U.S. stock futures pointed to a lower open Friday morning after details of President-elect Joe Biden’s proposed $1.9 trillion COVID-19 relief package underwhelmed investors and the big banks kicked off earnings season.
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Dow Jones Industrial Average futures were trading lower by 156 points, or 0.5%, while S&P 500 futures and Nasdaq futures were weaker by 0.4% and 0.21%, respectively.
Biden’s proposed package includes a $1,400 check to individuals and provides a temporary boost in unemployment benefits while also providing funding for the distribution of COVID-19 vaccines, among other things.
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Looking at stocks, JPMorgan Chase & Co. reported quarterly profit rose 42% year over year, bolstered by investment banking and trading, which offset the headwind of low interest rates.
Wells Fargo & Co. posted a surprise proft, but missed on revenue. The San Francisco-based lender’s board of directors approved a 500 million-share increase to its buyback program.
Citigroup Inc. also beat on the top line but fell short on revenue.
Elsewhere, security software provider BlackBerry Ltd. shares were sharply higher for a second straight session after Canada’s The Globe & Mail reported the company sold 90 patents to Chinese tech giant Huawei.
Shares of online resale marketplace Poshmark Inc. remained in focus a day after soaring 142% in their New York Stock Exchange debut.
Looking at commodities, West Texas Intermediate crude oil slid 77 cents to $52.80 per barrel and gold shed $4.50 to $1,846.90 an ounce.
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European markets were lower across the board with France’s CAC 40 down 1%, Britain’s FTSE 100 weaker by 0.8% and Germany’s DAX 30 declining 0.75%.
In Asia, Japan’s Nikkei 225 declined 0.62% while China’s Shanghai Composite index ticked up 0.01% and Hong Kong’s Hang Seng index advanced 0.27%.