Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S. Futures Largely Flat; JPMorgan Starts Banking Earnings Season

Stock MarketsApr 14, 2021 11:56
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen drifting Wednesday, with investors cautious as the new earnings season starts in earnest, starting with the banking sector.

At 7 AM ET (1200 GMT), the Dow Futures contract was down 30 points, or 0.1%, S&P 500 Futures traded 2 points, or 0.1%, higher, and Nasdaq 100 Futures climbed 20 points, or 0.1%.

The broad-based S&P 500 index closed at a record high on Tuesday, rising 0.3%. The Dow Jones Industrial Average fell 0.2%, or 68 points, but had been down more than 100 points intraday, and the Nasdaq Composite ended up 1.1%

JPMorgan Chase (NYSE:JPM) started the ball rolling, posting strong gains in both revenues and earnings, although its stock is down 1% in premarket trading. Goldman Sachs (NYSE:GS) and Wells Fargo (NYSE:WFC) also set to release first-quarter earnings before the bell.

Investors will also be looking out for trading trends, outlooks for economic recovery as more areas open up, and any commentary on additional Archegos fallout.

First-quarter earnings for S&P 500 companies are estimated to have risen 25% in the quarter, according to Refinitiv IBES data, which would be the biggest quarterly gain since 2018. The relative gains are made easier by the collapse of most companies' business in March last year as the pandemic exploded.

Also of interest Wednesday will be the stock market debut of Coinbase Global, the largest U.S. cryptocurrency exchange, which received a reference price of $250 per share on Tuesday. The company said last week that it expects to report a first-quarter profit of up to $800 million.

The economic data slate includes March import prices, which will be of extra interest after consumer prices rose 0.6% on Tuesday, the largest gain since August 2012, while the Fed's Beige Book is expected to showcase improving economic conditions around the country.  

There are also a number of Fed speakers due to discuss the economic outlook on Wednesday, including Chairman Jerome Powell, who is set to speak at an Economic Club of Washington.

Oil prices pushed higher Wednesday, helped by the International Energy Agency joining OPEC in raising its forecasts for global oil demand this year, by an average of 230,000 barrels a day from its March forecasts. 

This added to the positive tone generated by Tuesday’s industry data showed U.S. oil inventories declined more than expected last week, a drop of 3.6 million barrels in the week, according to the American Petroleum Institute.

Official inventory figures from the U.S. Energy Information Administration are due later Wednesday.

U.S. crude futures traded 1.6% higher at $61.15 a barrel, while the Brent contract rose 1.6% to $64.66. 

Elsewhere, gold futures fell 0.3% to $1,742.35/oz, while EUR/USD traded 0.1% higher at 1.1954.

 

U.S. Futures Largely Flat; JPMorgan Starts Banking Earnings Season
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email