Stocks slip after JPMorgan, Wells Fargo’s mixed results
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U.S. stock futures traded lower Friday as bank earnings rolled in and ahead of a report on retail sales.
The major futures indexes suggest a decline of 0.3%, extending Thurday's losses.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 36113.62 | -176.70 | -0.49% |
| SP500 | S&P 500 | 4659.03 | -67.32 | -1.42% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14806.812261 | -381.58 | -2.51% |
JPMorgan shares are indicated to open lower after posting a 14% drop in quarterly profits, while profits at Wells Fargo jumped 86%, lifting those shares.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 168.23 | -0.21 | -0.12% |
| WFC | WELLS FARGO & CO. | 56.00 | -0.40 | -0.71% |
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Several reports are on the economic calendar.
The Commerce Department reports retail sales for December. Economists surveyed by Refinitiv anticipate consumer spending to be flat month-over-month, compared with a smaller-than-expected rise of 0.3% in November. Excluding the automotive component, spending is seen rising 0.2% in December, slightly trailing a 0.3% pop the previous month.
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At the same time, watch for import and export prices for December. Prices of imported goods likely rose 0.3% month-over-month, after jumping 0.7% in November. Watch for export prices to also rise 0.3% in December, well below the prior month’s 1.0% spike.
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Other reports include industrial production data for December and the University of Michigan's preliminary index of consumer sentiment for January.
In commodities, oil held at the $82-per-barrel level.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 58.27 | -0.64 | -1.09% |
In Europe, London's FTSE was off 0.1%, Germany's DAX declined 0.7% and France's CAC fell 0.7%.
In Asia, Tokyo's Nikkei 225 lost 1.3%, the Hang Seng in Hong Kong slipped 0.2% and China's Shanghai Composite index lost 0.9%.
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China reported its global trade surplus surged nearly 30% in 2021 to $676.4 billion. The trade surplus in December swelled 20.8% over a year earlier to a monthly record of $94.4 billion, customs data showed Friday.
The surplus with the United States rose 25.1% in 2021 over a year earlier to $396.6 billion
South Korea’s central bank raised its key interest rate to 1.25% from 1%, acting to counter inflation.
Keep in mind there will be no U.S. trading in stocks or bonds Monday as the markets observe the Martin Luther King Jr. holiday.
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FOX Business' Ken Martin and The Associated Press contributed to this report.
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