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Stocks- U.S. Futures Rise as Banks Report Earnings

Stock MarketsJan 12, 2018 06:59AM ET
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© Reuters. U.S. Futures were up ahead of earnings, economic data. – Wall Street was set to rise on Friday, as investors digest earnings results from key financial institutions and await a flurry of economic data later in the day.

The S&P 500 futures rose five points or 0.21% to 2,775.25 as of 6:55 AM ET (11:51 GMT) while Dow futures increased 99 points or 0.39% to 25,654.0. Meanwhile tech heavy Nasdaq 100 futures was up over seven points or 0.12% to 6,734.25.

Investors will be looking for clues as to how the tax code overhaul will impact companies as earnings season gets under way. Financial giant BlackRock Inc (NYSE:BLK) reported a higher than expected fourth quarter while JPMorgan (NYSE:JPM) shares fell 1.21% after its earnings missed estimates. Wells Fargo (NYSE:WFC) is expected to report its financial results after markets close.

Automotive firm Fiat Chrysler Automobiles NV (NYSE:FCAU) was among the biggest gainers in pre-market trading, rising 1.84% while banking firm Banco Santander (MC:SAN) SA ADR (NYSE:SAN) increased 0.42% and ING Group NV ADR (NYSE:ING) inched up 0.10%.

Meanwhile, technology stocks were down. Social media site Facebook (NASDAQ:FB) decreased 3.61% while Snap Inc (NYSE:SNAP) slumped 3.49%. Photography company Eastman Kodak Co (NYSE:KODK)fell 2.38% as it slowed from its 57% rise on Wednesday amid news that it was creating its own cryptocurrency.

In economic news, retail sales and the consumer price index is set to come out at 8:30 AM ET (13:30 GMT), with business inventories data released at 10 AM ET(15:00 GMT).

In Europe stocks were up after party leaders in Germany reached a breakthrough in talks to form a new government. Germany’s DAX rose 28 points or 0.22% while in France the CAC 40 increased 16 points or 0.31% and in London, the FTSE 100 rose 18 points or 0.24%. Meanwhile the pan-European Euro Stoxx 50 was up nine points or 0.26% while Spain’s IBEX 35 gained 23 points or 0.23%.

In commodities, gold futures rose 0.69% to $1,331.60 a troy ounce while crude oil futures slumped 0.66% to $63.38 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.57% to 91.14.

Stocks- U.S. Futures Rise as Banks Report Earnings

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