Wall Street poised for increases ahead of 2Q earnings season

Fox Business

Wall Street is poised to start the week off with increases as second-quarter earnings kick off in earnest with top firms like JPMorgan Chase, Netflix and Wells Fargo preparing to release financial results through June.

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The Dow Jones Industrial Average is expected to rise 33 points at the open, while the S&P and Nasdaq were both trending towards slight bumps.

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Boeing is set to drag down the Dow on Monday, potentially shaving as much as 35 points from the index at the opening bell after the Wall Street Journal reported on Sunday that the Max fleet may not return to service until 2020.

American Airlines and United Airlines have both extended the potential for flight cancellations due to the grounding until early November.

Ticker Security Last Change %Chg
BA BOEING COMPANY 365.33 +6.33 +1.76%
UAL UNITED AIRLINES HLDG. 91.23 +1.75 +1.96%
AAL AMERICAN AIRLINES GROUP INC. 33.78 +0.75 +2.27%

Citigroup kicked off earnings season for the big banks with results that blew away expectations.

Citigroup reported 2Q profit of $1.95 per share topping the estimate for $1.80.  On an adjusted basis, EPS came in at $1.83. Revenue increased 2 percent to $18.8 billion. The estimate was for $18.49 billion.

Ticker Security Last Change %Chg
C CITIGROUP INC. 71.77 +0.16 +0.22%
JPM JP MORGAN CHASE & CO. 115.30 +1.20 +1.05%
BAC BANK OF AMERICA CORP. 29.45 +0.09 +0.31%
GS GOLDMAN SACHS GROUP INC. 213.94 +2.59 +1.23%

JPMorgan Chase, Goldman Sachs, Johnson & Johnson, United Airlines and Wells Fargo are among those who report on Tuesday.

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Meanwhile, U.S. tariffs on China underscored the lowest economic growth for the Asian nation in the past 26 years, down to 6.2 percent in the second quarter. Trump and Chinese President Xi Jinping agreed to withhold any new tariffs as trade talks restart, but the ongoing duties remain a point of contention in the discussions.

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