Wednesday, January 19, 2022

Futures will fall after the mixed results of major banks

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() – U.S. stock index futures fell on Friday as major lenders such as JPMorgan and Wells Fargo started their fourth-quarter earnings season with mixed results, while major tech companies continued to decline after the downturn.

FILE PHOTO: Traders work on the New York Stock Exchange (NYSE) in New York City, USA, January 12, 2022. / Brendan McDermid

Although JPMorgan Chase & Co.’s fourth-quarter earnings exceeded expectations, it fell 3.0 percent in pre-market trading, reporting weak sales performance.

Wells Fargo & Co, on the other hand, rose 1.8 percent after earning more than expected in the fourth quarter.

The asset manager of BlackRock Inc. reported fourth-quarter earnings above expectations. However, its shares fell 0.1 percent.

According to IBES from Refinitive, the annual revenue growth of S&P 500 companies was expected to be lower in the fourth quarter compared to the first three quarters, but still strong at 22.4%.

The S&P 500 financial sector has grown nearly 6 percent since the beginning of the year and is higher than the S&P 500, amid banks benefiting from Federal Reserve rate hikes and strengthening treasury revenues.

The financial sector has also benefited from the transition from growth sectors such as technology and consumer will to economically sensitive sectors.

Megacap growth companies such as Apple Inc., Amazon.com Inc., Microsoft, Tesla and Meta are up 0.6% a day after sales triggered by many Fed speakers who have been negotiating inflation and interest rate hikes. fell to.

At ET 7:11, the Dow e-minis fell 49 points or 0.14%, the S&P 500 e-minis fell 8 points or 0.17%, and the Nasdaq 100 e-minis fell 44.25 points or 0.29%.

U.S. casino operators Las Vegas Sands, MGM Resorts, Wynn Resorts and Melco Resorts grew from 3.5% to 10.3% after the Macau government limited the number of new casino operators allowed to operate for up to 10 years.

Investors will look at retail data at the end of the day, with analysts expecting it to remain unchanged in December after rising 0.3% in November.

Interviews of Bansari Mayur Kamdar and Shreyashi Sanyal in Bangalore; Edited by Maju Samuel

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