JPMorgan Chase

Over its last 20 sessions JPM has moved 0.92% on a typical day, making it one of the calmer of the stocks Kinzan tracks (their median is 1.81%).

That makes the last 24 hours a −1.6σ session for JPM — the kind it has roughly twice a month.

It sits in the lower half of its 24-hour range of 330.79–337, measured on hourly closes.

Most of the move came in the London session (07:00–13:00 UTC), which accounted for about 54% of the day's price action.

Over the last 60 sessions of daily returns, it has moved most closely with BAC (+0.63, a strong relationship).

Its last close is at the 24th percentile of its own last 82 sessions, and its 20-day volatility at the 18th.

Market read: JPMorgan is drifting toward the bottom of its range, hampered by consistent selling pressure.

What it is

JPMorgan Chase is a universal bank, doing almost everything a bank can do under one roof. Under the Chase brand it runs a national branch network, takes deposits and lends through cards, mortgages and car loans. Its corporate and investment bank advises on mergers, underwrites share and bond issues, makes markets across asset classes, and moves money and holds securities for institutions worldwide. It also lends to mid-sized businesses and runs a large asset and wealth management arm. The breadth matters: a large part of its income comes from interest and much of the rest from fees and trading, so a weak quarter in one area is often offset elsewhere.

What drives it

Net interest income is the anchor, and the company’s guidance for it is often the single most traded line in its results. It depends on the path of Federal Reserve rates, on deposit costs and on loan growth. Credit is the second input: card charge-offs and changes in loan-loss reserves are treated as the bank’s own forecast of the economy. Trading revenue tends to rise in volatile quarters, and investment-banking fees follow the cycle of deals and issuance. Capital rules sit above all of it. As the most systemically important US bank it carries the highest capital surcharge among its peers, and the annual Federal Reserve stress test and any rewriting of the rules decide how much can be returned to shareholders. Its commentary on the consumer and the economy carries unusual weight.

How it trades through the day

Results are released before the US open, traditionally on one of the first days of each reporting season, which makes them an early broad read on the quarter for the financial sector and the wider market. The cash session runs 13:30 to 20:00 UTC in summer and 14:30 to 21:00 UTC in winter. Federal Reserve decisions, announced at 18:00 UTC in summer and 19:00 UTC in winter, and the late-June stress-test results are the other fixed points.

What it tends to move with

It trades with the other money-centre banks, Bank of America, Citigroup and Wells Fargo, and with bank indices such as the KBW Bank Index. The slope of the yield curve and credit spreads are the macro variables that matter most. It is a Dow Jones Industrial Average constituent.