Stocks are mixed in early trading, while crude oil and the dollar are retreating modestly. Gold, silver, and Treasuries are gaining a bit.
The earnings floodgates are opening, with big banks like JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS), and Wells Fargo & Co. (WFC) kicking off the third-quarter reporting season. The first of the three reported a surprise drop in fixed-income trading revenue, but salvaged things by projecting stronger-than-expected net interest income for 2026. JPMorgan stock inched up in response after entering the session up 2.7% year-to-date.
JPM (Blue), GS (Black), WFC (Green) - YTD % Change
Source: TradingView
Goldman also missed the mark in its fixed income and commodities trading unit, but offset that with better-than-expected investment banking and asset management fees, plus solid equity trading results. Goldman stock rose 3% in response. It was down 2.2% YTD as of yesterday.
Finally, Wells beat Q3 estimates as credit loss and charge off figures came in below estimates, while net interest margin stabilized after a handful of weak quarters. Wells Fargo stock dipped 2% after racking up a 12.4% loss YTD.
In other news, options trading activity is booming...again. Average daily trading volume in options that target individual stocks has soared to $700 billion again. That notional trading volume is the highest since 2021 – the peak of the meme stock and options trading craze. The types of stocks individual investors are targeting has shifted, but shorter-term options remain extremely popular, according to the Wall Street Journal.