Welcome to the FT’s live coverage of a busy day on Wall Street, where many of the biggest US banks will report results. Goldman Sachs, JPMorgan Chase, Bank of America and Citigroup are expected to report bumper second‑quarter earnings, profiting from volatile markets and the blockbuster SpaceX initial public offering. Together with Morgan Stanley, which reports tomorrow, revenues in the banks’ trading businesses are predicted to grow by more than 18 per cent from a year ago to $40.2bn. Often a good quarter for traders means a bad one for capital‑markets bankers, since it can be hard to launch an IPO into a choppy market.

But there was one blockbuster exception to that rule this quarter: SpaceX. The $500mn in fees from that deal, plus a resurgence in mega‑mergers, should help Wall Street banks report their highest investment‑banking fees in four and a half years. Altogether, the banks are forecast to report a 27 per cent year‑on‑year increase in fees from investment banking for the quarter, taking the total to $11.1bn.

Follow the FT’s live coverage of the results and analyst calls.