Blue Line Capital President Bill Baruch discusses Fed rate hikes and how to hedge against inflation.
U.S. futures traded higher on Friday morning ahead of earnings season for the big banks.
The major futures indexes suggest gains of 0.2% when the final trading day of the week gets underway.
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Keep in mind there will be no U.S. trading in stocks or bonds Monday as the markets observe the Martin Luther King Jr. holiday.
Earnings season for the banks gets underway Friday morning with JPMorgan Chase, Citigroup and Wells Fargo kicking things off.
Several reports are on the economic calendar.
The Commerce Department reports retail sales for December. Economists surveyed by Refinitiv anticipate consumer spending to be flat month-over-month, compared with a smaller-than-expected rise of 0.3% in November. Excluding the automotive component, spending is seen rising 0.2% in December, slightly trailing a 0.3% pop the previous month.
At the same time watch for import and export prices for December. Prices of imported goods likely rose 0.3% month-over-month, after jumping 0.7% in November. Watch for export prices to also rise 0.3% in December, well below the prior month’s 1.0% spike.
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Other reports include industrial production data for December and the University of Michigan’s preliminary index of consumer sentiment for January.
In Europe, London’s FTSE was off 0.1%, Germany’s DAX declined 0.7% and France’s CAC fell 0.8%.
In Asia, Tokyo’s Nikkei 225 lost 1.3%, the Hang Seng in Hong Kong slipped 0.2% and China’s Shanghai Composite index lost 0.9%.
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China reported its global trade surplus surged nearly 30% in 2021 to $676.4 billion. The trade surplus in December swelled 20.8% over a year earlier to a monthly record of $94.4 billion, customs data showed Friday.
The surplus with the United States rose 25.1% in 2021 over a year earlier to $396.6 billion
South Korea’s central bank raised its key interest rate to 1.25% from 1%, acting to counter inflation.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 36113.62 | -176.70 | -0.49% |
| SP500 | S&P 500 | 4659.03 | -67.32 | -1.42% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14806.812261 | -381.58 | -2.51% |
Technology companies led a sell-off on Wall Street Thursday that pulled the major indexes into the red for the week.
The S&P 500 fell 1.4% to 4,659.03. The tech-heavy Nasdaq slumped 2.5% to 14,806.81. The Dow Jones Industrial Average fell 0.5% to 36,113.62.
Apple fell 1.9% and Microsoft fell 4.2%.
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Health care stocks, communication services firms and a mix of companies that rely on direct consumer spending were among the decliners. Pfizer fell 2%, Facebook parent Meta Platforms dropped 2% and Amazon slid 2.4%.
Industrial companies were among the few gainers. Delta Air Lines rose 2.1% after reporting surprisingly good fourth-quarter financial results. Other airlines also got a boost. American Airlines rose 4.5% and United Airlines rose 3.5%.
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U.S. benchmark crude oil added 49 cents to $82.62 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the basis for pricing international oil, gained 72 cents to $85.19 per barrel.
The Associated Press contributed to this report.
