The Globe and Mail reports in its Monday, July 14, edition that earnings season officially gets started this week with the major U.S. banks reporting, including JPMorgan, Wells Fargo, Citi, Goldman Sachs and Morgan Stanley. The Globe's guest columnist Amber Kanwar writes that in general, the U.S. bank stocks have had a great run with the index sitting near a record high and outperforming the S&P 500 so far this year. If it were not for tariffs, there would not be much to worry about. Credit losses are continuing to normalize, net interest margins are expected to increase modestly, and capital markets should be healthy enough. Yet, this is a sector trading at elevated valuations. JPMorgan in particular will be a key focus as always. Not just because it gives us all a chance to receive chief executive officer Jamie Dimon's paternal wisdoms, but because the stock is trading at a "premium valuation," according to Citi managing director Keith Horowitz. "We see downside to consensus on a more cautious credit outlook," Mr. Horowitz wrote in a note to clients