New York, Jan 31, 2026, 10:05 (EST) — Market closed
- Shares of JPMorgan finished Friday slightly lower, down 0.17% to $305.89, as U.S. markets remained closed on Saturday
- Donald Trump’s pick of Kevin Warsh to head the Federal Reserve has traders reevaluating their rate outlooks
- Coming soon: a funding vote in Washington on Monday, followed by the U.S. jobs report on Feb. 6 and the CPI data due Feb. 11
JPMorgan shares slipped Friday as investors digested Trump’s choice for the next Fed chair along with fresh inflation data. U.S. markets remain closed on Saturday.
The bank is at the heart of the rate debate. As traders change their outlook on cuts, they also adjust expectations for the bank’s net interest income — the difference between earnings on loans and costs on deposits.
Over the weekend, a fresh headline risk emerged from Washington. A shutdown could disrupt data releases that influence bond yields, which in turn often sway bank stocks.
JPMorgan dipped 0.17% to close at $305.89 on Friday, swinging between $302.56 and $307.93 during the session. The stock remains roughly 9% shy of its 52-week peak at $337.25. (Investing)
Big financial players diverged despite a broadly weaker market. Wells Fargo slipped 0.17%, whereas Morgan Stanley edged up 0.77%. (MarketWatch)
Wall Street’s major indexes closed lower, with the Dow slipping 0.36%, the S&P 500 dropping 0.43%, and the Nasdaq falling 0.94%. If confirmed by the Senate, Kevin Warsh would replace current Fed Chair Jerome Powell when his term ends in May. “Markets are calibrating to Trump’s pick of Kevin Warsh … and the outlook for monetary policy,” said Michael Hans, chief investment officer at Citizens Wealth. (Reuters)
The Producer Price Index, measuring prices businesses pay, climbed 0.5% last month, beating the 0.2% forecast in a Reuters poll. The 10-year Treasury yield ticked up 2.4 basis points to 4.251%. Meanwhile, CME’s FedWatch tool, which monitors rate expectations via futures, showed less than a 50% chance of a rate cut before June. (Reuters)
The U.S. government slipped into what Reuters called a likely short shutdown after Congress failed to meet the midnight funding deadline. The Senate approved the spending bill 71-29, but with the House out of session, the vote there won’t happen until Monday. (Reuters)
The timing is crucial for markets since the data calendar is right at the heart of the rate narrative. The Labor Department has scheduled the January employment report for Feb. 6 and the January consumer price index report for Feb. 11, though it cautions these dates might shift if government services face a lapse. (Bureau of Labor Statistics)
Traders tracked the agencies behind the data closely. On Saturday, Trump fired the previous BLS chief and nominated assistant commissioner Bret Matsumoto to take over, Reuters reported. (Reuters)
On the corporate front, a preliminary pricing supplement filed last Friday revealed JPMorgan’s finance division is offering a structured note linked to Nasdaq-100 and S&P 500 futures, maturing in 2035. This SEC filing falls under its regular issuance schedule and generally doesn’t move the stock.
JPMorgan’s biggest question mark remains unchanged: the direction of rates and the economy beneath them. Falling yields could tighten margin forecasts, while a more pronounced slowdown would raise concerns over credit losses.
JPMorgan shares return to trading Monday, Feb. 2, with attention swiftly shifting to the jobs report due Feb. 6. The Fed’s upcoming policy meeting is set for March 17-18. (Federalreserve)
