Bank stocks have sold off sharply ahead of earnings from JPMorgan, Bank of America, Goldman Sachs and Wells Fargo, even though banks have traditionally benefited from higher rates. Many major names are in correction territory, down 10% or more from their highs; over the past month Bank of America is off 13%, Goldman Sachs 12%, Morgan Stanley 11% and Wells Fargo 7%. The KBW Nasdaq Bank Index, which tracks 24 US bank stocks, is down more than 14% from its August peak while the S&P 500 hits new highs, which the Macro Paper called a possible warning sign for the US market. Analysts cite a weaker deal environment, including the delayed Oura IPO and the expected postponement of OpenAI's IPO to 2027, along with deposit competition from AI products and fears that new technology could disrupt financial services. Evercore ISI's Julian Emanuel said the sector's underperformance has been striking, given it has historically benefited from higher rates.
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Related tickers and likely impact
JPM
▼ Likely negativeJPMorgan Chase
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Financials |
| Industry | Diversified Banks |
| Market cap | $885.1B |
| Close on 10/09/2026 | 332.99 |
| Change that session | +0.47% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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