Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.5%), and DJIA (+0.2%) continue to creep higher as breadth figures steadily improve this afternoon. 

JPMorgan Chase (JPM 326.79, +3.70, +1.15%) and other leading banks, such as Bank of America (BAC 56.04, +0.16, +0.28%), Citigroup (C 119.85, +1.76, +1.49%), and Wells Fargo (WFC 94.31, +0.03, +0.03%), are all trading at new 52-week highs today, bolstered by the stronger-than-expected Q3 GDP report (4.3%; Briefing.com consensus 3.0%). 

The report has pared back expectations for aggressive Federal Reserve rate cuts in 2026. Higher long-term rates relative to short-term rates generally improve net interest margin, a core driver of bank profitability. Also, the robust GDP growth signals a resilient consumer and healthy corporate spending environment, providing a healthy backdrop for borrowing demand while also reducing the risk premium associated with potential loan defaults.

Mixed performances across other names in the financials sector (+0.3%) leave it with just a modest gain today, with Coinbase Global (COIN 239.84, -8.06, -3.25%) a notable laggard.