New York, January 11, 2026, 13:50 EST — The market has closed.
Goldman Sachs Group Inc shares ended Friday up 0.4% at $938.98. The bank emerged as an adviser on a potential IPO for health-and-beauty retailer A.S. Watson Group. CK Hutchison has appointed Goldman and UBS to oversee a planned dual listing in Hong Kong and London, Bloomberg News reported. The offering could raise $2 billion or more. Hong Kong listings have already raised $36.5 billion in 2025, the report noted, providing bankers with fresh momentum ahead of earnings. (Reuters)
The calendar takes center stage: big banks begin reporting fourth-quarter results Tuesday, followed by December’s CPI numbers just hours later. Analysts anticipate financial sector earnings rose roughly 7% year-over-year, with S&P 500 profits projected to climb over 15% in 2026, per LSEG IBES. Michael Arone of State Street described the market’s foundation as solid but warned it felt “a little too quiet.” Natixis portfolio manager Jack Janasiewicz labeled banks “on the front lines” for gauging consumer health. Meanwhile, Nanette Abuhoff Jacobson at Hartford Funds flagged inflation data as key to determining how much the Fed can ease. (Reuters)
Goldman plans to release its quarterly results before the opening bell on Thursday, followed by a conference call at 9:30 a.m. ET, the company announced back in December. Investors often view its earnings not just as a bank report but as a gauge of risk appetite across capital markets. (Goldman Sachs)
Before that, the Bureau of Labor Statistics is set to drop the December CPI report at 8:30 a.m. ET on Tuesday, just ahead of the Fed’s Jan. 27-28 policy meeting. A softer reading could fuel hopes for rate cuts, while a hotter figure might send bond yields and bank stocks sharply higher. (Bureau of Labor Statistics)
Goldman investors are zeroing in on underwriting and advisory pipelines first. They’re also watching to see if trading desks maintained their pace through year-end. Expense control remains key, as does any sign of buyback activity.
Goldman announced on Friday that it will pay dividends on multiple series of its non-cumulative preferred stock. Most payments are set for Feb. 10, to shareholders recorded by Jan. 26, the bank said. Because the dividends are non-cumulative, any missed payments won’t be made up later. (Goldman Sachs)
Before Goldman Sachs takes the stage, peers will set the tone: JPMorgan reports Tuesday, followed by Citigroup and Bank of America later in the week. A strong showing from them could boost Goldman, despite its business being less reliant on traditional lending.
The flip side is clear. Should inflation spike unexpectedly, traders could quickly adjust their expectations on Fed cuts, driving up volatility. That combo tends to squeeze both deal demand and bank valuations. Plus, if the IPO market tightens once more, mandates such as A.S. Watson’s might drag out before they convert into fees.
Reuters’ Morning Bid podcast flagged “blockbuster” expectations for major banks, following a robust year in M&A and IPOs that has set high stakes for this earnings season. (Reuters)
U.S. stocks reopened Monday, eyeing Tuesday’s CPI report (Jan. 13) and Goldman’s earnings (Jan. 15), which land back-to-back on the calendar. The Fed’s meeting later in January is the next key date for rate forecasts and appetite for bank stocks. (Bureau of Labor Statistics)
