US pre-open: Stocks little changed as traders await bank earnings

12th Jul 2024 10:58

(Sharecast News) - Wall Street futures were little changed ahead of the bell on Thursday ahead of more key inflation data and a number of earnings from major US banks.

As of 1200 BST, Dow Jones and S&P 500 futures were up 0.08% and 0.02%, respectively, while Nasdaq-100 futures had the index opening 0.06% weaker.

The Dow closed 32.39 points higher on Thursday, while the Nasdaq was sharply lower and S&P 500 suffered its worst session since April amid a rotation out of big-name tech stocks, with chipmaker Nvidia down 5.6% on the session and social media giant Meta Platforms losing 4.1%.

Thursday's primary focus will be on second-quarter earnings from banks JPMorgan Chase, Wells Fargo, and Citigroup, which were all scheduled for release before the opening bell.

Swissquote's Ipek Ozkardeskaya said: "Today, attention shifts to earnings. The US big banks will open the dance today. Shares of big US big banks outperformed the S&P500 this year. But the Q2 results may look mixed as the interest rate environment wasn't favourable due to rise in yields, the net interest income may have remained limited due to sluggish loan growth, the non interest revenues were probably mixed due to slowing economic activity and credit is a place to watch given the fears around the commercial real estate but investors could look past the rate-related worries as the Fed is now expected to announce the first rate cut as early as September and cut three times before the year ends."

On the macro front, June's producer price index will be published at 1330 BST, while a preliminary reading of last month's University of Michigan's consumer sentiment index was slated for release at 1500 BST.

Reporting by Iain Gilbert at Sharecast.com