MARKET SNAPSHOT: Dow Industrials Set To Hover At Record As Banks Kick Off Earnings Season
14 Luglio 2017 - 3:05PM
Dow Jones News
By Barbara Kollmeyer, MarketWatch
Consumer prices, retail sales also headline a busy day
The Dow Jones Industrial Average was poised to hover around
record highs on Friday, though stock futures pointed to slight
caution with mixed earnings reports from major banks, including
J.P. Morgan Chase & Co. Citigroup Inc. and Wells Fargo.
Dow industrials futures were flat at 21,509, while those for the
S&P 500 were up by a point to 2,446.50. Nasdaq-100 futures rose
19 points to 5,816.
On Thursday, the Dow industrials logged its 24th record close
this year
(http://www.marketwatch.com/story/dow-aims-for-fresh-record-as-yellen-emboldens-bulls-2017-07-13),
driven by gains for the financial and retail sectors. The index
rose 0.1% to finish at 21,553.09. The S&P 500 index added 0.2%
while the Nasdaq Composite picked up 0.2%, its fifth-straight
positive close.
Need to Know:Here's a quirkier game plan for markets that are
'priced for perfection'
(http://www.marketwatch.com/story/heres-a-quirkier-game-plan-for-markets-that-are-priced-for-perfection-2017-07-14)
On the whole, it has been a winning week for stocks, led by a
nearly 2% gain for the Nasdaq, a roughly a 1% gain for the S&P
500 and a 0.7% rise for the DJIA ahead of Friday's session. Dovish
comments from Federal Reserve Chairwoman Janet Yellen in Capitol
Hill testimony boosted stocks this week.
Friday marks a big day for the start of second-quarter earnings
season as major banks haved reported ahead of the bell.
Stocks to watch: J.P. Morgan(JPM) beat expectations on both
revenue and profit, but shares gave up an early initial gain to
turn about 1% lower.
Citi (C) reported earnings that were better than expected
(http://www.marketwatch.com/story/citigroup-tops-profit-and-revenue-estimates-2017-07-14),
but it did show signs of a slowdown in trading, with overall
trading revenue down 4% and fixed-income trading revenue off 6%.
Shares of the bank were trading up 0.4% after initially slipping
more than 1%.
Wells Fargo & Co.(WFC) reported second-quarter results that
were better than expected but shares traded lower in premarket.
Ahead of those results, Wall Street had been expecting banks to
deliver a weak quarter, potentially kicking off the latest in a
string of disappointing earnings seasons
(http://www.marketwatch.com/story/bank-earnings-expect-another-meh-quarter-of-weak-trading-revenue-2017-07-10).
The shine has come off the sector as hopes have faded that
President Donald Trump will push through structural reforms and
boost the economy. Disappointment from banks could weigh on the
broader market, warned some.
"Soft financial results could dent the appetite and pull...U.S.
stocks down from their all-time high levels," said Ipek
Ozkardeskaya, senior market analyst at LCG, in a note to
clients.
Read:Four key sectors to watch closely this earnings season
(http://www.marketwatch.com/story/four-key-sectors-to-watch-closely-this-earnings-season-2017-07-13)
(http://www.marketwatch.com/story/four-key-sectors-to-watch-closely-this-earnings-season-2017-07-13)Data
on tap:The consumer price index
(http://www.marketwatch.com/story/inflation-goes-nowhere-in-june-cpi-shows-2017-07-14),
or cost of living, was unchanged last month, largely due to lower
gasoline prices. Economists polled by MarketWatch expect the
consumer-price index rose 0.1% month-on-month in June, while core
inflation is seen coming in at 0.2%.
Retail sales dropped 0.2% in June.
At 9:15 a.m., June industrial production and capacity
utilization will be released.
Dallas Fed President Robert Kaplan will speak on Fed and
monetary policy in Mexico City at 9:30 a.m. Eastern.
Other markets: In Asia , markets ended the day with modest
gains. European stocks
(http://www.marketwatch.com/story/european-stocks-waver-but-best-week-in-two-months-in-sight-2017-07-14)
stocks were mixed, but still looking at the best week in two
months. A stronger British pound was weighing on the FTSE 100
(http://www.marketwatch.com/story/stronger-pound-holds-ftse-100-back-for-2nd-day-2017-07-14)
for a second day.
Oil prices firmed up, along with gold , while the dollar was
easing back slightly.
Read:Saudi Arabia's worst-case oil scenario might surprise you
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(END) Dow Jones Newswires
July 14, 2017 08:50 ET (12:50 GMT)
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