JPMorgan Chase & Co. JPM is about to kick off the earnings season, as it is one of the first banks to report on July 15. However, its technical chart shows mixed signals as the bank is ready to report its second-quarter earnings.
Check out the current price of JPM stock here.
What Happened: JPMorgan’s CEO, Jamie Dimon, warned that the markets were complacent about tariffs at an event in Dublin with Ireland’s Deputy Prime Minister, Simon Harris.
This comes after the bank’s CFO, Jeremy Barnum, mentioned during its first quarter earnings call that tariff policy are shifting corporate clients’ focus “away from more strategic priorities with obvious implications for the Investment Banking pipeline outlook towards more short-term work, optimizing supply chains and trying to figure out how they’re going to respond to the current environment.”
He added that this has resulted in a “wait-and-see attitude” among corporate clients, making it “hard to make long-term decisions right now.”
As the corporates adjust and markets remain complacent, JPMorgan’s technical chart, as per Benzinga Pro, shows that its current share price of $286.86 apiece was higher than its 20, 50, and 200-day simple daily moving averages but lower than its eight-day SMA.
Meanwhile, its relative strength index at 60.13 was in the neutral zone, but its MACD line of 6.06 was slightly below its signal line of 6.80, signalling a bearish momentum amid a bullish trend.
Thus, overall, the technical indicators present a mixed picture for the bank’s stock, with a bullish trend supported by moving averages, but a recent bearish crossover in MACD suggesting a potential short-term pullback or slowing momentum.
Why It Matters: Talking about the Federal Reserve, Dimon reiterated that tariffs were likely to increase inflation, and he expects the Fed to increase interest rates, rather than reduce them. "If the market is pricing a 20% chance, I'm pricing in a 40% to 50% chance,” Bloomberg reported, quoting Dimon.
However, during JPMorgan’s first quarter earnings call, Dimon had mentioned that economists believe tariffs “will be inflationary to 0.5% or something like that.”
Benzinga tracks 24 analysts covering JPMorgan with a consensus price target of $256 and a ‘hold’ rating. The targets range from $159 to $330, with the three latest ratings implying a 0.23% upside for the stock.
Benzinga Edge Stock Rankings shows that JPM had a stronger price trend over the short, medium, and long term. Its momentum ranking was solid, whereas its quality ranking was also good; the details of all the metrics are available here.
Price Action: JPM was 19.53% higher on a year-to-date basis, whereas it has risen 36.57% over the past year.
The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, fell on Friday. The SPY was down 0.35% at $623.62, while the QQQ declined 0.23% to $554.20, according to Benzinga Pro data.
On Monday, the futures of the S&P 500, Dow Jones, and Nasdaq 100 indices were trading lower.
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