JPMorgan Chase is scheduled to report third-quarter earnings before the opening bell Friday.

Here’s what Wall Street expects:

• Earnings: $4.01 a share, according to LSEG
• Revenue: $41.63 billion, according to LSEG
• Net interest income: $22.73 billion, according to StreetAccount
• Trading Revenue: Fixed income of $4.38 billion, Equities of $2.41 billion, according to StreetAccount

JPMorgan will be watched closely for clues on how banks are faring at the start of the Federal Reserve’s easing cycle.

The biggest American bank has thrived in a rising rate environment, posting record net income figures since the Fed started hiking rates in 2022.

Now, with the Fed cutting rates, there are questions as to how JPMorgan will navigate the change. Like other big banks, it’s margins may be squeezed as yields on interest-generating assets like loans fall faster than its funding costs.

Last month, JPMorgan dialed back expectations for 2025 net interest income and expenses, and analysts will want more details on those projections.

Analysts will also want to hear JPMorgan CEO Jamie Dimon’s thoughts about the upcoming U.S. election and the industry’s efforts to push back against an array of regulatory moves to rein in fees and force banks to hold more capital.

Shares of JPMorgan have jumped 25% this year, exceeding the 20% gain of the KBW Bank Index.

Wells Fargo is scheduled to release results later Friday, while Bank of America, Goldman Sachs, Citigroup and Morgan Stanley report next week.

This story is developing. Please check back for updates.