The banking industry's financial reporting season will kick off this week, with at least seven major banks releasing their results. As the S&P 500 index approaches record highs, these results could become an important catalyst for driving the market.
The financial sector was the third-worst performing sector in the S&P 500 index in 2026. Although it remained relatively stable throughout the year, as investors weigh the impact of higher interest rates and the pressures on consumers, the options market is beginning to factor in some significant volatility.
The following reflects the expectations of the options market based on the latest data from Cboe LiveVol.
Goldman Sachs — Tuesday, October 13th
The options market expects that Goldman Sachs' stock price will fluctuate by 2.84% after the release of its financial report. In the past eight quarters for which reports have been released, the average fluctuation of the stock was about 2%. Only in three of those quarters did the stock price fall after the financial report, with the most recent decline occurring in April, when it dropped by 1.87%.
After releasing its second-quarter financial report in July, the stock soared by 9%, which represents the largest fluctuation following a financial report since January 2019.
JPMorgan Chase — Tuesday, October 13th
JPMorgan Chase's implied volatility is similar to that of Goldman Sachs, with an estimated volatility of 2.5%, which is roughly in line with the average level of 2.22% over the past eight quarters. Unlike Goldman Sachs, the market reaction to JPMorgan Chase's recent financial reports has not been positive. The stock rose by 2.5% after its July financial report, marking the first positive response since April 2025; at that time, its stock price increased by 4%.
Citi Group – Tuesday, October 13th
As of the financial report on Tuesday, Citigroup had risen by 11% for the year, performing the best among the companies that will announce their results this week. The options market expects its stock price to fluctuate by about 3%, whether upwards or downwards, which is significantly lower than the average level of 3.8% over the past eight fiscal quarters.
However, there are also aspects that require caution. Last quarter, the stock experienced an unexpected decline of 5.3%, while at that time the implied volatility of the options was only 3.5%.
Wells Fargo – Tuesday, October 13th
Wells Fargo was another focal point among the large banks' financial reports on Tuesday, and it is also a company that needs to prove itself. The stock has declined by 10% this year, and its performance in the last three financial reports has not been ideal, including a 5% drop after the April report. This time, the options market expects its stock price to fluctuate by 3.5%, whether upwards or downwards, which is significantly lower than the average of 5.6% over the past eight quarters.
Bank of America – Wednesday, October 14th
The options market believes that there may be an opportunity for Bank of America to turn upward within the year following its earnings report on Wednesday. If the stock price rises, this would be its third consecutive increase after an earnings report. Currently, the implied volatility of the stock price is 2.9% up and down, which is significantly higher than the average of 1.8% over the past eight reported quarters.
Morgan Stanley — Wednesday, October 14th
This company has rarely made mistakes in its financial reporting in recent years. In the past eight reported quarters, the stock price only fell once after the financial reports, which was a 1.3% decline in July 2025. This time, the options market expects the stock price to fluctuate by 3%, whether upwards or downwards, while the average fluctuation over the past eight quarters was 4.3%. If the stock price rises on Wednesday, it will be the fifth consecutive time that Morgan Stanley sees an increase after the financial report.
BlackRock – Wednesday, October 14th
If BlackRock's stock price rises, it will also be the fifth consecutive time after its financial reports that it has increased. The stock rose by nearly 7% after its July financial report. Its last negative reaction occurred in July last year, when it tumbled by 6%. This time, the options market expects its stock price to fluctuate by 3.3%, whether upwards or downwards, which is lower than the average level of 4.4% over the past eight quarters.
The content of this article is based on the report by CNBC on the latest data of Cboe LiveVol.












