Major U.S. banks, including JPMorgan Chase, Goldman Sachs, Citigroup, Wells Fargo, Morgan Stanley, and Bank of America, are slated to report their third-quarter earnings this week, setting a crucial tone for the market. These results emerge during a period of market volatility, driven by rising Treasury yields and oil prices, fueling concerns that the Federal Reserve might implement further rate hikes to combat inflation. Investors will be closely watching individual bank performance, analyst outlooks, and historical stock reactions as these financial heavyweights disclose their latest figures.
Wall Street braces for a pivotal week as America's financial titans prepare to unveil their third-quarter earnings. The results from banking giants like JPMorgan Chase, Goldman Sachs, Citigroup, Wells Fargo, Morgan Stanley, and Bank of America are poised to set the market's trajectory for the remainder of the reporting season. With 25 S&P 500 companies scheduled to report, this week arrives at a fraught moment for investors. The S&P 500 recently touched an all-time high, yet market volatility persists, fueled by surging Treasury yields and elevated oil prices. These macroeconomic headwinds have rekindled fears of further interest rate hikes from the Federal Reserve, aimed at reining in stubborn inflation.
Tuesday's Key Reports (All times ET)
JPMorgan Chase
JPMorgan Chase is slated to report before the opening bell, with a conference call at 8:30 a.m. After a robust 41% year-on-year earnings surge last quarter, analysts anticipate another period of double-digit earnings growth. However, Seaport Research Partners offered a cautious outlook, suggesting that while net interest income (NII) forecasts are higher for next year, expenses could also climb above consensus. Historically, JPMorgan has a strong track record, beating analyst estimates 82% of the time, though its shares have seen post-earnings dips in four of the last five releases.
Goldman Sachs
Goldman Sachs will follow suit with its pre-market report and a 9:30 a.m. call. Last quarter, the firm boasted a remarkable 55% jump in investment banking fees. For this quarter, LSEG data projects a 10% growth in its top line and approximately 6% for its bottom line. TD Cowen recently initiated Goldman with a "buy" rating, highlighting its "enormous scale to benefit from the favorable capital markets and asset-price backdrops." Goldman has consistently exceeded earnings expectations for 12 consecutive quarters, with its stock rallying 9% after its last report.
Citigroup
Citigroup is also reporting pre-market, with a management call at 11 a.m. The bank celebrated its highest quarterly revenue in a decade last quarter, and LSEG data points to strong year-on-year earnings growth for this period. Jefferies analyst David Chiaverini, who holds a "buy" rating on Citigroup, believes its "improving return profile from broad-based revenue growth, disciplined expenses, and rising capital return" should lead to a "re-rating of the cheapest money center bank." Despite the positive outlook, Citigroup's stock has faced headwinds, falling after two of its last three earnings releases.
Wells Fargo
Wells Fargo will release its results ahead of the bell, with a 10 a.m. conference call. Having surpassed Street expectations last quarter, Wells is forecast by LSEG to achieve over 10% earnings growth. Investors will be keenly watching if this report can reverse the recent trend, as Wells Fargo shares have plummeted 13% over the past month, making it the worst performer among six major U.S. banks. While the bank has beaten bottom-line expectations for 10 consecutive quarters (per Bespoke), its shares have declined after seven of those reports.
Wednesday's Anticipated Releases
Morgan Stanley
Morgan Stanley's pre-market report on Wednesday will be followed by an analyst call at 9:30 a.m. Last quarter, the bank achieved record quarterly revenue, driven by robust equities trading. LSEG expects its top line to have expanded by nearly 10% this quarter. Citizens analyst Devin Ryan, who maintains a "market perform" rating, foresees a sharp decline in trading from the second quarter, but notes that Investment Banking forecasts were lowered due to fewer transactions converting to revenue. Historically, Morgan Stanley has seen positive stock movement, with shares rising after its last four earnings releases, including a 5.8% jump after Q4 2025.
Bank of America
Bank of America is scheduled to report ahead of the open, with a management call at 8:30 a.m. Its last quarter's earnings beat was bolstered by strong net interest income. For this quarter, LSEG-polled analysts project single-digit year-on-year earnings and revenue growth. Barclays analyst Jason Goldberg holds an "overweight" rating but anticipates mixed results, expecting NII to rise 2% quarter-over-quarter, with solid wealth management fees offsetting potentially weaker trading and investment banking fees compared to peers. Bank of America typically surpasses earnings estimates 81% of the time (Bespoke data), and its stock has risen after its last two reports, despite an average 0.6% decline on earnings days.
