TJM Institutional managing director Chris Robinson and Sarge986 president Stephen Guilfoyle reveal the biggest risks to the market on ‘The Claman Countdown.’
U.S. stock futures traded lower Friday as bank earnings rolled in and after an unexpected 1.9% drop in retail sales.
The major futures indexes suggest a decline of 0.8%, extending Thursday’s losses.
| 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% |
JPMorgan shares are indicated to open lower after posting a 14% drop in quarterly profits. Even so, CEO Jamie Dimon believes the economy is rebounding.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 168.23 | -0.21 | -0.12% |
“I think that the table is set for a very strong economy,” he told FOX Business’ Maria Bartiromo earlier this week. “That consumer has a lot of money, businesses have a lot of money, and they are spending it.”
JPMorgan Chase CEO will discuss the state of the economy on ‘Mornings with Maria’ Tuesday at 6 am ET.
Elsewhere, profits at Wells Fargo jumped 86%, lifting those shares, while Citibank profits dipped 26%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WFC | WELLS FARGO & CO. | 56.00 | -0.40 | -0.71% |
| C | CITIGROUP INC. | 67.78 | +0.50 | +0.74% |
| XLF | FINANCIAL SELECT SECTOR SPDR ETF | 41.26 | -0.16 | -0.39% |
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Retailers are in focus as consumers pulled back spending in December with a decline of nearly 2% on the headline number. Excluding the automotive component, spending fell 2.3% compared to a 0.3% pop the previous month.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 145.47 | +2.03 | +1.42% |
| TGT | TARGET CORP. | 225.83 | +1.36 | +0.61% |
| AMZN | AMAZON.COM INC. | 3,224.28 | -79.86 | -2.42% |
| M | MACY’S INC. | 26.84 | +0.22 | +0.83% |
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Import and export prices for December. Prices of imported goods fell 0.2% month-over-month, after jumping 0.7% in November. Export prices also fell by 1.8%, well below the prior month’s 1.0% spike.
PRODUCER PRICES SOARED BY 9.7% IN DECEMBER, BIGGEST GAIN ON RECORD
Other reports include industrial production data for December and the University of Michigan’s preliminary index of consumer sentiment for January.
In commodities, oil held at the $82-per-barrel level.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 58.27 | -0.64 | -1.09% |
In Europe, London’s FTSE was off 0.1%, Germany’s DAX declined 0.7% and France’s CAC fell 0.7%.
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.
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.
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FOX Business’ Ken Martin and The Associated Press contributed to this report.
