Skip to main content
J.P. Morgan Wealth Management logo, links to Investments
Top Market Takeaways

Q1 2025 earnings season insights

PublishedMay 15, 2025

J.P. Morgan Wealth Management

    Top Market Takeaways

      As we reflect on first-quarter earnings season, over 90% of S&P 500 companies have reported their Q1 2025 results. Impressively, 78% of these companies have surpassed earnings per share (EPS) estimates, a testament to their adaptability amidst challenging conditions. This performance not only exceeds the five-year average of 77% but also the 10-year average of 75%. Despite the backdrop of tariff concerns, companies have so far managed to navigate through with various adjustments.


      Work with an advisor

      Our advisors can provide ongoing financial advice on how your portfolio can adapt to the changes in the market, your life and your goals.

      Get startedto advisor services page


      A notable aspect of this earnings season is the continued commitment to capital expenditure (capex) despite a dip in CEO confidence. This indicates a strategic focus on long-term growth and expansion, suggesting that companies are prioritizing investments to drive future success despite potential near-term headwinds.

       

      Looking ahead, while tariffs and trade policy shifts pose significant concerns, they also present opportunities. Sectors such as technology, utilities and financials continue to offer promising prospects, driven by advancements in artificial intelligence, increased power demand and the potential benefits emanating from deregulation. As we navigate through this current period of volatility, we remain constructive in our outlook on U.S. equities for the year ahead.


      Capex continues to rise despite low confidence


      Sources: Chief Executive Magazine, Bloomberg Finance L.P. Data as of April 30, 2025.  Note: S&P 500 capex is represented by Bloomberg NTM estimates.
      Line chart starting in 2010 showing CEO Confidence Index compared to the S&P 500 capex index from 2011 to 2025.



      All market and economic data as of 05/14/25 are sourced from Bloomberg Finance L.P. and FactSet unless otherwise stated.


      View Disclosures

      Explore ways to invest

      Take control of your finances with $0 commission online trades, intuitive investing tools and a range of advisor services. 

      Get started, on investments page


      Global Investment Strategy Team

      J.P. Morgan Wealth Management

      The Global Investment Strategy group provides investment insights to help support long-term wealth goals. The team’s economists, investment strategists and asset-class specialists pair real-world economic trends with rigorous analysis to develop i...

      What to read next

      Get in The Know with our newsletters

      Subscribe to stay informed on the latest investing essentials, market trends and more.

      Subscribeto investments insights page

      Disclosures

      Our Top Market Takeaways for May 15th, 2025.

       

      The information presented is not intended to be making value judgments on the preferred outcome of any government decision or political election.

       

      Diversification does not ensure a profit or protect against loss.

       

      Index definitions:

       

      Bloomberg 10-year Municipal Bond Index (BCM10): An unmanaged index that includes investment grade tax-exempt bonds with maturities between 8 and 12 years.

       

      The NASDAQ 100 Index is a basket of the 100 largest, most actively traded U.S companies listed on the NASDAQ stock exchange. The index includes companies from various industries except for the financial industry, like commercial and investment banks. These non-financial sectors include retail, biotechnology, industrial, technology, health care, and others.

       

      The Russell 2000 Index is a small-cap U.S. stock market index that makes up the smallest 2,000 stocks in the Russell 3000 Index. The index is maintained by FTSE Russell, a subsidiary of the London Stock Exchange Group.

       

      The Standard and Poor's Midcap 400, or simply the S&P Midcap 400, is a capitalization-weighted index which measures the performance of the mid-range sector of the U.S. stock market.

       

      The S&P 500 Equal Weight Index is the equal-weight version of the widely-used S&P 500. The index includes the same constituents as the capitalization weighted S&P 500, but each company is allocated a fixed weight - or 0.2% of the index total at each quarterly rebalance.

       

      Small capitalization companies typically carry more risk than well-established "blue-chip" companies since smaller companies can carry a higher degree of market volatility than most large cap and/or blue-chip companies.

       

      Standard and Poor’s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index was developed with a base level of 10 for the 1941–43 base period.

       

      The S&P 500 Total Return Index is an unmanaged broad-based index that is used as a representation of the U.S stock market. It includes 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

       

      We believe the information contained in this material to be reliable but do not warrant its accuracy or completeness. Opinions, estimates, and investment strategies and views expressed in this document constitute our judgment based on current market conditions and are subject to change without notice.

       

      The views, opinions, estimates and strategies expressed herein constitutes the author's judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan Research and should not be treated as such. You should carefully consider your needs and objectives before making any decisions. For additional guidance on how this information should be applied to your situation, you should consult your advisor.

       

      All companies referenced are shown for illustrative purposes only, and are not intended as a recommendation or endorsement by J.P. Morgan in this context.

       

      JPMorgan Chase & Co., its affiliates, and employees do not provide tax, legal or accounting advice. Information presented on these webpages is not intended to provide, and should not be relied on for tax, legal and accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transaction.

      RISK CONSIDERATIONS

      • PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. YOU MAY NOT INVEST DIRECTLY IN AN INDEX.
      • The price of equity securities may rise or fall due to the changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Equity securities are subject to 'stock market risk' meaning that stock prices in general may decline over short or extended periods of time.
      • Investing in fixed income products subject to certain risks, including interest rate, credit, inflation, call, prepayment and reinvestment risk. Any fixed income security sold or redeemed prior to maturity may be subject to substantial gain or loss.
      • In general, the bond market is volatile and bond prices rise when interest rates fall and vice versa. Longer term securities are more prone to price fluctuation than shorter term securities. Any fixed income security sold or redeemed prior to maturity may be subject to substantial gain or loss. Dependable income is subject to the credit risk of the issuer of the bond. If an issuer defaults no future income payments will be made.
      • When investing in mutual funds or exchange-traded and index funds, please consider the investment objectives, risks, charges, and expenses associated with the funds before investing. You may obtain a fund’s prospectus by contacting your investment professional. The prospectus contains information, which should be carefully read before investing.
      • Investors should understand the potential tax liabilities surrounding a municipal bond purchase. Certain municipal bonds are federally taxed if the holder is subject to alternative minimum tax. Capital gains, if any, are federally taxable. The investor should note that the income from tax-free municipal bond funds may be subject to state and local taxation and the Alternative Minimum Tax (AMT).
      • International investments may not be suitable for all investors. International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Some overseas markets may not be as politically and economically stable as the United States and other nations. Investments in international markets can be more volatile.
      • Investments in emerging markets may not be suitable for all investors. Emerging markets involve a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Some overseas markets may not be as politically and economically stable as the United States and other nations. Investments in emerging markets can be more volatile.
      • Investments in commodities may have greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Use of leveraged commodity-linked derivatives creates an opportunity for increased return but, at the same time, creates the possibility for greater loss.
      • Real Estate Investments Trusts may be subject to a high degree of market risk because of concentration in a specific industry, sector or geographical sector. Real estate investments may be subject to risks including, but not limited to, declines in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrower.
      • Investment in alternative strategies is speculative, often involves a greater degree of risk than traditional investments including limited liquidity and limited transparency, among other factors and should only be considered by sophisticated investors with the financial capability to accept the loss of all or part of the assets devoted to such strategies.
      • Structured products involve derivatives and risks that may not be suitable for all investors. The most common risks include, but are not limited to, risk of adverse or unanticipated market developments, issuer credit quality risk, risk of lack of uniform standard pricing, risk of adverse events involving any underlying reference obligations, risk of high volatility, risk of illiquidity/little to no secondary market, and conflicts of interest. Before investing in a structured product, investors should review the accompanying offering document, prospectus or prospectus supplement to understand the actual terms and key risks associated with the each individual structured product. Any payments on a structured product are subject to the credit risk of the issuer and/or guarantor. Investors may lose their entire investment, i.e., incur an unlimited loss. The risks listed above are not complete. For a more comprehensive list of the risks involved with this particular product, please speak to your J.P. Morgan team.
      • As a reminder, hedge funds (or funds of hedge funds) often engage in leveraging and other speculative investment practices that may increase the risk of investment loss. These investments can be highly illiquid, and are not required to provide periodic pricing or valuation information to investors, and may involve complex tax structures and delays in distributing important tax information. These investments are not subject to the same regulatory requirements as mutual funds; and often charge high fees. Further, any number of conflicts of interest may exist in the context of the management and/or operation of any such fund. For complete information, please refer to the applicable offering memorandum.
      • For informational purposes only -- J.P. Morgan Securities LLC does not endorse, advise on, transmit, sell or transact in any type of virtual currency. PLEASE NOTE: JPMorgan Securities LLC does not intermediate, mine, transmit, custody, store, sell, exchange, control, administer, or issue any type of virtual currency, which includes any type of digital unit used as a medium of exchange or a form of digitally stored value.
      • The prices and rates of return are indicative, as they may vary over time based on market conditions.
      • Additional risk considerations exist for all strategies.
      • The information provided herein is not intended as a recommendation of or an offer or solicitation to purchase or sell any investment product or service.
      • Opinions expressed herein may differ from the opinions expressed by other areas of J.P. Morgan. This material should not be regarded as investment research or a J.P. Morgan investment research report.

      LEARN MORE ABOUT OUR FIRM AND INVESTMENT PROFESSIONALS AT FINRA BROKERCHECKOpens overlay.

      Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved. Past performance is not a guarantee of future results.

      Asset allocation/diversification does not guarantee a profit or protect against loss.

      Products, accounts and services are offered through different service models (for example, self-directed, full-service). Based on the service model, the same or similar products, accounts and services may vary in their price or fees charged to a client.

      JPMorgan Chase & Co., its affiliates, and employees do not provide tax, legal or accounting advice. Information presented on these webpages is not intended to provide, and should not be relied on for tax, legal and accounting advice.  You should consult your own tax, legal and accounting advisors before engaging in any financial transaction.

      J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRAOpens overlay and SIPCOpens overlay. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

      © 2026 JPMorgan Chase & Co.

      INVESTMENT AND INSURANCE PRODUCTS ARE:

      • NOT FDIC INSURED 
      • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
      • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES
      • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED
      J.P. Morgan Wealth Management logo, links to Investments

      Planning and investments

      Whether you choose to work with an advisor and develop a financial strategy or invest online, J.P. Morgan offers insights, expertise and tools to help you reach your goals.

      Invest with our advisors

      Work 1:1 with a J.P. Morgan Advisor virtually or in your Chase branch to build a personalized financial strategy based on what’s important to you, starting with a minimum investment of $25,000.

      J.P. Morgan online investing

      Easily fund, research, trade and manage your investments online all conveniently in the Chase Mobile® app or at chase.com. J.P. Morgan online investing is the easy, smart and low-cost way to invest online. Check here for the latest J.P. Morgan online investing features, offers, promotions and coupons.

      Investment tools & resources

      Our calculators are here to help you analyze your numbers and ensure you're on the path to meeting your financial goals.

      Retirement planning

      Planning for retirement can start at any point in your life. Whether you prefer to independently manage your retirement planning or work with an advisor to create a personalized strategy, we can help. Roll over your 401(k) from your previous employer and compare the benefits of General Investment, Traditional IRA and Roth IRA accounts to decide which is right for you.

      Education planning

      Funding for education can come from any combination of options and a J.P. Morgan Advisor can help you understand the benefits and disadvantages of each one. Compare among 529 Plans, custodial accounts, financial aid and other education options to help meet your college planning goals.

      Wealth Plan

      When planning for your future, J.P. Morgan Wealth Plan can help focus your efforts on achieving your financial goals. Through Wealth Plan, you can connect with an advisor to help you create a plan, adjust your financial strategy, and track your progress. 

      Investing insights

      Stay in The Know by exploring articles and videos on market trends, research and financial planning.

      Other Products & Services :

      “Chase,” “JPMorgan,” “JPMorgan Chase & Co.,” the JPMorgan Chase & Co logo and the Octagon Symbol are trademarks of JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is a wholly-owned subsidiary of JPMorgan Chase & Co.

      © 2026 

      JPMorgan Chase & Co.