NEW YORK, December 31, 2025, 13:56 ET — Regular session
- JPMorgan shares rose about 0.3% in afternoon trading, slightly outperforming big-bank peers.
- Treasury yields ticked higher after jobless claims fell, while Fed minutes underscored a split over the 2026 rate path.
- Investors are looking to JPMorgan’s Jan. 13 earnings and the Fed’s Jan. 27–28 meeting for clearer direction.
JPMorgan Chase & Co (JPM.N) shares were up 0.3% at $324.25 in afternoon trading on Wednesday, moving in a narrow range in the final U.S. equity session of 2025.
The muted move matters because big U.S. banks are heading into January with two rate-sensitive crosscurrents: a Federal Reserve that has started cutting but remains divided on how much more, and a year-end squeeze in short-term funding markets.
For JPMorgan, the direction of rates can quickly show up in results. Higher market yields can support net interest income — the gap between what a bank earns on loans and securities and what it pays on deposits and other funding — but tighter liquidity can push up funding costs.
On the data front, weekly jobless claims fell by 16,000 to 199,000 for the week ended Dec. 27, undershooting economists’ forecast of 220,000, a Labor Department report showed. “The drop in initial unemployment claims to 199,000 … was likely another seasonal-adjustment distortion,” said John Ryding, chief economic adviser at Brean Capital. Reuters
Treasury yields edged higher after the release, with the benchmark 10-year yield around 4.138% in late-morning New York trading, a Reuters markets report said.
Funding markets were also in focus into year-end, when banks often pare back lending to manage balance sheets. Financial institutions tapped a record $74.6 billion from the New York Fed’s Standing Repo Facility on Wednesday, Reuters reported, easing pressure in the repo market — short-term, collateral-backed borrowing that banks and hedge funds use to fund positions.
Among peers, Bank of America was down 0.3%, Citigroup was flat and Wells Fargo fell 0.6%, leaving JPMorgan modestly ahead of the group on the day.
With no single JPMorgan headline dominating the tape, traders largely treated the stock as a proxy for the rates-and-liquidity debate that has driven bank multiples for months.
The next scheduled company catalyst is JPMorgan’s fourth-quarter and full-year results on Jan. 13. The firm said it plans to release results at about 7:00 a.m. ET, followed by a conference call at 8:30 a.m. ET.
Investors will be listening for updates on expenses, credit quality and the tone around capital markets activity, including investment banking and trading trends. JPMorgan has already flagged higher costs next year, with consumer and community banking chief Marianne Lake saying on Dec. 9 the bank expects 2026 expenses of about $105 billion, above analysts’ expectations, according to a Reuters report.
On the macro side, Fed minutes released Tuesday showed policymakers split over how long to hold rates steady after December’s cut, while also debating steps to keep reserves “ample” — enough cash in the banking system to keep short-term rates under control. Reuters
The Fed’s next policy meeting is scheduled for Jan. 27–28, with a decision due Jan. 28, according to the central bank’s calendar.
A holiday-thinned market will keep the spotlight on liquidity into the close. The bond market is set to close early at 2 p.m. ET on Wednesday, SIFMA said, with U.S. financial markets shut on Thursday for New Year’s Day and trading resuming Friday.
