prices further after gains in recent weeks.

Morgan Stanley (MS) turned in better-than-expected Q2 earnings and revenue on Wednesday, reflecting strong net interest income as wealth management revenue increased quarter-over-quarter and year-over-year.

Another three megabanks are due to report second-quarter earnings on Wednesday, shedding light on the health of dealmaking, sales and trading, and consumer activity. Bank of America, Morgan Stanley, and Goldman Sachs—the second-,

Executives at the New York bank said that strategic activity has started to pick up over the last month. Morgan Stanley also reported second-quarter revenue and earnings that beat analysts' expectations.

Global oil inventories have swollen at a rapid clip in recent months, but given the bulk of the increase has been in the Asia-Pacific, prices have been able to hold their ground for now, according to Morgan Stanley.

Q2 2025 Management View CEO Edward N. Pick emphasized a strong performance despite a volatile start to the quarter, highlighting "$16.8 billion in revenue, $2.13 in EPS and an 18.2% return on tangible" for Q2.