Futures slip as traders parse U.S. big bank earnings

==========

U.S. stock index futures traded lower as investors assessed earnings reports from big U.S. banks. Wells Fargo's quarterly profit fell, JPMorgan Chase's profit rose but fell short of expectations. BlackRock posted a rise in first-quarter profit. Earnings are expected to grow 5% year-on-year. The Dow and the S&P 500 eye weekly losses. U.S. large-cap stocks suffered their largest weekly outflow since December 2022. Money market participants see about a 50% chance of the Fed bringing in the first interest-rate cut in July. Boston Fed President Susan Collins is eyeing a couple of interest-rate cuts this year. Focus now turns to comments from Kansas City Fed President Jeffrey Schmid, Atlanta Fed President Raphael Bostic, and their San Francisco counterpart Mary Daly. Preliminary reading of the University of Michigan's overall index of consumer sentiment for April is due. Dow e-minis were down 129 points, S&P 500 e-minis were down 26.25 points, and Nasdaq 100 e-minis were down 116 points. Applied Digital slumped in premarket trading after reporting a bigger-than-expected quarterly loss. Advanced Micro Devices and Intel dropped after a report that Chinese officials had told the country's largest telecom carriers to phase out foreign processors by 2027.

#UsStockIndexFutures #BigUsBanks #EarningsReports #WellsFargo #JpmorganChase #Blackrock #InterestRates #Dow #S&p500 #Nasdaq #FederalReserve #BostonFed #KansasCityFed #AtlantaFed #SanFranciscoFed #UniversityOfMichigan #AppliedDigital #AdvancedMicroDevices #Intel

https://www.kitco.com/news/off-the-wire/2024-04-12/futures-slip-traders-parse-us-big-bank-earnings