Stock futures rise as Wall Street awaits more bank earnings
U.S. stock futures rose Friday morning after the Dow Jones Industrial Average declined following a disappointing start to second quarter earnings from the country’s largest banks.
More major bank results are expected Friday from Wells Fargo and Citigroup.
Dow Jones Industrial Average futures rose by 85 points, or 0.28%. S&P 500 and Nasdaq 100 futures climbed 0.36% and 0.45%, respectively.
Pinterest shares surged 16% in extended trading following a Wall Street Journal report that said activist investor Elliott Management took a stake of more than 9% in the social media company.
The Dow during Thursday’s session shed nearly 0.5%, or 142.62 points. The S&P 500 dipped 0.3%, and the Nasdaq Composite inched 0.03% higher.
Investors combed through troubling reports from JPMorgan Chase and Morgan Stanley, which kicked off major bank earnings, and also weighed the likelihood of larger interest rate hikes from the Federal Reserve and looming recession concerns.
Shares of JPMorgan Chase dropped about 3.5% after the bank said it built up reserves for bad loans, and suspended share buybacks. Meanwhile, Morgan Stanley’s shares declined 0.4% after the bank reported weaker-than-expected investment banking revenue.
“I don’t have a lot of bullishness on our ability to grow earnings in this environment,” G Squared Private Wealth CIO Victoria Greene said Thursday on CNBC’s “Closing Bell: Overtime.” “I don’t think it was bad or tragic, you know, but I think unfortunately, this earnings season, any miss on earnings or margins is going to be punished and any actual beats may actually be picked apart.”
On the economic front, the latest report on June retail sales, as well as import and export prices, are due out Friday at 8:30 a.m. ET. The June industrial production report is expected at 9:15 a.m. ET. Preliminary July data for consumer sentiment is out at 10 a.m. ET.
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