Futures on stocks rise over bank profits and retail sales
The co-founder and founder of Key Advisors Group LLC Eddie Ghabour analyses market trends and the U.S. markets and economy and states that they have yet to get to the bottom of ‘Varney and Co.’
U.S. equity futures were trading higher prior to the release of additional profits from financial firms.
The major futures indexes indicate gains of 0.3 percent once the bell that opens will ring.
The announcement of earnings from the biggest banks continues on Friday early in the morning.
The logo for Citigroup is visible over a trading pillar at the bottom of the New York Stock Exchange. (AP Photo/Richard Drew, File / AP Newsroom)
Citigroup expects to announce an increase in revenue however, it will report a lower profit than last year’s. The Refinitiv estimate is $1.68 per share which is down from $2.63 one year ago. The revenue estimate is $18.22 billion, which is a four percent increase over the previous year.
Wells Fargo is expected to make a lower profit and revenue than the previous year. The Refinitiv estimates are for $0.80 per share lower than $1.38 one year ago. The estimate of revenue is $17.53 billion, which is down 13 percent from the previous year.
Customers shop for groceries at Lowe’s in New York. (Associated Press / AP Newsroom)
In the economic calendar, retail sales are predicted to rise 0.8 percent over the course of the month, recovering from a shock drop of 0.3 percent in May. Except for the automotive sector, the spending forecast is 0.6 percent in June, a rise from 0.5 percent the previous month.
The other reports are on import and export prices, as well as the report of the New York Fed on manufacturing.
Bitcoin is traded at between $20,000 and $30,000.
In Asia, Tokyo’s Nikkei 225 index added 0.5 percent, while the Hang Seng in Hong Kong fell 2.1 percent and China’s Shanghai Composite index lost 1.6 percent.
China has reported that its economy slowed by 2.6 percent in the past quarter due to the shutdown of viruses that forced businesses to shut down and kept residents in their homes.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGES | 31827.05 | +754.44 | +2.43% |
| SP500 | S&P 500 | 3936.69 | +105.84 | +2.76% |
| I: COMP | NASDAQ COMPOSITE INDEX | 11713.147473 | +353.10 | +3.11% |
On Thursday, on Wall Street, the S&P 500 dropped 0.3 percent to 3,790.38. Nearly three of every four stocks on the index ended in the red. Its Dow Jones Industrial Average fell 0.5 percent to 30,630.17. The Nasdaq was up just 0.1 percent and reached 11,251.19.
