New York, Feb 4, 2026, 11:15 EST — Regular session
Shares of JPMorgan Chase & Co (JPM.N) climbed roughly 0.9% to $317.70 in late-morning trading Wednesday in New York, hitting a high of $318.99 earlier. The stock had ended the previous session at $314.85.
Rate moves dominated the action. The U.S. Treasury kept auction sizes steady in its latest refunding plan, but dealer minutes caught traders’ attention with warnings of bigger deficits ahead and potential for increased long-end supply in late 2026 or early 2027. The 2-year/10-year spread stretched to about 70.8 basis points. “The overall takeaway: refunding met expectations,” said Zachary Griffiths, head of investment grade and macro strategy at CreditSights. (Reuters)
Bank stocks react to the yield curve shape because a steeper gap between short- and long-term rates can boost lending spreads when deposit costs don’t keep pace. Investors are also betting on a “more normally positively sloped” curve with incoming Fed Chair Kevin Warsh, who’s expected to push for rate cuts while shrinking the Fed’s balance sheet. “They’re going in opposite directions,” said Jim Barnes, director of fixed income at Bryn Mawr Trust. (Reuters)
Just a day before, Baird’s David George raised JPMorgan to Neutral from Underperform, holding firm on a $280 price target. He noted that while the risk/reward profile has improved, it’s still “not attractive for new money.” George also acknowledged it’s tough to argue against JPMorgan being “a best-in-class franchise.” (TipRanks)
Macro data barely shifted sentiment. The ADP report showed U.S. private payrolls increased by 22,000 in January, missing expectations. Markets “were little moved,” Reuters noted. Traders remain on hold for the delayed January U.S. employment report, which is now expected following the end of the partial federal government shutdown on Tuesday. (Reuters)
Separately, JPMorgan is in talks with investors as it wraps up plans for a new index focused on frontier-market local-currency bonds, sources familiar with the matter said. Reuters reported the bank declined to comment. A senior fund manager noted JPMorgan might unveil a formal structure “around June,” before a wider rollout. (Reuters)
Big banks showed a mixed picture, with a slight lean toward gains. Bank of America climbed roughly 2.3%, while Wells Fargo and Citigroup both rose around 1.2%. On the flip side, Goldman Sachs fell about 2.3%, and Morgan Stanley dropped close to 0.9%.
Still, the rate story has two sides. “Simply put, a steeper yield curve is a vote of confidence in the economy,” said Myra Thomas, a banking analyst at eMarketer. But Reuters pointed out that higher long-term yields can increase banks’ unrealized losses by cutting into the value of their bond holdings. (Reuters)
JPMorgan’s upcoming Company Update is set for Feb. 23 in New York City, kicking off at 4:30 p.m. Eastern. The bank noted that slides will be available around 4:00 p.m. (JPMorgan Chase)
Traders will likely remain focused on the yield curve and Treasury supply cues, as well as any updates on the timing of the delayed U.S. jobs report. These factors can swiftly shift how investors value bank earnings potential.
