Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US, June 30, 2022.
Brendan McDermid | Reuters
US stock futures rose Thursday night after the Dow Jones Industrial Average tumbled after a disappointing start to second-quarter earnings from the nation’s largest banks.
More major banking results are expected on Friday from Wells Fargo and Citigroup.
Dow Jones Industrial Average futures rose 81 points, or 0.3%. S&P 500 and Nasdaq 100 futures rose 0.3% and 0.3%, respectively.
Shares of Pinterest rose 16% in extended trading after a Wall Street Journal report that said activist investor Elliott Management had acquired more than 9% in the social media company.
The Dow Jones index fell during the Thursday session by about 0.5%, or 142.62 points. The S&P 500 was down 0.3%, and the Nasdaq Composite was up 0.03%.
Investors combed through worrying reports from JPMorgan Chase and Morgan Stanley, which kicked off major bank earnings, and also weighed the possibility of a Fed rate hike and looming recession fears.
JPMorgan Chase shares fell about 3.5%. After the bank said it had built up reserves for bad loans, it halted share buybacks. Meanwhile, Morgan Stanley shares It fell 0.4% after the bank announced weaker-than-expected Investment banking income.
“I don’t have a lot of optimism about our ability to drive profits in this environment,” Victoria Green, CIO of J Squared Private Wealth said Thursday on CNBC.Shutting Bell: Overtime“.” “I don’t think it was bad or tragic, you know, but I do think, unfortunately, this earnings season, any loss of earnings or margins and whatever actual cadence may actually be picked will be punished.”
On the economic front, the latest report on retail sales for June, as well as import and export prices, is due Friday at 8:30 AM ET. The Industrial Production report for June is expected at 9:15 AM ET. July preliminary data on consumer confidence will be released at 10 AM ET.
