March 2, 2024


Technology/Tech News – Get all the latest news on Technology, Gadgets with reviews, prices, features, highlights and specificatio

Stock futures are flat as investors await profits from big banks

Stock futures are flat as investors await profits from big banks

Stock futures were flat in overnight trading Thursday as investors prepared for the start of big bank earnings.

Futures related to the Dow Jones Industrial Average and S&P 500 were flat, while futures on the Nasdaq 100 were down 0.10%.

The overnight moves came after a positive day for the three major indices. The Nasdaq Composite snapped gains on the fifth day – for the first time since July. Stocks rose broadly as the December CPI report showed prices fell 0.1% during the month of November. While prices rose at a 6.5% pace from a year earlier, the results fueled hopes that the Federal Reserve may soon slow its rally.

The Dow Jones Industrial Average added 216.96 points, or 0.64%. The S&P 500 and Nasdaq Composite Indexes gained 0.34% and 0.64%, respectively, during regular trading.

The Nasdaq Composite Index is on track for its longest daily winning streak since July

Stocks are heading for a winning week, with the Nasdaq and S&P on pace to post their best weekly performance since November. The Nasdaq was up 4.09% through Thursday’s close. The S&P advanced 2.26%, while the Dow Jones added 1.66%.

Eight of the 11 S&P 500 sectors ended positive on Thursday, leading the bullish into 2022. Consumer goods stocks slowed, with the sector down 0.79%.

Earnings season kicks off in full swing on Friday with results for major banks JPMorgan Chase, Wells Fargo, Citigroup and Bank of America. Investors will be watching the releases, which are expected to provide more insights into the health of the economy and set the tone for earnings season.

See also  China's Baidu reveals more capabilities of its AI-powered chatbot Ernie

“As the tug of war intensifies among analysts over the prospects of a recession — and the depth of the recession — earnings reports from banks, along with their guidance, should help explain how companies and consumers are managing,” Quincy said. Crosby, chief global strategist at LPL Financial.

Delta Air Lines, BlackRock and United Health are also due to report on Friday. Consumer confidence data is due later in the morning.