Megan Higgins, manager at Adviser Investments, has the market analysis for Friday, July 13. Big banks kicked off the quarterly earnings season, and JP Morgan Chase (ticker: JPM) topped expectations with its $18.3 billion in net income—an increase of 18%. JPM also reported a 15% rise in trading revenue and a 4% loan-growth hike. Citigroup posted a 16% advance in net income and a 2% revenue gain. Wells Fargo, on the other hand, saw quarterly declines in both revenue and net income for all three of its business lines.