Stock futures point to losses for Wall Street on Friday, as investors awaited a batch of bank earnings and data including retail sales and consumer confidence.
U.S. stock futures pointed to a weaker start for Wall Street on Friday, as the start of first-quarter reporting season loomed with earnings ahead from big banks such as JPMorgan Chase & Co., Wells Fargo & Co. and others.How are stock-index futures trading? On... U.S. stock futures pointed to a weaker start for Wall Street on Friday, as the start of first-quarter reporting season loomed with earnings ahead from big banks such as JPMorgan Chase & Co., Wells Fargo & Co. and others.
What’s driving the market? Investors were headed into the last trading session of the week in a cautious mood, and for good reason. Investors are anxious to see how the collapse of Silicon Valley Bank and two other U.S. lenders last month might be affecting big banks, given signs lending standards could be tightening up. Analysts have been cutting earnings estimates for both large and regional banks in the wake of the crisis.
“Well Fargo is even more interesting because of its large exposure to the U.S. West Coast which has been hit the hardest by the slowdown in the technology sector,” they said in a note to clients.
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