Fed just set the clock — stress test results drop June 24th, 4 p.m.

Fed just set the clock — stress test results drop June 24th, 4 p.m. Eastern, and every major bank stock has a countdown timer on it right now.

Here's what you need to know. The Federal Reserve confirmed stress test results land Wednesday, June 24th. One week out. These tests set capital requirements, dividend capacity, and buyback authorization for the biggest names in banking. Markets are pricing uncertainty until that 4 p.m. window closes. Watch the KBW Bank Index. Watch JPMorgan, Bank of America, Citi, Wells Fargo, Goldman, Morgan Stanley — they move on this data. Spreads on financials could widen into the release. Options vol on bank names may start repricing before we get there. Separately, Federal Home Loan Bank of Indianapolis filed an 8-K with the SEC today. Details are thin. We're watching for anything material.

Two items. One hard date. One filing on the radar.

That's your brief.

Numbers don't lie. People do. Trade accordingly.