The S&P 500 enters a high-stakes stretch after closing Friday, October 9, at a near-record 7,811, up 0.6%, with major bank earnings and key inflation data set to arrive within roughly 24 hours of each other.
JPMorgan Chase reported third-quarter net income of $15.31 billion, or $5.57 per share, below the $5.90 per share expected by analysts. Revenue came in at $50.9 billion, missing the $51.7 billion consensus. Even excluding $658 million in net securities losses, earnings would have reached $5.75 per share, still below forecasts. Fixed-income markets revenue declined 4% to $5.4 billion, the first such drop in more than two years, driven by lower revenue from commodities, rates, credit and public finance.
Equity markets revenue jumped 49% to $5 billion, while total markets revenue rose 15% to $10.3 billion—slower than the 35% growth recorded in the previous quarter. Investment banking fees fell 8% sequentially but increased 14% year over year. Companywide expenses reached $27.3 billion, about $90 million above expectations and up 12% from a year earlier, outpacing the 8% rise in revenue.
CEO Jamie Dimon said the US economy continued to be supported by business investment and consumer spending, but warned that large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface. He also noted the bank reduced share repurchases during the quarter.
Goldman Sachs is also scheduled to report third-quarter earnings the same day, while the Bureau of Labor Statistics will publish the September 2026 Consumer Price Index at 8:30 a.m. ET on Wednesday, October 14. August data showed headline CPI up 0.4% month over month and 3.4% year over year, with core CPI up 0.3% monthly and 2.4% annually. Investors are watching for energy-price pressure that could keep inflation elevated and influence the Federal Reserve's interest-rate path.
For digital-asset markets, the combination of sticky inflation, higher-for-longer rate concerns and a rare earnings miss from a major bank creates a cautious macro backdrop, as crypto continues to trade like a risk-sensitive asset class.
