January 13, 2017 / 12:28 PM / a year ago

US STOCKS-Futures higher as banks kick off fourth-quarter earnings

By Tanya Agrawal

Jan 13 (Reuters) - U.S. stock index futures were slightly higher on Friday as Bank of America kicked off the fourth-quarter earnings season, with reports from two other big U.S. banks still to come.

* Shares of Bank of America were little changed at $22.90 in choppy premarket trading after the lender’s quarterly profit beat estimates, but its revenue fell short.

* JPMorgan, and Wells Fargo are scheduled to report quarterly results at 8:00 a.m. ET (1300 GMT).

* The S&P financial sector has jumped about 17 percent since the Nov. 8 U.S. presidential election, outpacing the S&P 500’s 6.1 percent rise, boosted by hopes of deregulation and increased interest rates.

* Overall, fourth-quarter earnings at S&P 500 companies are expected to have risen 5.7 percent from a year ago, while revenue likely increased 4.4 percent, according to Thomson Reuters data.

* Wall Street closed lower on Thursday, a day after U.S. President-elect Donald Trump dashed investor hopes for new details on his policy plans in his first news conference.

* Oil prices were down 1 percent on Friday on lingering doubts over the extent of OPEC cuts, with sentiment worsened by concerns over the health of the Chinese economy.

* Chinese economic data showed December exports fell by 6.1 percent, meaning the overall fall in exports last year was the biggest since the depths of the crisis in 2009.

* U.S. economic data on tap includes December retail sales, which likely surged 0.7 percent after edging up 0.1 percent in November. The data is expected at 8:30 a.m. ET.

* A separate report at 10 a.m. ET is expected to show U.S. consumer sentiment improved to 98.5 in January from 98.2.

* Philadelphia Fed Chief Patrick Harker is scheduled to speak on “economic mobility” at 9:30 a.m. ET. Harker is a voting member of the policy-setting committee at the Federal Reserve.

* Pandora Media was up 8.7 percent at $13.04 after the online radio service said it would reduce its U.S. workforce and that it expects to surpass its fourth-quarter revenue forecast.

Futures snapshot at 7:01 a.m. ET:

* Dow e-minis were up 24 points, or 0.12 percent, with 11,181 contracts changing hands.

* S&P 500 e-minis were up 2.25 points, or 0.1 percent, with 67,470 contracts traded.

* Nasdaq 100 e-minis were up 8 points, or 0.16 percent, on volume of 11,415 contracts. (Reporting by Tanya Agrawal; Editing by Savio D’Souza)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below