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Big bank earnings are boosting the case for a soft landing despite March term oil.

What this quarter makes clear is that big banks have some advantages that regional or other

banks don't have, which is just very diversified businesses.

And the House narrowly passes a defense bill with what Democrats call culture war amendments.

Plus, United Health says more Americans are seeking mental health care. It's Friday, July 14th.

I'm Amary for Tolley for the Wall Street Journal. This is the PM edition of What's News,

the top headlines and business stories that moved the world today.

Let's start with big bank earnings. JP Morgan Chase saw a 67% increase in profit. That's more

than $14 billion. Wells Fargo also reported higher profits up 57%. City Group had a rockier quarter

with profits down 36%. Still, all three banks beat analyst expectations. Together, the reports

are showing more signs of economic resiliency. So does that mean we're really clear of the March

banking crisis? Here now with more is Wall Street Journal, heard on the street writer, Tellus Demos.

Welcome, Tellus. Thanks for having me. Let's start with JP Morgan,

really big number there. What drove the big jump in profits? One of the big drivers was a jump

in net interest income. That's the money that JP Morgan or any bank basically earns from

its lending book and securities and things like that minus what it pays out to depositors.

And despite everything going on where we've been worried about how high interest rates are

driving up banks deposit costs are impacting consumers and companies. The biggest banks continue

...