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The New York Stock Exchange entrance on Wall Street in New York City
Photo: REUTERS/Kylie Cooper (file photo)

Bank Stocks Face Tuesday Earnings as CPI Seen Rising to 3.6%

CNBC2 min read6 sources

What to expect from big bank earnings and September CPI this week?

JPMorgan (JPM), Goldman Sachs (GS), Citigroup (C) and Wells Fargo (WFC) report third-quarter earnings Tuesday, a day before September CPI is forecast to show inflation rising to 3.6% from 3.4%.

Key numbers

September CPI forecast (year over year)3.6%+0.2 pts vs 3.4% in August
Forecast conflict: Reuters poll3.6%–3.7%CNBC cites 3.6%; Reuters via Yahoo cites 3.7%
Core CPI forecast (excludes food, energy)2.5%vs 2.4% in August (per [4])
JPMorgan Q3 profit per share estimate$5.95Sales estimate $51.16B
S&P 500 banks index, past month-7.5%Heading into earnings
Fed October rate-hike odds~26%Down from ~70% (per [4])

What happened

JPMorgan (JPM), Goldman Sachs (GS), Citigroup (C) and Wells Fargo (WFC) report third-quarter earnings Tuesday, a day before September CPI is forecast to show inflation rising to 3.6% from 3.4%. Banks overall are expected to report profit growth of roughly 10% from a year earlier. Expected quarterly sales are about $51.2 billion at JPMorgan, $23.5 billion at Citigroup, $22.4 billion at Wells Fargo and $17.9 billion at Goldman. Inflation, the rise in everyday prices, is forecast to climb mostly because gasoline averaged a record-high $4.33 a gallon in September.

Why it matters

JPMorgan (JPM) and the other big banks give an early look at how healthy households and businesses are, because banks see spending, borrowing and deal activity first. Hotter inflation could push the Federal Reserve (the US central bank) toward raising interest rates, which makes loans costlier and can move stock prices. Traders now see roughly a one-in-four chance of a rate hike at the Fed's October 28 meeting.

Who this affects

Marketmixed
Medium impact
Stock investors face a busy week; bank results and inflation both matter.
Companymixed
Medium impact
Bank shareholders get fresh profit data after a weak month.
Competitorsneutral
Low impact
Morgan Stanley and Bank of America report Wednesday, extending the test.
Industryneutral
Medium impact
Banks overall are expected to grow profits about 10%, a normal pace.

JPMorgan vs Goldman Sachs, Citigroup, Wells Fargo

JPMorganJPM$5.95$51.16B13.5x+0.47%
Goldman SachsGS$14.84$17.92B12.8x+1.44%
CitigroupC$2.69$23.5B10.2x+1.22%
Wells FargoWFC$1.79$22.37B10.3x+1.85%

As of 2026-10-09

How we got here

  1. Fed October rate-hike odds stood near 26%, down from about 70% before the weak jobs report.

  2. S&P 500 hovered near record highs while the banks index was down 7.5% over a month.

  3. RBC forecast September CPI up 0.6% for the month and 3.7% for the year.

What to watch

  • JPMorgan, Goldman, Citigroup and Wells Fargo report; sales versus estimates, trading and dealmaking in focus.2026-10-13
  • September CPI at 8:30 a.m. ET: 3.6% headline and 2.5% core forecast.2026-10-14
  • Fed rate decision, the first after the final pre-meeting CPI report.2026-10-28

Educational content only. Not investment advice.

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