NEW YORK, December 28, 2025, 20:12 ET — Market closed
- JPMorgan shares last closed down $1.26, or 0.4%, at $327.91.
- Investors are focused on Fed minutes due Tuesday and the outlook for 2026 rate cuts.
- JPMorgan is scheduled to report results on Jan. 13 before the bell.
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.
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.
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.
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. Reuters
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.
On Friday, JPMorgan traded between $326.54 and $330.86, with about 4.2 million shares changing hands, Nasdaq data showed.
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.
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.
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.
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.
