New York, Jan 10, 2026, 14:31 EST — The market has closed.
Goldman Sachs shares ended Friday 0.4% higher at $938.98, recovering from a volatile start to the year and staying close to their early-January peaks. So far in January, GS has swung between about $932 and an intraday high of $961.69, carving out a narrow range that traders are likely to watch closely on Monday. (StockAnalysis)
The timing is crucial. Bank earnings begin to surface, inflation figures come out, and traders wrestle with whether the financials rally hinges on interest rates or revenue growth.
Wall Street has been riding a streak of gains that now raises the bar for big banks just to “meet” expectations. The upcoming sessions will be crucial, particularly for firms like Goldman, whose fortunes hinge on market activity and deal flow.
U.S. stocks have climbed nearly 2% this January, according to Reuters. After a solid 2025, analysts predict S&P 500 earnings will rise again in 2026. Financial-sector earnings are on track to grow about 7% in Q4 compared to last year. Natixis portfolio manager Jack Janasiewicz noted, “The banks are going to be telling you something … they’re on the front lines.”
Friday’s broader market gave a boost. The S&P 500 and Dow both closed at record highs despite a mixed U.S. jobs report showing nonfarm payrolls rose by 50,000 in December and the unemployment rate sat at 4.4%, Reuters reported. “Payrolls were a little bit light … but still fairly strong,” noted Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder. (Reuters)
Goldman’s next key event: earnings. According to a prospectus supplement dated Jan. 9, the bank plans to file its quarterly earnings release on a Form 8-K — the SEC’s expedited filing for results — around Jan. 15. (SEC)
Deal chatter persists, underpinning Goldman’s wager. Bloomberg News reported that CK Hutchison tapped Goldman and UBS to handle a planned IPO for health-and-beauty retailer A.S. Watson Group. Reuters added the company is considering a dual listing in Hong Kong and London. Bloomberg earlier suggested the offering might fetch $2 billion or more. (Reuters)
In Europe, attention is squarely on the fee pool. Wall Street banks are scrambling to secure advisory roles in Rio Tinto’s potential Glencore acquisition, a deal that could bring in fees topping $100 million, Reuters reported. The outlet also highlighted that Goldman, JPMorgan, and Morgan Stanley led global M&A fee rankings last year as deal activity picked up. (Reuters)
Goldman also handled some routine capital housekeeping. The bank announced dividends on multiple series of its preferred stock — shares that usually deliver fixed or formula-driven payouts before common stockholders — with payments scheduled for Feb. 10 and early March, depending on the series. (Goldman Sachs)
Investors will zero in on familiar yet tricky questions in the upcoming results: how trading revenue holds up amid a turbulent macro environment, if investment-banking fees are genuinely picking up, and whether costs remain under control. Morgan Stanley and JPMorgan will offer early sector clues, but Goldman’s business mix is unique enough that a poor advisory quarter could hit their numbers quickly.
The risk is clear-cut. Higher inflation data could push yields up and slam the brakes on the “rates are easing” story that’s buoyed banks. At the same time, if deal flow slows, Goldman will have to rely more heavily on trading and wealth management to meet expectations. After a strong stretch, even a slight shortfall might feel significant.
Coming up, the U.S. Consumer Price Index (CPI) for December will be released Tuesday, Jan. 13, at 8:30 a.m. ET by the Labor Department. Goldman Sachs plans to report its results around 7:30 a.m. ET on Thursday, Jan. 15, with a conference call set for 9:30 a.m. ET that day. The Federal Reserve’s next policy meeting is slated for Jan. 27–28. (Goldman Sachs)
