Every major US bank stock fell in the month before reporting third-quarter 2026 results, with Bank of America, Goldman Sachs and Morgan Stanley down 13% to 14% while the S&P 500 rose about 2%.
Investors sold the banks right before they reported.
In the month through the day before each bank's results, Bank of America fell 13.9%, Goldman Sachs 13.1% and Morgan Stanley 12.9%. Wells Fargo dropped 7.7%, JPMorgan 6.2% and Citigroup 5.0%. The Financial Select Sector SPDR ETF (XLF) lost 3.8%.
The S&P 500 gained 1.8% over the same stretch.
Year to date through the same day-before-earnings close, the picture is mixed. Citigroup was up 13.1% and Morgan Stanley 5.1%, while Wells Fargo was down 10.6% and Bank of America 1.9%, versus a 14.1% gain for the S&P 500 (SPY, through Oct. 12).
Then the numbers landed strong for stock trading. Goldman beat profit estimates by about 32% and its equities revenue jumped 72%.
The pre-earnings selloff left bank valuations lower heading into results. Four of the six banks then beat profit estimates, while JPMorgan and Bank of America missed.
This chart first ran in today's Opening Bell Daily.
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