Elevance Health surpasses Q2 profit and revenue estimates, reporting $43.2 billion in revenue and $2.3 billion in profit. Despite a 5% decline in medical membership due to Medicaid attrition, premium rate adjustments and growth in CarelonRx revenue contributed to the positive outcome.

U.S. Bancorp reported Q2 FY24 results, with revenue of $6.867B (-4.3% Y/Y) beating expectations. NII fell 8.9% due to higher interest rates. Adjusted EPS of $0.98 beat consensus of $0.94. USB reiterated FY24 NII guidance and expects stable NII in Q3.

Johnson & Johnson's Q2 earnings report shows a 10.2% rise in adjusted EPS to $2.82 and a 4.3% increase in sales to $22.45 billion, surpassing expectations. The company highlights strong performance in Innovative Medicine and MedTech sectors.

Sentiment will likely reverse course, with the index futures trading notably lower early Wednesday. The recent run-up ideally should render the mood cautious, and the caution may intensify as the first AI-levered chip company from across the Atlantic reported second-quarter results that were not viewed positively by the Street.