JPMorgan Chase has rewritten industry record books in two decades under Jamie Dimon. And the Wall Street giant is now within ​striking distance of another milestone – becoming the first bank ever to reach a $1 trillion market valuation.

Crossing the landmark will put the bank in ⁠a club stacked with tech heavyweights such as ⁠Tesla, Meta and Broadcom, while also raising investor expectations and leaving little room for missteps.

Here are a few charts that explain the bank’s rise:

The final stretch

A stellar ​earnings report on Tuesday propelled JPMorgan shares to a record ​high. ⁠The lender, which reported the highest profit in history by a U.S. bank, was last valued at around $919 billion, dwarfing rivals.

With dealmaking volumes set to end the year near the record haul of 2021, JPMorgan could see elevated investment banking activity for the rest of 2026, which may nudge it closer to the $1 trillion mark.

CFO Jeremy Barnum said the investment banking pipeline was robust, as “the current activity levels seem to be encouraging more activity.”

No equal

With a balance sheet bigger than its peers, the bank has leveraged its dominance in Wall Street dealmaking and Main Street lending to capture gains from both economic engines.

“The company benefits from a portfolio ⁠of ⁠leading financial services businesses, providing both diversification and durable competitive advantages,” said Macrae Sykes, portfolio manager of Gabelli Financial Services Opportunities ETF.

The Jamie premium

JPMorgan shares have long been viewed as carrying a “Jamie premium,” which refers to the extra value investors attach to the bank because of its powerful CEO.

While its board has ramped up succession planning in recent years, the stock continues to benefit from Dimon’s influence.

Despite having underperformed the S&P 500 and the S&P 500 banks indexes this year, JPMorgan trades at 14.63 times expected earnings over the next ⁠12 months, according to data compiled by LSEG. That compares with 13.58 for the S&P 500 banks gauge.

“There is no doubt that he has been instrumental in delivering strong shareholder returns. While the backdrop from the U.S. economy ​has been helpful, the bank operates in very competitive markets, so execution has been key,” Sykes ​said.

JPMorgan did not immediately respond to a request for comment.

Elevated expectations

A milestone such as $1 trillion in market capitalization is mostly a symbolic victory, but it raises expectations ⁠for future execution.

“If ‌history is ‌any guide, the trillion-dollar milestone does not guarantee a smooth path ⁠forward,” said Fabien Yip, market analyst at IG, referring ‌to Walmart’s slip below $1 trillion after it hit that milestone in February.

The bank may also face skepticism about the ​durability of its trading strength, which benefited ⁠in the latest quarter from market volatility sparked by the Middle ⁠East war.

“We view shares as fairly valued,” said Morningstar equity analyst Austin Taggart.

While both investment ⁠banking and trading ​had been stronger than initially estimated, expecting the current levels of activity to last far into the future could be premature, he said.

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China’s economic growth slowed sharply to 4.3% on an annual basis in the April-June quarter, the government said Wednesday, marking the weakest period in over three years and during the COVID-19 pandemic.

The weak household consumption clouded strong manufacturing and exports, and intensified concerns over the long-term sustainability of its unbalanced growth model.

At 4.3%, ⁠gross domestic product growth in April-June eased from the first quarter’s 5.0%, landing ⁠below the lower end of China’s 4.5%-5.0% full-year target and missing forecasts.

China has largely shrugged off wider economic impacts from the Iran war as soaring energy prices pushed up global inflation.

Exports rose 17.6% in the first half of the year from a year earlier, and 27% in June, according to customs data.

Slowest growth since 2022

But domestic spending and investment have lagged, limiting the boost from export manufacturing for an economy that has struggled to regain momentum since parts of China were locked down during the COVID-19 pandemic.

“This was the slowest growth in any quarter since the lockdown-impacted fourth quarter of 2022,” said Lynn Song, chief economist for Greater China at ING Bank, in a note.

The data adds pressure on Beijing for more stimulus.

But many analysts say a closely watched end-July meeting of the Communist Party’s Politburo, a top decision-making body, may not flag major steps due to concerns over ballooning debt.

Economists also argue ​that the bigger challenge is not the pace of growth but its composition.

Some economists say China’s economy is becoming increasingly unbalanced as heavy state support and private investments pour into frontier technologies like AI, computer chips, and robotics, while other areas, such as lower-value manufacturing and job-creating service industries, languish.

Wednesday’s data showed retail sales rising 1.0% ​in ⁠June and industrial output expanding 5.3% – suggesting an overwhelming reliance on global demand for manufactured goods at a time when trading partners are complaining about China’s imbalances and the Iran war weighs on the world economy.

Jane Hou, who runs a European goods importing business in eastern China, says her income has roughly halved since the beginning of the year as her firm’s sales have dropped. An apartment she rents out has been without a tenant for more than six months – a reflection of China’s huge housing oversupply and a prolonged property crisis.

“Apart from necessary spending on food, I save on anything I can,” said Hou. “I haven’t bought a single piece of clothing in six months.”

Still, the economy grew 4.7% in January-June, within target, reducing urgency for major stimulus.

Zhiwei Zhang, chief economist at Pinpoint Asset Management, doubts that the Politburo will signal a wider fiscal deficit, given that exports for now remain strong.

“The government seems reluctant to spend fiscal resources and build up debt,” said Zhang.

“There is a general consensus among policymakers and researchers that China needs to boost domestic demand. But there is no consensus on how to do it.”

China’s exports of high-tech products such as electric vehicles, computer chips and other electronic equipment have risen sharply recently since the leaders have made the development of advanced technologies a top priority.

China ran a record $1.2 trillion global trade surplus last year, drawing complaints from policymakers in other countries over their trade imbalances with the world’s second-largest economy.

Investment weakens, consumption soft

Domestically, wages have not kept pace with the ⁠overall economy, ⁠even declining in some sectors.

Industrial overcapacity, U.S. tariffs and price wars among producers have fuelled layoffs in factories, while weak demand and faster AI adoption have slowed white-collar job creation.

The property downturn has eroded household wealth and curbed employment in construction since 2021. The data showed property investment contracting 18% year-over-year in the first six months, while home prices also eased.

Investment is also slowing.

China’s fixed-asset investment shrank 5.7% year-over-year in January-June, with even state-sector investment dropping 2.3%.

“The primary drag on the headline growth figure stems from a deepening downturn in domestic investment activity,” said Andy Ji, an analyst at ITC Markets.

“Overall, a high-tech-driven ​industrial engine running alongside cratering domestic consumption and investment firmly highlights the economy’s deeply uneven growth momentum.”

Exports hold strong

The onus is increasingly on exports to drive ​growth.

Trade data on Tuesday showed external demand is so far compensating for China’s internal weakness, with exports beating expectations with a 27% jump, riding the global AI boom.

This partly reflected frontloading by U.S. retailers looking to secure inventories for Black Friday and Christmas holiday sales before expected tariff hikes later this ⁠year, shipping executives have said.

U.S. ‌President Donald Trump’s ‌visit to China in May preserved the detente between the world’s two largest powers, but their trade relationship remains fragile.

A ⁠universal 10% U.S. tariff imposed by Washington in February, after the Supreme Court declared some earlier tariffs illegal, ‌expires on July 24, but it is widely expected to be replaced with higher levies.

The U.S. Trade Representative has proposed a 12.5% tariff on imports from China and elsewhere following an investigation into forced labor, ​which Beijing denies, with a final decision expected in the coming ⁠months.

Moreover, the European Union, whose trade deficit with China averaged $1 billion a day last year, is working on bolstering protections of ⁠its industrial complex from Chinese competition.

At the same time, renewed conflict between the U.S. and Iran fuels uncertainty over global growth.

Larry Hu, Macquarie Group’s chief China economist, said Beijing has little ⁠incentive to lean off external demand ​for now.

“What will cause the current situation to change is when exports fail,” Hu said.

“When exports slow down, in order to still achieve the growth target, the government will do more on domestic demand.”

The increase in Türkiye’s minimum pension as part of ​a draft bill discussed at parliamentary commission on ⁠Tuesday will ⁠cost the budget TL 79 billion ($1.68 billion) in ​the second ​half of ⁠2026, an impact analysis showed.

The bill would raise the minimum pension from TL 20,000 to TL 23,552, benefiting about 5.1 million pensioners, while also imposing new levies on internet platforms and media providers.

Internet ⁠platforms and media service providers will be required to pay 2% of prior-year net sales to a Culture and Tourism Ministry fund, aimed at boosting the cinema sector.

The 2% levy is ⁠projected to generate TL 417.1 million in additional annual revenue.

A 3,500-lira-per-insured-worker ​incentive for businesses that maintain their ​workforce, introduced in 2026, will be extended for two more ⁠years.

Incentive ‌and support payments are projected ⁠at TL 51 ‌billion in 2026, TL 62 billion ​in 2027 ⁠and TL 75 billion ⁠in 2028, totaling TL 188 ⁠billion.

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Türkiye’s economy has become more resilient over the decade since the July 15 failed coup attempt, leading business groups said on Tuesday.

They stressed that sustained investment, exports and industrial development have reinforced Türkiye’s economic independence despite a series of global and regional shocks.

The statements were released ahead of the 10th anniversary of the failed coup in 2016, which business leaders said had targeted not only Türkiye’s democratic institutions but also its economic stability and production capacity.

The coup attempt was carried out by a faction within the Turkish Armed Forces linked to the Gülenist Terror Group (FETÖ). The plotters opened fire on civilians and security personnel and bombed state institutions, killing over 250 people and wounding another 2,000.

It became a turning point in modern Türkiye’s history.

Foreign Economic Relations Board (DEIK) Chair Nail Olpak said the Turkish private sector had maintained production, exports, employment and investment without interruption over the past decade, demonstrating that economic independence is an inseparable part of national sovereignty.

Olpak said per capita income had risen from about $10,900 in 2016 to roughly $18,000, while Türkiye’s share of global exports had increased to 1.07%, despite geopolitical tensions and financial volatility in recent years.

“While deepening its integration with the global economy, our country has demonstrated its resilience and adaptability to the world despite the geopolitical and financial risks it has faced in recent years,” he noted.

Türkiye Exporters Assembly (TIM) President Mustafa Gültepe said the treacherous coup attempt targeted not only democratic institutions but also the country’s credibility in global markets.

Gültepe also said Turkish exporters had passed a “crucial test at that critical juncture,” as they resumed operations immediately after the coup attempt, sending a message to international customers that production and trade were continuing uninterrupted.

“With nearly 160,000 exporters, we have never changed our course since then,” Gültepe said, adding that Türkiye would continue expanding its global trade network and reinforcing its position as a reliable link in international supply chains.

Istanbul Chamber of Commerce (ITO) Chair Şekib Avdagiç said the business community recovered more quickly than expected after the coup attempt and subsequently withstood additional economic challenges.

He said Türkiye had climbed into the world’s 16th-largest economy over the past decade, despite temporary disruptions following the failed coup.

Istanbul Chamber of Industry (ISO) President Erdal Bahçıvan said the events of July 15 demonstrated the country’s commitment to democracy and national unity, adding that sustainable economic development depends on strong institutions, production capacity and social cohesion.

Independent Industrialists and Businessmen’s Association (MÜSIAD) Chair Burhan Özdemir described the coup attempt as an attack on Türkiye’s economic independence as well as its democratic order.

The market volatility, sharp fluctuations in exchange rates, selling pressure in financial markets and temporary slowdown in economic activity that followed resulted in significant costs, Özdemir noted.

“However, thanks to strong political leadership, effective economic management, and the resolute stance of the real sector, the Turkish economy managed to overcome this attack in a short time,” he added.

Özdemir said the country has since strengthened its industrial base and export capacity despite successive global shocks.

He highlighted advances in strategic sectors including defense, energy, transportation and technology.

Özdemir described the development of Türkiye’s defense industry as one of the clearest symbols of the country’s post-2016 drive for greater strategic autonomy.

Orhan Aydın, the chair of the Anatolian Lions Businessmen Association (ASKON), said the coup attempt had sought to undermine both Türkiye’s political and economic independence.

He also said it had had major negative implications on the economy.

“July 15 is the day when our nation proved to the entire world that its will prevails over foreign powers, centers of tutelage and all forms of treacherous uprisings,” Aydın said.

“Just as it did on that dark night, Türkiye will continue on its path today with a spirit of national unity and solidarity, through production, employment, and faith, and will establish its economic independence even more firmly.”

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U.S. consumer inflation eased in June more than analysts forecasted, government data showed Tuesday, as energy prices declined momentarily last month following a preliminary memorandum between U.S. and Iran deal to end the Middle East war.

The consumer price index (CPI) rose by 3.5% on a yearly basis, down from a 4.2% increase in May, said the Labor Department.

The figure marked a pullback from a three-year high in inflation.

Analysts had anticipated a larger 3.8% uptick, according to economists surveyed by Dow Jones Newswires and The Wall Street Journal (WSJ).

But the cooldown is unlikely to entirely ease worries over costs.

Renewed hostilities, and U.S. President Donald Trump’s recent declaration that a cease-fire was over in the Middle East, have been pushing oil prices upwards again.

Later Tuesday morning, Federal Reserve (Fed) Chair Kevin Warsh will likely be grilled over progress on lowering inflation in the world’s biggest economy when he appears before the House Financial Services Committee at 10 a.m. eastern time (2:00 p.m. GMT).

Warsh, in prepared remarks released Tuesday, is set to vow that the central bank will rid the U.S. of a years-long “inflation surge.”

“The Fed’s number one objective is to get monetary policy right – or as near to it as we possibly can,” he says in his remarks.

“If we get policy right – and we will – the inflation surge of the last five years will be a thing of the past.”

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President Donald Trump said Monday that the United States would impose a 20% charge on cargo shipments using the Strait of Hormuz after a cease-fire with Iran collapsed amid a dispute over Tehran’s efforts to retain control of the key waterway.

Iran shut down the 34 km (21 ​mile) wide strait that was the main route for a fifth of world oil supplies and other vital goods including fertilizers when the U.S. and Israel attacked it on Feb. 28, causing a global energy shock.

This ⁠is why it matters, how Trump’s and Iran’s stances differ, and how ⁠it affects the rest of the world:

Has U.S. shifted position on charging Hormuz fees?

As recently as June 25, U.S. Secretary of State Marco Rubio said when meeting Gulf states and in response to Iran’s demand for fees that “no country on Earth has ​the right to charge for the use of international waterways” and that fees for shipping would never be ​part ⁠of any deal.

But Trump has previously mooted the possibility of the U.S. charging tolls if the deal with Iran were to break down.

“There will be NO TOLLS in the Hormuz Strait for 60 days during the Cease Fire Period, and there will be NO TOLLS after the 60 day period has expired, unless they are imposed by and for the United States of America, should the deal not be completed, for services rendered as the Guardian Angel to the countries of the Middle East for purposes of both past, present, and future reimbursement of costs,” he wrote in a social media post on June 20.

With the cease-fire in tatters, he now appears to have reverted to his earlier stance.

“The U.S.A. will be, from this point forward, known as ‘THE GUARDIAN OF THE HORMUZ STRAIT,’ but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped,” he said in a social media post on Monday.

Trump has not explained how such charges would be imposed nor what legal authority ⁠he ⁠could use to demand them for passage.

How is Trump’s demand for toll different from Iran’s?

Iran has made its lasting control over the strait, whose waters it shares with Oman, its main priority in negotiations, seeing it as its strongest strategic lever with the outside world and the best guarantee of its security against future attacks.

It believes Washington had accepted this in the wording of last month’s interim deal, which said Iran “will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only.”

However, the U.S. regarded that language as meaning only that Iran should facilitate safe passage for vessels and not impose restrictions backed up by force.

During the war, Tehran set up the Persian Gulf Strait Authority that it says any vessel passing through the waterway must coordinate with and it insists ships should ⁠only transit near the Iranian shoreline. It has targeted vessels trying to pass along the Omani shore that did not seek its permission.

It has said it may eventually charge fees for passage but has not detailed what these would be.

What was situation before war and is it legal for anyone to charge for using Hormuz?

The strait is ​made up of the territorial waters of Iran and Oman, with the maritime boundary running along the middle.

The UNCLOS maritime convention governing international sea law ​says states bordering straits cannot demand payment simply for permission to pass through.

However, they can impose limited fees for specific services such as piloting, tugging or port services, though these may not be levied more heavily on vessels from any particular countries.

Neither Iran nor the United ⁠States are signatories to UNCLOS, ‌but it is ‌widely regarded as international maritime law and Hormuz as an international strait.

In 1968, Iran and Oman agreed ⁠on a traffic scheme with the International Maritime Organization (IMO) under which major vessels would use sea ‌lanes along the middle of the strait.

Iranian mine-laying during the war has now made such passage unsafe according to the IMO.

Would other countries accept tolls or fees for transiting Hormuz?

No such ​unilateral move to demand fees to traverse a ⁠strait has been made in modern history, shipping industry officials said.

Oman has held dialogue with Iran on the issue. ⁠It issued guidance last month for vessels transiting the strait through its water that did not require any fees. Gulf states, whose main access to the ⁠high seas for their vital energy exports ​lies through the strait, are particularly concerned about fees.

Major consumers of Gulf energy products and fertilizers may also be alarmed, especially by Trump’s proposal for a 20% surcharge on cargoes. That could push up global oil prices significantly.

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