Gains in stock futures precede bank earnings and retail sales
Before more banking company earnings were released, U.S. equities futures were trading higher.
When the opening bell sounds, the main futures indexes predict a gain of 0.3%.
Friday morning sees the continuation of the large banks’ earnings announcements.
Citigroup is anticipated to record higher sales but lower profit than in the prior year. Refinitiv’s prediction is for $1.68 per share, which is less than the previous year’s $2.63 estimate. The projected revenue is $18.22 billion, an increase of 4% from the previous year.
It’s anticipated that Wells Fargo would report lower earnings and revenue than it did last year. Refinitiv’s prediction is for $0.80 per share, which is less than it was a year ago ($1.38). The projected revenue is $17.53 billion, a 13% decrease from the prior year.
Retail sales are anticipated to increase 0.8 percent month over month, reversing a surprising dip of 0.3 percent in May, according to the economic calendar. Spending is projected to increase by 0.6 percent in June, up from 0.5 percent in May, when the automobile component is excluded.
Other studies include those on import and export prices and manufacturing from the New York Fed.
The S&P 500 dropped on Wall Street on Thursday, dropping 0.3 percent to 3,790.38. In the benchmark index, almost three out of every four equities finished in the red. To 30,630.17, the Dow Jones Industrial Average decreased by 0.5%. The Nasdaq increased by less than 0.1% to 11,251.19.
Benchmark U.S. crude oil was trading at $94 per barrel. The benchmark price for international trade, Brent crude, was $98 per barrel.
