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Big bank stocks rebounded from earlier declines Wednesday after President Donald Trump said he would pause "reciprocal" import taxes for 90 days.

Earlier Wednesday, bank shares had fallen as JPMorgan Chase ( JPM ) CEO Jamie Dimon said the economy could be headed toward a recession as Trump's tariffs rattled markets. "I think probably it's a likely outcome," Dimon said in a televised appearance on Fox Business ' "Mornings with Maria."

Just after 1:15 p.m. ET, however, President Trump wrote on Truth Social that he would pause most tariffs effective immediately, causing stocks to soar. Shares of JPMorgan were up 8% in recent trading, while Bank of America ( BAC ) stock rose 6%, and Wells Fargo ( WFC ) and Citigroup ( C ) shares jumped 7% and 9%, respectively. (Read Investopedia's live coverage of today's market action here .)

Several major U.S. banks, including JPMorgan and Wells Fargo, are set to report quarterly earnings on Friday, with investors likely to be watching whether worries about tariffs are hampering clients' borrowing appetites and ability to repay loans.

UPDATE—This article has been updated with the latest share price information.

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