New York, Feb 3, 2026, 15:27 (EST) — Regular session.
- Wells Fargo shares climbed roughly 0.3% in afternoon trading, bucking the slide in the S&P 500 ETF
- Banks stayed firm as long-term Treasury yields ticked up, fueled by bets on a steeper curve
- Wells Fargo announced that CFO Mike Santomassimo is set to speak at UBS’s Financial Services Conference on Feb. 10
Wells Fargo & Company shares edged up 0.3% to $92.53 in Tuesday afternoon trading, swinging between $91.91 and $94.74. The SPDR S&P 500 ETF Trust dropped 1.2%, while the SPDR S&P Bank ETF gained roughly 0.7%.
Banks are showing relative strength as investors bet on a steeper yield curve—the difference between short- and long-term rates—if Kevin Warsh takes the helm at the Federal Reserve. A steeper curve typically boosts banks’ profit margins by widening the gap between what they earn on loans versus what they pay on deposits, though it can also work against them. On Monday, the two-year/10-year spread climbed to 72.70 basis points—a basis point equals 0.01 percentage point—before pulling back slightly Tuesday, Reuters noted. Eric Kuby, CIO at North Star Investment Management, said, “the main outcome of shrinking the balance sheet would be to have a yield curve that is more normally positively sloped.” Reuters
This week’s rate environment takes on added weight after a crucial labor-market report was scrapped. The Bureau of Labor Statistics told Reuters the January employment report won’t come out Friday because of the partial government shutdown, and it will be pushed back once funding is restored. “The release will be rescheduled upon the resumption of government funding,” Emily Liddel said in a statement. Reuters
Risk appetite faded across the board. The S&P 500 was down 1.33%, with the Nasdaq slipping 2.04% by early afternoon. Meanwhile, the 10-year Treasury yield inched up roughly 0.7 basis point to 4.284%, according to Reuters data. Wedbush Securities managing director Sahak Manuelian described AI headlines as “a negative and a headwind for the broader market.” Reuters
Big U.S. lenders edged up with Wells Fargo leading the way. JPMorgan Chase & Co climbed roughly 1.3%, Citigroup added 0.7%, while Bank of America held steady.
Wells Fargo announced that CFO Mike Santomassimo is scheduled to speak at UBS’s Financial Services Conference on Feb. 10 at 8:50 a.m. ET. The presentation will be webcast live on the company’s investor-relations website.
The stock continues to track closely with interest rate trends and Wells Fargo’s interest-income projections. Back in mid-January, the bank forecasted roughly $50 billion in net interest income for 2026—the gap between earnings on loans and the cost of deposits—and recorded $612 million in severance costs during Q4, Reuters reported.
In Washington, the U.S. House of Representatives approved a bill on Tuesday aimed at ending the partial shutdown and sent it to Donald Trump for his signature, Reuters reported. Investors are closely monitoring to see if this paves the way for the resumption of postponed data releases.
But the setup carries risk. Should long-term yields slip or the curve flatten, banks could see that tailwind vanish fast. And if rate cuts come faster than expected, interest income might get squeezed—especially if deposit costs don’t drop as smoothly.
Next on the agenda: policy cues and the conference calendar. The Fed is set to release minutes from its Jan. 27-28 meeting on Feb. 18, with the following Federal Open Market Committee rate decision slated for March 18. For Wells Fargo, the spotlight falls on Feb. 10, when Santomassimo takes the stage at UBS’s Financial Services Conference.
