Jim Cramer Says Bank Earnings Put Market in 'No Man's Land'

Katherine Ross

Phew. 

It's earnings season!

JPMorgan Chase (JPM) - Get Report and Wells Fargo (WFC) - Get Report kicked off earnings season Tuesday.

Bank of America (BAC) - Get Report earned 40 cents a share in the first quarter, below analysts' expectations of 49 cents. Net interest income in the quarter was $12.13 billion vs. estimates of $11.74 billion.

Goldman Sachs (GS) - Get Report reported earnings for the three months ending in March of $3.11 per share, down 46% from the same period last year and well shy of the Street consensus forecast of $3.35 per share. Net revenues of $8.74 billion were modestly lower from last year but topped analysts' estimates of a $6.75 billion tally.

So, what else is going on in the markets? Well, the IMF said Tuesday the global economy will contract 3% in 2020 as countries went into lockdown to try to prevent the spread of the virus. The IMF had forecast in January that GDP would rise 3.3%.

“It is very likely that this year the global economy will experience its worst recession since the Great Depression," said Gita Gopinath, the IMF’s chief economist, in the group's latest World Economic Outlook report.

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