Economic Data, Earnings News In Focus On Wall Street

The major U.S. index futures are pointing to a flat opening on Friday as traders digest some key economic data as well as earnings news from several financial giants.

The Commerce Department released a report showing another unexpected drop in retail sales in June, while a separate report from the Labor Department showed consumer prices came in unchanged in June.

On the earnings front, financial giants Wells Fargo (WFC), Citigroup (C), and JPMorgan Chase (JPM) are all moving lower in pre-market trading after reporting their second quarter results.

Wells Fargo may come under pressure after reporting better than expected second quarter earnings but on weaker than expected revenues.

The downward momentum for Citigroup comes after the company reported better than expected second quarter earnings and revenues but a slowdown in trading activity.

Meanwhile, JPMorgan is seeing pre-market weakness despite reporting second quarter results that beat analyst estimates on both the top and bottom lines.

Stocks turned in a relatively lackluster performance during trading on Thursday but managed to end the day modestly higher. With the uptick on the day, the Dow reached another new record closing high.

The major averages posted slim gains on the day. The Dow crept up 20.95 points or 0.1 percent to 21,553.09, the Nasdaq rose 13.27 points or 0.2 percent to 6,274.44 and the S&P 500 edged up 4.58 points or 0.2 percent to 2,447.83.

Traders seemed reluctant to make more significant moves ahead of the release of some key economic data and earnings news this morning.

Federal Reserve Chair Janet Yellen’s second day of testimony on Capitol Hill also attracted attention, with the central bank chief appearing before the Senate Banking Committee.

Yellen’s prepared remarks mirrored those she delivered to the House Financial Services Committee on Wednesday, when she said gradual interest rate hikes are likely to be appropriate over the next few years.

Before the start of trading, the Labor Department…

Read the full article from the Source…

Leave a Reply