Preview: Clouds Of Economic Uncertainty Hover Over JP Morgan Ahead Of Q1 Print

JP Morgan & Chase (JPM) stock was down marginally over the past week ahead of its first-quarter earnings report on Friday.

The biggest U.S. bank is expected to report adjusted earnings of $4.57 per share on revenue of $44.14 billion for the quarter that ended March 31, according to FinChat data. The company has topped analysts’ expectations in all four previous quarters.

Like most other sectors, Wall Street banks endured a volatile week after U.S. President Donald Trump unveiled a universal 10% tariff on all imports and even higher reciprocal tariffs on some of the country’s largest trading partners.

On Wednesday, Trump paused the tariffs for 90 days to allow for negotiations with all countries except China. The country has been subjected to 125% tariffs after Beijing initially retaliated.

“The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and 'trade wars,’ ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility,” CEO Jamie Dimon said in a letter to shareholders this week.

Earlier this week, Morgan Stanley analysts noted that slower growth with rising economic uncertainty would push out the capital markets' rebound, incrementally slow loan growth, and drive net charge-offs across consumer and commercial loans slightly above its prior estimates.

A decline in deal activity in the U.S. could weigh on its investment banking earnings. According to Dealogic data, dealmaking activity during the first two months of this year was the slowest in more than two decades.

Retail sentiment on Stocktwits was in the ‘bearish’ (37/100) territory, while retail chatter was ‘extremely high.’

JP Morgan shares have fallen 2.7% year-to-date (YTD).

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