Key Highlights

  • JPMorgan Chase, Goldman Sachs, Wells Fargo and Citigroup report before the open on October 13, 2026, giving the Financial Select Sector SPDR Fund (NYSEARCA:XLF) its first broad read on bank earnings this season.
  • Bank of America flagged slower investment banking, flat trading and delayed IPOs in published analyst research, and financials were the weakest sector over the past month, which sets a cautious backdrop for the group.
  • Press accounts refer to the Federal Reserve's first rate hike in three years, stated in two accounts, and its effect on bank earnings is not confirmed.
  • Timing is about 7:00 a.m. ET for JPMorgan and Wells Fargo, 7:30 a.m. ET for Goldman Sachs and 8:00 a.m. ET for Citigroup, and none of the results were out when this was written.

Four Reports Before the Open

The earnings slate on October 13, 2026 is led by banks. JPMorgan Chase reports at about 7:00 a.m. ET with a call at 8:30 a.m. ET, Wells Fargo at about 7:00 a.m. ET with a call at 10:00 a.m. ET, Goldman Sachs at about 7:30 a.m. ET with a call at 9:30 a.m. ET, and Citigroup at about 8:00 a.m. ET with a webcast at 11:00 a.m. ET. Per published estimates, JPMorgan earnings per share are expected near USD 5.93 to USD 5.94, Citigroup near USD 2.65 to USD 2.66 and Wells Fargo near USD 1.84 to USD 1.85. Goldman Sachs estimates range from USD 12.90 to USD 13.09. Large banks are among the biggest holdings of the Financial Select Sector SPDR Fund (NYSEARCA:XLF).

The Bank of America Warning

Bank of America flagged slower investment banking and flat trading, and it pointed to delayed IPOs. The mechanism matters. Investment banking fees come from advising on mergers and underwriting new share sales, so when companies postpone listings, fee income shifts to later quarters or disappears. Trading revenue depends on market activity and volatility, and flat trading removes a cushion that helped banks in earlier quarters. The warning appears in one research note and has not been confirmed by the company. It also arrives as the 10-year Treasury yield sits near 5.24% on the October 12, 2026 reading, which can lower the market value of bonds that banks hold. Whether record trading can offset rising yields is the central question.

Rates, the Fed and What to Watch

The Federal Reserve is the second variable. Press accounts mention its first rate hike in three years, and Cleveland Fed President Beth Hammack said on October 12, 2026 that rates need to go higher. Higher rates can widen the gap between loan yields and deposit costs, but they can also slow lending, raise credit losses and pressure the value of securities portfolios. Investors can watch net interest income guidance, loan loss provisions and comments on the IPO pipeline. The September consumer price index is due on October 14 at 8:30 a.m. ET, and Bank of America, Morgan Stanley and BlackRock report that day. None of this is a forecast, and results may differ from published estimates.

Where Things Stand

The four bank reports test the Financial Select Sector SPDR Fund (NYSEARCA:XLF) because large lenders drive its performance and the quarter combines a Bank of America warning, delayed IPOs and a higher rate path. Financials were the weakest sector over the past month, so expectations are cautious. Results were not out at 6:30 a.m. ET, and the first read comes from JPMorgan at about 7:00 a.m. ET, with Citigroup and Goldman Sachs following.