Stocks - U.S. Futures Edge Higher with Bank Earnings in Focus
Investing.com - U.S. futures were slightly higher on Wednesday as investors parsed bank earnings and trade worries returned after news that U.S. officials saw little progress in last week’s trade talks with China.
U.S. Trade Representative Robert Lighthizer saw little progress on key issues with China, Sen. Chuck Grassley told reporters on Tuesday evening, increasing concern that the two largest economies in the world will not strike a deal before the self-imposed March 1 deadline.
The S&P 500 futures rose 3 points or 0.14% as of 6:58 AM ET (11:40 GMT) while Dow futures gained 37 points, or 0.16%. Meanwhile tech heavy Nasdaq 100 futures increased 1 point, or 0.02%.
Earnings season continues with major banks reporting before the opening bell. BlackRock Inc (NYSE:BLK) fell 0.8% after its earnings and revenue missed Wall Street estimates, while Bank of America (NYSE:BAC) jumped 3.9% after its earnings beat expectations. Goldman Sachs (NYSE:GS) is expected to report around 7:30 AM ET (12:30 GMT).
Snap Inc (NYSE:SNAP) slumped 10% after news that its financial chief is resigning less than one year in the role. Facebook (NASDAQ:FB) fell 0.3% while Pearson PLC ADR (NYSE:PSO) dipped 7.9%.
JPMorgan (NYSE:JPM) was among the top gainers in premarket trading, rising 0.4%, while Netflix (NASDAQ:NFLX) increased 0.4% and Tesla (NASDAQ:TSLA) gained 0.2%.
Meanwhile, investors are also digesting news that the U.K. may need to delay its deadline to withdraw from the European Union as the Brexit draft was defeated and opposition Labour Party leader Jeremy Corbyn called for a vote of no confidence in Prime Minister Theresa May's government.
In commodities, gold futures inched up 0.02% to $1,288.65 a troy ounce, while crude oil fell 0.94% to $51.62 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.08% to 95.74.
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