New York, February 3, 2026, 11:43 (EST) — Regular session
- JPM shares up about 2% near $314 in late-morning trade.
- New frontier-market bond index plan is taking shape, sources say.
- Baird lifts its rating to Neutral, while calling the stock pricey.
JPMorgan (NYSE:JPM) shares were up $6.11, or about 2%, at $314.25 on Tuesday after swinging between $308.15 and $316.18.
The move comes as investors reset rate bets after Donald Trump nominated Kevin Warsh to lead the Federal Reserve. Raphael Bostic said the central bank should not cut rates this year, after policymakers voted 10-2 last week to keep the benchmark rate in the 3.50%-3.75% range. (Reuters)
U.S. stocks were also a shade higher, but traders were still working without the usual flow of economic releases as a partial government shutdown pushed back data. The U.S. House of Representatives was set to try to pass a deal later Tuesday, while the January jobs report and the JOLTS openings report were delayed. (Reuters)
Other big lenders traded higher too. Bank of America rose 1.2%, Wells Fargo gained 1.9% and Citigroup added 1.2%.
On the company-specific side, sources said JPMorgan is finalising plans for a new index tracking frontier-market local-currency bonds, with an outline possibly as early as end-March and a more detailed structure around June. The proposed index would include about 20 to 25 countries and only bonds of at least $250 million equivalent, one source said, and JPMorgan declined to comment. Neuberger Berman’s Rob Drijkoningen said the performance of frontier local-currency debt suggested the asset class had been “systematically underpriced.” (Reuters)
Broker Robert W. Baird also upgraded JPMorgan to Neutral from Underperform and set a $280 price target. Baird said the valuation looked expensive at about 2.95 times tangible book value — a bank yardstick that strips out goodwill and other intangibles — even as it pointed to an “enviable capital position.” (Investing)
In a separate note on Monday, JPMorgan said brokers could start charging ETF managers new distribution fees as zero-commission trading and the shift from mutual funds squeeze revenues. JPMorgan put the U.S. ETF management fee pool at $21 billion and said brokers targeting 10% to 20% of expense ratios — the annual fee charged by a fund — could mean $2 billion to $4 billion in new costs, with bigger groups like BlackRock and Vanguard better positioned to negotiate than mid-sized managers such as Invesco. (Reuters)
JPMorgan last month posted a fourth-quarter profit that beat estimates, helped by a surge in trading revenue, but the stock slipped that day after investment banking fees missed forecasts. David Wagner at Aptus Capital Advisors said “the bar for perfection is set pretty high” for the stock. (Reuters)
But the rate story that helps banks can turn fast. Long-term Treasury yields are hovering around 4.30%, and a rise in the “term premium” — the extra yield investors demand to hold long bonds — has kept borrowing costs elevated; Trump has floated ways to push long-term rates down, including proposals to cap credit-card interest rates at 10%. (Reuters)
Next up: JPMorgan is scheduled to host a company update on Feb. 23, when executives are set to field investor questions after a firm overview presentation. (Stocktitan)
