Stock futures gain as big banks post strong earnings

FAN Editor

U.S. stock futures were pointing to a higher open as the big banks continued to post strong quarterly results

Dow Jones Industrial Average futures rose 201 points, or 0.59%, while S&P 500 futures and Nasdaq 100 futures advanced 0.67% and 0.76%, respectively. 

The gains come ahead of the release of September’s producer price index and weekly jobless claims. 

In stocks, Bank of America Corp. reported earnings and revenue that exceeded Wall Street estimates amid strong growth in its lending and stock-trading units. The bank also benefited from the release of $1.1 billion in reserves that were built up during the pandemic. 

Wells Fargo & Co.’s quarterly profit spiked 59%, boosted by the release of money set aside for losses during the pandemic. Both earnings and sales topped analysts’ expectations. 

Morgan Stanley booked stronger-than-expected results as its wealth management division added a record amount of assets. 

Citigroup Inc. is scheduled to report ahead of the opening bell. 

Elsewhere, on the earnings front, Domino’s Pizza Inc. reported an unexpected drop in U.S. same-store sales.

UnitedHealth Group Inc. raised its full-year profit outlook due to robust membership growth in its insurance business from both commercial and Medicare and Medicaid plans. 

Meanwhile, oil companies, including Chevron Corp., ExxonMobil Corp. and Haliburton Co., gained as West Texas Intermediate crude oil climbed $1 to $81.44 a barrel. 

Miners, like Barrick Gold Corp. and Newmont Corp., added to Wednesday’s gains as gold rallied $6.50 to $1,801.20 an ounce.

Electric truck startup Lordstown Motors Corp. named Adam Kroll, a former investment banker who recently served as chief administrative officer at hydrogen-powered commercial vehicle maker Hyzon Motors, as its new finance chief.

Overseas markets mostly gained. 


European bourses were broadly higher with Britain’s FTSE 100 up 0.75%, Germany’s DAX advancing 0.86% and France’s CAC 40 rising 0.9%. 

In Asia, Japan’s Nikkei 225 surged 1.46% while China’s Shanghai Composite index slipped 0.1%. Hong Kong’s Hang Seng index remained closed for holiday. 

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