Morgan Stanley's profit beat Wall Street estimates in the second quarter as its traders cashed in on volatile markets, mirroring results among its Wall Street rivals. Equities trading revenue surged 23%,

Whiplashing trade war updates held up some capital raising at the beginning of the second quarter, but a June comeback led to Morgan Stanley’s best global equity underwriting fee haul since the fourth quarter of 2021.

Morgan Stanley's quarterly earnings of $2.13 a share on revenue of $16.8 billion exceeded analysts' estimates. Wall Street had forecast earnings per share of $1.98 and revenue of $16.1 billion. For the same period a year ago,