New York time check: It’s 2:07 p.m. ET on Friday, December 26, 2025—and U.S. markets are in a thin, post-Christmas trading session that’s keeping many big stocks (including JPMorgan) close to recent highs while investors scan for year-end catalysts.
JPM stock price today: where JPMorgan shares are trading right now
As of about 1:52 p.m. ET, JPMorgan Chase & Co. (NYSE: JPM) was trading at $327.20, down $1.97 (-0.60%) on the day, after an intraday range of $326.85 to $330.82.
The broader tape is subdued:
- SPY (S&P 500 ETF): $690.25, essentially flat (-0.02%)
- QQQ (Nasdaq-100 ETF): $624.46, slightly higher (+0.09%)
- XLF (Financials ETF): $55.53, lower (-0.37%)
- KBE (Bank ETF): $62.07, lower (-0.44%)
That setup matters for JPM investors: when financials and banks lag in a flat market, stock-specific narratives (expenses, capital returns, and trading/investment banking strength) tend to drive the next move more than macro headlines.
The market backdrop: “Santa Claus rally” dynamics and thin liquidity
Today sits inside the closely watched “Santa Claus rally” window (late December into early January), a period that often sees upbeat seasonal sentiment—but also notably lighter liquidity because many institutional desks are partially staffed post-holiday. Reuters described U.S. indexes hovering near record highs in thin post-Christmas trading. [1]
Seasonality watchers also point out that December 26 has historically been one of the more consistently positive days on the calendar for U.S. equities, though professionals typically stress that patterns don’t guarantee outcomes. [2]
And the liquidity point is real: Dow Jones Market Data (via MarketWatch) notes that average daily volume on Dec. 26 tends to be materially below normal—a condition that can amplify small order-flow imbalances into outsized price swings. [3]
Translation for JPM traders: intraday moves can look “bigger than the news,” and late-day flows can be unusually influential.
What’s driving JPMorgan stock heading into year-end: 3 headlines investors are still digesting
Even if JPM isn’t the top headline today, there are several current, market-moving JPM narratives that continue to shape positioning as 2025 wraps up.
1) Expense outlook: JPM flagged about $105 billion in 2026 expenses
A major talking point for JPM since early December has been the bank’s higher 2026 expense outlook.
At the Goldman Sachs Financial Services Conference, Marianne Lake—JPMorgan’s CEO of Consumer & Community Banking—said the firm expects expenses of about $105 billion in 2026, above analysts’ average expectations cited by Reuters. [4]
The Financial Times reported that the spending increase was tied to themes including AI investment, adviser compensation, marketing, credit card growth, and branch expansion, plus inflationary pressure—while also noting Lake’s confidence in the spending direction. [5]
Why this still matters now:
- Bank stocks can trade like efficiency stories. Higher expenses raise questions about operating leverage—even when revenue trends are healthy.
- JPM is often valued as the “best house in the neighborhood” among U.S. megabanks; that premium can be sensitive to any narrative that threatens best-in-class margins.
The nuance: Reuters also reported that Lake guided to low-single-digit investment banking revenue growth and low-teens markets revenue growth for Q4—signals that parts of the franchise are still performing well even as costs rise. [6]
2) Crypto trading exploration: JPM is assessing institutional crypto trading services
Another fresh headline: Reuters reported (citing a Bloomberg News report) that JPMorgan is considering offering cryptocurrency trading to institutional clients, potentially including spot and derivatives, while emphasizing that efforts are early-stage and would depend on client demand. JPM declined to comment and Reuters said it could not independently verify the report. [7]
This story lands in a market where:
- Institutional adoption themes are accelerating,
- Large platforms and traditional banks are competing for prime-style crypto flows, and
- Investors increasingly treat “digital assets strategy” as a long-duration optionality narrative for big financial franchises.
What JPM investors should watch next: confirmation (or denial) from management, details on product scope, and any clarity around risk controls and regulatory posture.
3) A supportive capital-markets backdrop: dealmaking and trading narratives into 2026
For JPM’s Commercial & Investment Bank, the key question is whether 2025’s momentum carries into 2026.
The Financial Times reported that global M&A reached about $4.5 trillion in 2025, the second-best year on record, alongside higher investment banking fees—an environment that typically benefits top-tier advisory and financing platforms like JPM. [8]
Separately, Lake told investors the M&A environment looked more constructive than it had been. [9]
Bottom line: If deal activity remains resilient and markets revenue holds up, it can help offset the investor worry embedded in the higher-expense storyline.
Key dates investors are watching next: earnings, dividend, and the calendar setup
JPMorgan earnings date: January 13, 2026 (before the open)
JPMorgan says it will release fourth-quarter and full-year 2025 results on Tuesday, January 13, 2026, with results expected around 7:00 a.m. ET and a conference call at 8:30 a.m. ET. [10]
Nasdaq’s earnings calendar also lists 01/13/2026 as the expected report date (before market open). [11]
What typically matters most for JPM into earnings:
- Net interest income (NII) and outlook (sensitive to rate expectations)
- Credit quality signals (early-stage delinquencies, charge-offs, reserve builds)
- Investment banking and markets revenue trends
- Expense trajectory (especially any refinement to the 2026 path)
- Capital return (buybacks and capital ratios)
Dividend: $1.50 quarterly, ex-dividend date and record date in early January
JPMorgan’s board declared a $1.50 per share quarterly dividend, payable January 31, 2026, to shareholders of record January 6, 2026. [12]
JPMorgan’s own dividend-history page also lists an ex-date of 1/6/2026, with the same record and payable dates. [13]
Investor takeaway: if you’re dividend-focused, early January is a key calendar checkpoint—especially during a period when year-end tax, rebalancing, and liquidity effects can move prices quickly.
Analyst forecasts and price targets: what “consensus” is implying for JPM
Forecasts vary by provider, but a widely cited consensus snapshot from MarketBeat (aggregating multiple analyst targets) lists:
- Average 12-month price target: about $329
- High target:$375
- Low target:$259 [14]
With JPM trading around $327, that particular consensus view implies limited upside on average—a setup that can produce two different behaviors:
- Good news may need to be “better than good” (strong guidance, expenses moderated, buybacks surprise) to push the stock materially higher.
- Bad news can hit harder, because expectations are not obviously “cheap” relative to consensus targets.
What investors should know before the next trading session (and into the close today)
Because it’s 2:07 p.m. ET, the NYSE core session is still open. The NYSE’s published schedule shows the core trading day runs 9:30 a.m. to 4:00 p.m. ET, with a closing imbalance window from 3:50 p.m. to 4:00 p.m. ET ahead of the closing auction. [15]
Here’s what JPM investors should watch from here:
- Late-day liquidity and closing auction dynamics
Post-holiday sessions can see outsized closing prints and “benchmark” flows that tug large-cap names like JPM around. - Financials vs. the market
If XLF and KBE remain red while the broader market stays flat, it signals the move in JPM is likely sector-driven rather than company-specific today. - Headline sensitivity remains elevated
With JPM in the news cycle around both 2026 expenses and crypto strategy, incremental reporting (or clarifications) can move sentiment fast—especially with thinner staffing on desks. - Know the next “hard catalysts”
The next major scheduled events are the early-January dividend date and the January 13 earnings report—which is when JPM management can provide updated, high-credibility guidance on expenses, credit, and capital return. [16]
If you’re reading this after 4:00 p.m. ET, the next regular session is the next U.S. trading day (and after the weekend, Monday), with the same main themes likely to dominate: year-end positioning, sector rotation, and anticipation for big-bank earnings season in January.
The big picture for JPM stock right now
JPMorgan stock is ending 2025 in a classic large-bank “tension” trade:
- Bullish inputs: capital markets activity and dealmaking momentum, plus the franchise strength that tends to show up in trading and advisory cycles. [17]
- Bearish inputs: investor sensitivity to cost growth (especially a $105B expense signal for 2026) and what that means for operating leverage. [18]
- Wildcard: how aggressively JPM chooses to expand in institutional crypto trading, and whether that becomes a real revenue stream or remains exploratory. [19]
For investors, the cleanest way to frame JPM into early 2026 is simple: the stock has held near record territory, and the next decisive move is likely to come when management updates the Street on (1) expenses and (2) the revenue path at the January 13 earnings event. [20]
References
1. www.reuters.com, 2. www.marketwatch.com, 3. www.marketwatch.com, 4. www.reuters.com, 5. www.ft.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.ft.com, 9. www.reuters.com, 10. www.jpmorganchase.com, 11. www.nasdaq.com, 12. www.jpmorganchase.com, 13. jpmorganchaseco.gcs-web.com, 14. www.marketbeat.com, 15. www.nyse.com, 16. www.jpmorganchase.com, 17. www.ft.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.jpmorganchase.com
