JPMorgan Chase Stock Extends Pre-Earnings Pullback

Bank stocks are sliding today, after President Donald Trump called for a 10% cap on credit card rates for one year, and JPMorgan Chase & Co (NYSE:JPM) is succumbing to the pressure. The stock was last seen down 2.1% to trade at $322.36, extending a short-term pullback from its Jan. 5 record high of $337.25. Former pressure at the $320 level looks like it could be emerging as support, however. 

One of the many financial names kicking off earnings season this week, JPMorgan Chase will announce its fourth-quarter results ahead of the open tomorrow. Zacks Investment Research anticipates earnings of $5.01 on revenue of $45.71 billion, a year-over-year increase of 4.2% and 6.8%, respectively. 

Despite rallying on the charts since April, JPM finished its last two post-earnings sessions lower. Over the last two years, the stock has averaged a 2.7% earnings swing, regardless of direction, while the options pits are pricing in a larger 5.5% move this time around. 

Puts have been running red-hot ahead of the event. JPM's 50-day put/call volume ratio of 1.63 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 72% of readings from the past year. Echoing this, the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.68 stands in the 99th annual percentile.

This afternoon has been no exception, with 40,000 puts across the tape so far, double the average intraday pace. Most popular is the January 2026 335-strike call, where new positions are being opened.