Earnings live: Delta stock slides, Wall Street bank earnings in focus after JPMorgan miss

Days after President Trump proposed capping credit card interest rates at 10%, corporate executives warned that the policy would have wide-ranging ramifications and possibly hurt consumers if enacted.

“If it happened the way it was described, it would be dramatic,” JPMorgan Chase CEO Jamie Dimon said on the company’s earnings call. JPMorgan is the nation’s top credit card issuer, handling $1.34 billion in purchase volume.

The company’s CFO, Jeremy Barnum, added that consumers would likely face service changes as a result, particularly credit card users with subprime risk profiles, who may face more financial instability.

“People will lose access to credit, like on a very, very extensive and broad basis, especially the people who need it the most, ironically,” Barnum said. “And so that’s a pretty severely negative consequence for consumers and, frankly, probably also a negative consequence for the economy as a whole right now.”

It’s unclear how Trump could implement a one-year credit card APR limit without legislation from Congress. To that end, on Tuesday, US ‌House Speaker ‌Mike Johnson took up the issue and said he would explore the president’s idea.

Johnson also acknowledged there could be “unintended consequences” of such a move — a sentiment echoed by Delta Air Lines CEO Ed Bastian in the company’s earnings call on Tuesday.

Delta offers a co-branded credit card with American Express (AXP) that contributes an estimated 13% of its annual revenue. The partnership continues to be a lucrative one for Delta: Delta’s revenue from the card grew 11% year over year to $8.2 billion in 2025, the company reported Tuesday.

“I think one of the big issues and challenges with the potential order is the fact that it would actually restrict the lower-end consumer from having access to any credit, not just what the interest rate they’re paying, which would upend the whole credit card industry,” Bastian said. “So from our standpoint, we’ll be working closely with American Express, but I don’t see any way we could even begin to contemplate how that would be implemented.”

Yahoo Finance’s David Hollerith reports:

Read more here.

Investors are expecting a low-volatility earnings season, given softer option volumes over the past two weeks and balanced positioning, according to a Jan. 8 note on tactical earnings trades from the Goldman Sachs Investment Research team.

The analysts estimated the average implied earnings day stock move — how much the market expects a stock to swing following corporate results, based on options data — is 4.5% in either direction, below the long-term average.

“With less fear priced in, it is more difficult to see relief rallies on earnings days,” they wrote.

Still, the Goldman Sachs team noted that having exposure to stocks through their earnings events remains important for fundamental investors. Just two quarters ago, the actual moves on earnings days for individual stocks were at their highest level since 2009.

Where the team does expect more volatility is in utility, healthcare, materials, and industrial stocks, which “have been making the most unusually large moves on earnings-day in recent quarters.”

The major financial institutions are penciled in to report fourth quarter results this week, including the nation’s largest bank, JPMorgan Chase (JPM), which is expected to reveal another year of record revenue and one of its best years in profits.

Other major financial firms, including Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS), and Morgan Stanley (MS), are also expected to reveal just how good 2025 was for investment bankers.

Yahoo Finance’s David Hollerith previews what to expect:

Read the full bank earnings preview here.

A slate of earnings reports from the major financial institutions marks the unofficial start of earnings season. But investors will also get an early read of the airline industry, chipmakers, and logistics operators from other corporate earnings beginning to flow this week.

Here’s a look at the earnings calendar for the week of Jan. 12:

Tuesday: JPMorgan Chase (JPM), BNY Mellon (BK), Delta Air Lines (DAL), Concentrix Corporation (CNXC), Phoenix Education Partners (PXED)

Wednesday: Bank of America (BAC), Wells Fargo (WFC), Citigroup (C), Infosys (INFY), Bitmine Immersion Technologies (BMNR), Home Bancshares (HOMB), Platinum Group Metals (PLG)

Thursday: Taiwan Semiconductor Manufacturing Company (TSM), Goldman Sachs (GS), Morgan Stanley (MS), BlackRock (BLK), JB Hunt Transport Services (JBHT), First Horizon Corporation (FHN)

Friday: PNC Financial (PNC), State Street (STT), M&T Bank (MTB), Wipro (WIT), Regions Financial (RF), BOK Financial (BOKF)