Stocks May Open Slightly Higher; Earnings Eyed
Stocks look headed for a positive start on Wall Street on Friday, with the focus shifting to earnings reports and other corporate news.
Amid reports that China is refraining from detailing retaliation plans against the latest U.S. tariffs, worries about trade tensions have subsided a bit for now.
Thursday, the Dow ended up 224.74 points or 0.9 percent at 24,924.89, and the S&P 500 surged up 24.27 points or 0.9 percent to 2,798.29, while the tech-heavy Nasdaq soared 107.30 points or 1.4 percent to a new record closing high of 7,823.92.
In company news today, JP Morgan Chase has reported a 6.5% rise in revenue to $28.39 billion for the quarter ended June, from $26.66 billion last year. The company said its bottomline came in at $8.32 billion, or $2.29 per share in the June quarter, compared to $7.03 billion, or $1.82 per share, in last year’s second quarter. Analysts had expected the company to earn $2.22 per share, according to figures compiled by Thomson Reuters.
PNC Financial Services Group Inc. reported revenue of $4.32 billion for the second quarter, up 6.4% from $4.06 billion last year. Its bottomline totaled $1.36 billion, or $2.72 per share, up from $1.09 billion, or $2.10 per share, in last year’s second quarter.
Citigroup and Wells Fargo are scheduled to report second quarter earnings today.
Even as trade concerns linger, there are expectations that U.S. and China will try to work out a solution for the dispute.
According to reports, Donald Trump has stated that UK Prime Minister Theresa May’s plan to exit the European Union would likely make any type of U.S.-British trade deal unfeasible.
In the currency market, the dollar is trading higher against most major currencies. The Dollar Index is currently up 0.36 points or 0.38% at 94.93.
On the economic front, data on import and export prices for June are scheduled for released at 8:30 AM ET.
The University of Michigan’s preliminary measure of July consumer sentiment is due for release at 10:00 AM ET.
Baker Hughes will be releasing Rig Count data for June around 1 PM ET.
Markets in Asia ended mostly higher today as investors shrugged off trade concerns and shifted their focus to earnings reports.
Major European markets are currently trading higher.
by RTTNews Staff Writer
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