Co-founder of Key Advisors Group LLC Eddie Ghabour analyzes the U.S. markets and economy, saying that they have yet to ‘bottom out’ on ‘Varney & Co.’
U.S. equity futures were trading higher ahead of the release of more earnings from financial companies.
The major futures indexes suggest a gain of 0.3% when the opening bell rings.
The release of earnings from the big banks continues Friday morning.
The logo for Citigroup appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File / AP Newsroom)
Citigroup is expected to report an increase in revenue, but a lower profit than a year ago. The Refinitiv estimate is for $1.68 per share, down from $2.63 a year ago. The revenue estimate is for $18.22 billion, a 4% boost from a year ago.
JPMORGAN’S DIMON CAUTIOUS ON GLOBAL ECONOMY
Wells Fargo is expected to report lower profit and revenue than a year ago. The Refinitiv estimate is for $0.80 per share, down from $1.38 a year ago. The revenue estimate is for $17.53 billion, down 13% from a year ago.
Customers shopping at Lowe’s in New York. (Associated Press / AP Newsroom)
On the economic calendar, retail sales are expected to rise 0.8% month-over-month, rebounding from a surprise decline of 0.3% in May. Excluding the automotive component, spending is seen rising 0.6% in June, up from 0.5% the prior month.
AMAZON PRIME DAY SKIRTS INFLATION
Other reports include import & export prices and the New York Fed’s report on manufacturing.
Bitcoin traded around $20,000.
In Asia, Tokyo’s Nikkei 225 index added 0.5%, the Hang Seng in Hong Kong declined 2.1% and China’s Shanghai Composite index lost 1.6%.
WHOLESALE INFLATION SURGES 11.3% IN JUNE, ACCELERATING MORE THAN EXPECTED
China reported its economy contracted by 2.6% in the last quarter as virus shutdowns kept businesses closed and people at home.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 30630.17 | -142.62 | -0.46% |
| SP500 | S&P 500 | 3790.38 | -11.40 | -0.30% |
| I:COMP | NASDAQ COMPOSITE INDEX | 11251.185213 | +3.60 | +0.03% |
On Thursday on Wall Street, the S&P 500 fell 0.3% to 3,790.38. Nearly three out of every four stocks in the benchmark index finished in the red. The Dow Jones Industrial Average fell 0.5% to 30,630.17. The Nasdaq rose less than 0.1%, to 11,251.19.
Traders work on the floor of the New York Stock Exchange. (REUTERS/Brendan McDermid)
The yield on the 10-year Treasury, which affects mortgage rates, was at 2.94% early Friday.
U.S. benchmark crude oil traded at $94 a barrel. Brent crude, the pricing basis for international trading, was at $98 a barrel.
The Associated Press contributed to this report.
