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Earnings season gets underway Friday with the first reports from major banks. 

JPMorgan Chase & Co. (JPM) - Get JPMorgan Chase & Co. (JPM) Report is expected to report third-quarter earnings per share of $2.26 on sales of $27.4 billion Friday morning before the market opens, based on a FactSet survey of 24 analysts.

The stock has risen 7.7% since the company last reported earnings on Jul. 13. Quarterly estimates have fallen 3.8 cents a share in the past month.

JPMorgan is currently trading at a price-to-forward-earnings ratio of 11.03 based on the 12-month estimates of 30 analysts surveyed by FactSet.

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Although banks are generally expected to perform well during periods of rising interest rates, the sector has struggled along with the rest of the markets this week.  The Financial Select Sector SPDR Fund ETF (XLF) - Get Financial Select Sector SPDR Fund Report , has fallen nearly 6% in this week's sharp selloff, sparked in part by fears the Fed's moves to raise rates may slow economic growth. JPMorgan shares have fallen about 5.5% during the selloff.

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