New York, February 23, 2026, 13:32 EST — Regular session
- JPMorgan dropped roughly 4.4% in afternoon trading, joining other financials in a widespread decline.
- U.S. tariff risk is back on investors’ radar, with lenders now facing questions over potential economic fallout.
- JPMorgan is set to deliver its company update after the closing bell, drawing market focus.
JPMorgan Chase & Co (JPM.N) dropped 4.4% to $297.08 in Monday afternoon action, losing $13.71 after shares moved in a range from $310.96 down to $295.16.
Wall Street retreated, risk appetite fading as new questions about U.S. tariffs resurfaced. Uncertainty over trade policies—tariffs are essentially taxes on imports—has traders recalculating the outlook for growth, inflation, and interest rates. The yield on the 10-year Treasury eased back to roughly 4.06%.
Investors will be watching JPMorgan later today, as the bank plans a company update in New York City after the close. Presentation slides drop at 4 p.m. ET, followed by the event at 4:30, running up until around 6:30 p.m., according to the company. As of Dec. 31, 2025, JPMorgan’s assets totaled $4.4 trillion.
Tariff confusion lingered. U.S. Customs and Border Protection announced plans to stop collecting tariffs enacted under the International Emergency Economic Powers Act starting at 12:01 a.m. EST on Tuesday, and will deactivate affected tariff codes following the Supreme Court’s ruling that labeled the duties illegal.
Bank shares bore the losses. “Tariff policy can be capricious … markets don’t like uncertainty,” said Steve Sosnick, chief market analyst at Interactive Brokers. Citigroup, Wells Fargo, and JPMorgan each dropped over 4%. Reuters
JPMorgan isn’t focused on any one headline; instead, it’s watching the way trade policy shifts ripple out to the broader economy. Weaker growth tends to sap credit demand and push up the odds of losses. And if long-term yields slip, that narrows the gap between what banks collect from loans and shell out on deposits.
JPMorgan is now facing questions on a new political front. According to a court filing, the bank shut down both Donald Trump’s personal and business accounts in 2021, just weeks after the Jan. 6 Capitol riot—a detail emerging from Trump’s lawsuit against JPMorgan, Reuters said.
All eyes on rates: Investors are waiting to see if the Fed keeps its cautious stance. Fed Governor Christopher Waller signaled he’d back leaving rates unchanged at the March meeting—if February’s jobs report, out March 6, points to the labor market settling on firmer ground. The Fed’s next policy decision lands March 17–18.
Tariff headlines move fast—risk cuts both ways. More predictable timing and less drama might help bank stocks regain some balance. On the flip side, a sudden hit to growth drags credit concerns right back into focus.
JPMorgan heads into its 4:30 p.m. ET update, with markets zeroing in on any signals about spending, capital returns, or credit tone. Traders are also eyeing the tariff collection shift set for Tuesday, plus the March 6 jobs numbers ahead of the Fed’s March meeting.
