Dow pops 400 points as Wall Street applauds latest bank earnings, strong June retail sales

18237500 - businessman hand pointing to investment as concept

U.S. stock futures rose Friday as traders awaited the release of more corporate earnings and key economic data.

Dow Jones Industrial Average futures gained 79 points, or 0.24%. S&P 500 and Nasdaq 100 futures climbed 0.2% and 0.1%, respectively.

Wells Fargo and Citigroup are slated to report later in the morning. A day earlier, 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. Preliminary July data for consumer sentiment is out at 10 a.m. ET.

Elsewhere in corporate news, Pinterest shares surged 14% following a Wall Street Journal report that said activist investor Elliott Management took a stake of more than 9% in the social media company.

Wall Street is coming off a mixed session, with the Dow dropping nearly 0.5% on Tuesday. The S&P 500 dipped 0.3%, and the Nasdaq Composite inched 0.03% higher.

These are the 16 U.S. stores that Starbucks is set to close because of safety concerns

Previous article

For bitcoin to bottom here’s what the market wants to see — and it could mean a further 30% drop

Next article

You may also like


Leave a reply

Your email address will not be published.

More in News