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STOCK MARKET NEWS: Futures slide, bank earnings on tap, crypto broker announces cuts


U.S. equity futures were trading lower ahead of the start of earnings season for the big banks and the release of a slew of economic reports.

The major futures indexes suggest a decline of 0.4% when the trading day begins on Wall Street.

Oil prices were searching or direction with both contracts down 3% for the week.

U.S. West Texas Intermediate (WTI) crude futures traded around $88.00 per barrel.

Brent crude futures traded around $93.00 per barrel.

The yield on the 10-year Treasury, which helps set rates for mortgages and many other loans, was at 3.91% Friday morning.

The big banks unofficially kick off third-quarter earnings season Friday morning.

JPMorgan Chase, Wells Fargo, Citigroup, and Morgan Stanley are all scheduled to report ahead of the opening bell. 

Rising interest rates should help the banks by boosting net interest margin and net interest income. On the flip side, the jump in borrowing costs could mean that loan demand takes a hit. 

On the economic calendar, reports are due on retail sales, import & export prices and consumer sentiment.

Asian stock markets surged Friday after Wall Street rebounded from a slump caused by worse-than-forecast inflation numbers.

Japan’s Nikkei soared 3.3%, Hong Kong jumped 1.2% and China’s Shanghai Composite gained 1.8%.

Wall Street’s benchmark S&P 500 index rebounded to end up 2.6% for its biggest daily gain in 2 1/2 years.

The Dow Jones Industrial Average rose 2.8% at 30,038.72. The Nasdaq composite climbed 2.2% at 10,649.15.





Read More: STOCK MARKET NEWS: Futures slide, bank earnings on tap, crypto broker announces cuts

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