New York, Feb 2, 2026, 16:02 ET — After-hours
- Shares of Wells Fargo & Company climbed 2.1% during Monday’s regular session, closing at $92.36.
- U.S. factory data bounced back, boosting risk appetite, but a partial shutdown pushed back crucial labor-market reports.
- Traders are focused on Washington’s funding talks and the Fed’s March policy meeting, searching for the next rate clue.
Shares of Wells Fargo & Company climbed 2.1% on Monday, closing at $92.36 after fluctuating between $90.00 and $92.80 during the session.
This shift is crucial now as big U.S. banks have been reacting more to rate expectations than to bank-specific news. When the yield curve steepens—that is, when long-term Treasury yields outpace short-term ones—it boosts the margin banks make on new loans.
New figures shifted the argument once more. The Institute for Supply Management reported its manufacturing PMI climbed to 52.6 in January, up from 47.9 in December, pushing back above the crucial 50 threshold that signals growth. Yet, companies continued to voice concerns over trade-policy risks. “Tariffs and further tariff threats are still freezing small businesses,” said Mark Streiber of FHN Financial. (Reuters)
The broader market gave a boost. The S&P 500 pushed into record territory, fueled by gains in chipmakers and AI-related stocks. “The fundamentals are good and earnings are strong,” noted Tim Ghriskey at Ingalls & Snyder. (Reuters)
Other major banks saw gains as well. Bank of America Corp. climbed roughly 1.5%. JPMorgan Chase & Co. and Citigroup Inc. each added around 0.6%, while Goldman Sachs Group, Inc. advanced about 1.1%.
The stock is still digesting its latest guidance. On Jan. 14, Wells Fargo projected about $50 billion in interest income for 2026. Fourth-quarter severance charges weighed on results, pushing them below analyst estimates. Net interest income—the difference between earnings on loans and costs on deposits—rose 4% but fell short of forecasts. “Costs are under control and loan quality remains high,” said Brian Mulberry of Zacks Investment Management. (Reuters)
Wells Fargo Finance LLC filed a listing supplement for a $10 million, 5.00% note maturing in 2036, tied to its $5 billion Euro Medium Term Note programme, according to an RNS notice. (TradingView)
Investors turned their focus to Washington as the Bureau of Labor Statistics announced a delay in the January employment report, citing the partial government shutdown. Lawmakers are set to address funding measures this week. “The staff is already under extreme pressure,” Erica Groshen noted. (Reuters)
Rate pricing stayed volatile after President Donald Trump picked Kevin Warsh to head the Federal Reserve. Futures continued to price in about two rate cuts by 2026, while the Treasury curve showed a modest steepening, according to Reuters analysis. (Reuters)
The rebound could reverse sharply for lenders if tariff and inflation concerns resurface, or if missing data from an extended shutdown rattles rate expectations. Rising credit losses or a sudden spike in banks’ funding costs would put the rally under pressure.
Rate watchers are eyeing the Fed’s March 17–18 Federal Open Market Committee meeting, when updated economic projections will be released. (Federal Reserve)
