NEW YORK, December 28, 2025, 20:12 ET — Market closed
- JPMorgan shares last closed down $1.26, or 0.4%, at $327.91. [1]
- Investors are focused on Fed minutes due Tuesday and the outlook for 2026 rate cuts. [2]
- JPMorgan is scheduled to report results on Jan. 13 before the bell. [3]
JPMorgan Chase & Co shares ended Friday down $1.26, or 0.4%, at $327.91, easing alongside other big U.S. financial stocks heading into the final week of 2025. [4]
The pullback comes with major U.S. indexes near record peaks and the S&P 500 about 1% from 7,000, a milestone investors are watching into year-end. [5]
What matters for bank shares now is the interest-rate path. The Federal Reserve has cut its benchmark rate by 75 basis points — a basis point is one-hundredth of a percentage point — over its last three meetings of 2025 to 3.50%-3.75%, Reuters reported. [6]
Minutes from the Fed’s Dec. 9-10 meeting are due Tuesday and could offer more detail on how officials debated the pace of further easing. “Handicapping how many rate cuts we’re going to get next year is a big thing markets are focused on right now,” said Michael Reynolds, vice president of investment strategy at Glenmede. [7]
Banks make much of their money from net interest income, the spread between what they earn on loans and securities and what they pay for deposits. Shifts in rate-cut expectations can move bank shares quickly because they feed through to that spread and to loan demand.
JPMorgan’s move broadly tracked big-bank peers. Bank of America slipped 0.1% and Wells Fargo was little changed, while Citigroup fell 0.9%; Morgan Stanley edged up 0.1%, according to market data.
The Financial Select Sector SPDR Fund, an exchange-traded fund that holds major U.S. financial stocks, ended down 0.2%. Exchange-traded funds, or ETFs, bundle a group of stocks into a single traded security.
Investors have also been watching sector rotation — money moving from one corner of the market to another — as financials and other non-tech areas have outperformed technology shares in recent weeks, Reuters reported. [8]
On Friday, JPMorgan traded between $326.54 and $330.86, with about 4.2 million shares changing hands, Nasdaq data showed. [9]
Before the next session on Monday, traders will watch for year-end portfolio adjustments that can jolt prices when trading volumes are light, Reuters said. [10]
The Fed minutes are also due Tuesday, and investors are waiting for President Donald Trump to nominate a successor to Jerome Powell, whose term as Fed chair ends in May, Reuters reported. [11]
JPMorgan is scheduled to release fourth-quarter and full-year results at about 7:00 a.m. ET on Jan. 13, followed by an 8:30 a.m. conference call, the bank said. [12]
That report will be an early test for bank valuations after a late-year run that left investors focused on expenses, credit quality and how quickly rate cuts flow through to consumer and corporate demand.
Technically, traders have been using Friday’s $330.86 high and $326.54 low as near-term reference points going into the reopen. [13]
References
1. www.nasdaq.com, 2. www.reuters.com, 3. www.jpmorganchase.com, 4. www.nasdaq.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.nasdaq.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.jpmorganchase.com, 13. www.nasdaq.com
