New York, Feb 24, 2026, 11:12 EST — Regular session
- JPMorgan shares down about 1.4% in morning trade after Monday’s 4.2% slide
- Bank kept its 2026 cost outlook and reiterated targets at a New York company update
- Traders are weighing tariff noise and the latest AI-driven volatility against the deal backdrop
JPMorgan Chase & Co (JPM.N) shares fell on Tuesday, last down 1.4% at $293.58 after touching $291.40. The stock slid 4.2% on Monday to close at $297.67. (Investing)
The move keeps attention on JPMorgan’s company update in New York on Monday, where it stuck to a 2026 adjusted expense forecast of $105 billion and reiterated a 17% target for return on tangible common equity, or profit relative to tangible shareholder capital. It forecast a mid-teens rise in first-quarter investment-banking fees — earned on deal advice and underwriting — and a similar lift in markets revenue, its trading haul; Doug Petno said, “We started the year strong” and CFO Jeremy Barnum said the bank was “seeing tangible benefits” from AI. CEO Jamie Dimon said, “I’m here for a few years as CEO,” at the bank, whose market value tops $800 billion and eclipses Bank of America and Citigroup combined; Marianne Lake said “everything is solid” on the consumer front and UBS analyst Erika Najarian said investors see money-center banks as relative winners from AI disruption. (Reuters)
It lands in a market still searching for its footing after Monday’s broad selloff, when financials and software were among the hardest-hit groups. On Tuesday, U.S. indexes were modestly higher as investors weighed fresh AI headlines against a shifting U.S. tariff policy, including a temporary 10% global levy that took effect and conflicting comments on a possible 15% rate. “The market doesn’t only have one particular worry,” said Peter Cardillo at Spartan Capital Securities. (Reuters)
A viral report from Citrini Research has added fuel, sketching an AI-led downturn by 2028 that could slam jobs and strain parts of the credit system. “I would take it seriously, not literally,” said Nick Ferres, while Ed Yardeni said markets were acting as if “AI is augmenting workers’ productivity rather than making them extinct.” The anxiety has kept investors dumping software names and leaning into safer corners of the AI supply chain, Reuters reported. (Reuters)
For JPMorgan, the debate is closer to home. Management is selling AI as an edge that can lift productivity and help defend margins, even as the bill for technology keeps rising.
The other part is the cycle. Trading desks can thrive on volatility as clients hedge and reposition, but dealmaking can stall if boards step away from big decisions and underwriting risk.
Investors also keep a close watch on consumer credit. A shift in card delinquencies or charge-offs tends to show up fast in the numbers, and it matters more when the stock is already under pressure.
But the bet on AI is still a bet. If spending rises faster than revenue, or if tariff uncertainty spills into broader growth fears, the “best-in-class” story loses some of its shine and bank stocks can re-rate quickly.
For now, traders are using JPM as a read-through on the health of deal pipelines and the U.S. consumer, with plenty of cross-currents pulling in opposite directions. The next few sessions will show whether this is just churn after Monday’s rout, or something more persistent.
JPMorgan’s next scheduled update is its first-quarter 2026 results on April 14, when it plans to hold a conference call at 8:30 a.m. Eastern. Investors will be listening for follow-through on the fee outlook and any early proof that the tech spend is paying back. (Jpmorganchase)
