U.S. stocks ended Monday modestly higher as investors looked ahead to a critical slate of bank earnings while digesting the latest moves in energy and commodity markets. The Dow Jones Industrial Average rose 88.14 points, or 0.20%, to 44,459.60. The S&P 500 added 8.81 points, or 0.14%, closing at 6,268.56, while the Nasdaq Composite climbed 54.80 points, or 0.27%, to 20,640.30.

Equity markets showed resilience despite softness in commodity prices. Gold futures for August delivery slipped $6.90, or 0.21%, to $3,357.10, while crude oil saw a sharper pullback. West Texas Intermediate (WTI) crude for August delivery fell $1.34, or 1.96%, to $67.11 per barrel as traders weighed new supply signals against uncertain demand.

Goldman Sachs analysts raised their second-half 2025 Brent forecast by $5 to $66 per barrel, citing “lower-than-expected OECD stocks and a higher fair value for long-dated prices,” but reaffirmed their view that prices will fall back to $56 in 2026 due to projected oversupply and OPEC8+ production normalization.

The energy sector underperformed, tracking the drop in crude prices, while financials saw a mild bid ahead of earnings from major banks including JPMorgan Chase, Wells Fargo, Citigroup, and BlackRock, all set to report Tuesday morning.

Wells Fargo, in particular, will be in focus as it posts its first results since the Federal Reserve lifted its longstanding asset cap in late May. Investors will be looking for signs of whether the bank is ready to “play offense,” particularly in investment banking and credit cards, after spending years resolving regulatory issues. “Actual growth in the second quarter will probably be quite weak,” said Alexander Yokum, Senior Vice President of Equity Research at CFRA. “So loan growth will probably be pretty anemic... probably more of a 2026 story."

JPMorgan, meanwhile, will be watched for how it manages loan growth amid tariff-related uncertainty. Consensus estimates forecast Q2 earnings of $4.49 per share on $43.98 billion in revenue. Analysts will scrutinize net interest income, loan growth trends, and capital return updates, particularly following CEO Jamie Dimon’s recent warnings of underappreciated macro risks including inflation and rising interest rates.

Market breadth showed a modest bullish tilt, with 56.9% of NYSE-listed stocks advancing, while 40.2% declined. Technical indicators reflected strength, with 75.7% of stocks trading above their 50-day moving average, suggesting continued momentum despite sectoral rotation.

As earnings season gains steam, investors are bracing for key updates from the financial sector while navigating a mixed macro landscape. While banks look to demonstrate their capital deployment strength, commodity price volatility and geopolitical headlines continue to shape investor sentiment heading into the second half of the year.