Morgan Stanley is set to report second-quarter earnings before the opening bell Wednesday.  

Here’s what Wall Street expects:

• Earnings per share: $2.94, according to LSEG
• Revenue: $19.64 billion, according to LSEG
• Investment banking: $2.17 billion, according to StreetAccount
• Trading: Equities of $4.41 billion, fixed income of $2.49 billion, according to StreetAccount

Morgan Stanley is expected to benefit from higher trading and investment banking revenue in the quarter, as rivals JPMorgan Chase and Goldman Sachs have shown in their reports.

Heightened activity fueled by the global artificial intelligence boom propelled JPMorgan and Goldman to beat estimates for equities trading by a combined $4.4 billion, while investment banking at the two firms topped estimates by a combined $1 billion.

Analysts will want to know what CEO Ted Pick has to say on the outlook for the rest of the year as geopolitical tensions remain high.

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