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 profit climbed as market volatility buoyed its trading desk, echoing second-quarter results among its Wall Street rivals. The investment bank posted net income of $3.5 billion, or $2.