New York, January 13, 2026, 19:22 (ET) — Trading continues after hours.
Goldman Sachs shares dropped roughly 1.2% to $938.15 in after-hours trading Tuesday, following a session where prices fluctuated between $931.59 and $953.07. U.S. financial stocks broadly weakened, with the Financial Select Sector SPDR Fund falling about 1.8% and the SPDR S&P Bank ETF slipping 0.9%.
The timing is tight, with earnings just two days ahead. Goldman Sachs Group, Inc. plans to release its fourth-quarter numbers Thursday at about 7:30 a.m. ET, followed by a conference call at 9:30 a.m., the company announced. (Goldman Sachs)
Why now: banks are once again at the mercy of shifting rates and politics, which can quickly impact trading revenue, deal flow, and client demand. Goldman’s chief economist Jan Hatzius weighed in this week, saying that even though an indictment threat against Fed chair Jerome Powell raises concerns about central-bank independence, he still expects decisions to remain data-driven. Hatzius also stuck to Goldman’s forecast for two 25-basis-point cuts this year (a basis point equals one-hundredth of a percentage point). (Reuters)
Several other Wall Street leaders echoed that view on Tuesday. JPMorgan CEO Jamie Dimon emphasized that “everyone we know believes in Fed independence,” cautioning that political interference might raise inflation expectations and, as a result, drive rates up in the long run. (Reuters)
JPMorgan’s earnings showed mixed signals. The bank topped profit forecasts thanks to robust trading, yet shares dipped as investment banking revenue fell short of forecasts. On top of that, JPMorgan recorded a $2.2 billion charge linked to acquiring Apple’s credit-card portfolio from Goldman. (Reuters)
Goldman has its own Apple clean-up tale for investors to digest. The bank revealed last week it’s moving the Apple Card program over to Chase, expecting this shift to add $0.46 a share to fourth-quarter earnings. That boost comes with a $2.48 billion release of loan-loss reserves, though some gains will be eaten up by markdowns and termination fees. CEO David Solomon described the deal as “substantially complet[ing]” Goldman’s pullback from consumer banking. (Goldman Sachs)
Thursday’s report will lean on the familiar Goldman pillars: trading and dealmaking. Investors want to hear what management has to say about market revenue, advisory fees, and if the pipelines are finally delivering after a solid rally in equity indexes.
The flip side is clear. If volatility dies down, trading desks could slow sharply, and banks reliant on capital markets would feel the pinch from weaker underwriting and M&A fees. Unexpected costs or credit losses linked to consumer wind-downs would only add to the pain.
So far, the broader market has reacted well to earnings reports. According to a Reuters article, Wall Street expects stronger profit growth in the fourth quarter across the S&P 500, which ramps up the pressure on major banks to prove they can sustain results beyond just one strong trading quarter. (Reuters)
Goldman is set to report before Thursday’s open, with its earnings call scheduled for mid-morning. Investors will also keep an eye on Wednesday’s U.S. Supreme Court decisions on tariff cases, along with any new developments in the Fed probe.
