April 12, 2019 / 11:48 AM / 4 months ago

US STOCKS-Futures rise as JPMorgan kicks off earnings season on strong note

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.)

* JPM rises after Q1 profit beat

* Anadarko jumps on Chevron’s $33 bln deal

* Disney up after pricing streaming service

* Futures up: Dow 0.70%, S&P 0.54%, Nasdaq 0.47%

By Shreyashi Sanyal and Sruthi Shankar

April 12 (Reuters) - U.S. stock index futures rose on Friday after JPMorgan kicked off first-quarter earnings season on a strong note, while signs of stabilization in China’s economy helped ease global growth concerns.

JPMorgan Chase & Co rose 2.5% after the largest U.S. bank by assets topped quarterly earnings expectations, helped by higher interest income and gains in the bank’s advisory and debt underwriting business.

Shares of Well Fargo & Co climbed 1.7%, ahead of its quarterly earnings report.

S&P 500 companies are expected to post their first profit contraction since 2016 in the first quarter, with analysts projecting a 2.5 percent drop in earnings. Also, S&P 500 banks are expected to post earnings growth of 1.8%, down from an 8.2% rise estimated six months ago, according to Refinitiv data.

The S&P banks index has risen 12.8% this year, compared with a 15.2% gain for the S&P 500.

Data from China showed exports rebounded in March but imports shrank for a fourth straight month and at a sharper pace. The data, which eased concerns about a slowdown in world’s second largest economy, and a jump in oil prices offered support to global equities.

Grabbing the spotlight in the energy sector was Chevron Corp’s $33 billion offer to buy smaller rival Anadarko Petroleum Corp. Shares of Anadarko jumped 30.3%, while Chevron fell 4%.

At 7:14 a.m. ET, Dow e-minis were up 183 points, or 0.7%. S&P 500 e-minis were up 15.5 points, or 0.54% and Nasdaq 100 e-minis were up 35.75 points, or 0.47%.

The S&P 500 index is now less than 2% away from its all-time high hit in September, helped by the Federal Reserve’s patient stance on raising interest rates and signs of progress in the U.S.-China trade talks.

Investors are hoping that a trade deal with China and a better-than-feared quarterly earnings season will help push Wall Street above its September high.

Walt Disney Co gained 3.2% after the company priced it highly anticipated streaming service in a bid to challenge the digital dominance of Netflix Inc. Netflix shares were down 0.7%.

New York-listed shares of Fiat Chrysler rose 3.1% after its chairman provided an upbeat outlook for the full year. (Reporting by Shreyashi Sanyal and Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)

Nuestros Estándares:Los principios Thomson Reuters
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