Stock futures drift sideways as earnings kick off, Delta, JPM soar

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Markets moves on Wall Street were muted Tuesday morning, with U.S. stock futures holding near record highs as investors looked to an onslaught of corporate earnings and economic data later this week.

8:30 a.m. ET: Inflation tame in December

Consumer prices rose by a modest 0.2% in December, Labor Department data showed on Tuesday, moderating slightly from the prior month and half the pace of October’s jump. The data should comfort the Federal Reserve as it looks to keep rates on hold to encourage growth.

8:30 a.m. ET: A tale of two banks: Wells Fargo and Citigroup

JPMorgan’s record Q4 sets the tone for Tuesday’s trading, Wells Fargo (WFC) and Citigroup (C) brought up the rear — with starkly different results. Citi saw profits surge 15% during the waning months of 2019 as credit and an eye-popping 49% spike in fixed-income trading activity bolstered the bottom line. Yet Wells Fargo suffered a startling 55% profit slump, hurt by the hangover of low rates and regulatory scandals.

WFC’s stock swooned by over 2%, while Citi’s edged higher in pre-market action.

7:50 a.m. ET: Delta profits from Boeing’s 737 MAX woes

An airport worker guides a Delta Air Lines Airbus A319-100 plane on the tarmac at LAX in Los Angeles, California, U.S., January 6, 2020. REUTERS/Lucy Nicholson

At least one beneficiary has emerged from Boeing’s ongoing mess with its flagship plane. Airline giant Delta (DAL) posted fourth quarter profits that beat Wall Street’s estimates — citing an influx of customers that fled rivals because of canceled flights stemming from the 737 MAX’s grounding. The stock surged over 4% in pre-market action from Monday’s close.

7:45 a.m. ET: JPMorgan shares rise after big Q4 earnings beat

Shares of JPMorgan Chase (JPM) jumped more than 1.5% in early trading after the largest U.S. bank by assets reported much stronger than expected fourth-quarter results.

Here were the key figures versus the expectations, according to analysts polled by Bloomberg.

CEO Jamie Dimon highlighted a more constructive geopolitical and macroeconomic backdrop as helping buoy the bank to record revenue and net income in the fourth quarter.

“While we face a continued high level of complex geopolitical issues, global growth stabilized, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year,” Dimon said in a statement. “The U.S. consumer continues to be in a strong position and we see the benefits of this across our consumer businesses.”

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7:36 a.m. ET: Stock futures hug the flatline as earnings kick off

U.S. stocks futures drifted Tuesday morning as investors digested an early set of corporate earnings results, mostly from major financial institutions.

Contracts on the S&P 500 hovered near Monday’s record levels, boosted by optimism surrounding U.S.-China relations after the Trump administration dropped China from a watchlist for currency manipulation.

Here were the main moves during the pre-market session, as of 7:36 a.m. ET:

  • S&P futures (ES=F): 3,288.75, down 1 point or 0.03%

  • Dow futures (YM=F): 28,892, up 21 points or 0.07%

  • Nasdaq futures (NQ=F): 9,081.25, down 7 points or 0.08%

  • Crude oil (CL=F): $58.45 per barrel, up $0.37 or 0.64%

  • Gold (GC=F): $1,543.20 per ounce, down $7.40 or 0.48%

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 8, 2020. REUTERS/Brendan McDermid

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2020-01-14 13:39:00

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