Stock futures gain ahead of bank earnings, retail sales

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US equity Futures were trading higher ahead of the release of more earnings from financial companies.

The major Futures Indexes suggest a gain of 0.3% when the opening bell rings.

The release of earnings from the big banks continues Friday morning.

The logo for Citigroup appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File/AP Newsroom)

Citigroup is expected to report an increase in revenue, but a lower profit than a year ago. The Refinitiv estimate is for $1.68 per share, down from $2.63 a year ago. The revenue estimate is for $18.22 billion, a 4% boost from a year ago.

JPMORGAN’S DIMON CAUTIOUS ON THE GLOBAL ECONOMY

Wells Fargo is expected to report lower profit and revenue than a year ago. The Refinitiv estimate is for $0.80 per share, down from $1.38 a year ago. The revenue estimate is for $17.53 billion, down 13% from a year ago.

Customers shopping in New York

Customers shopping at Lowe’s in New York. (Associated Press/AP Newsroom)

On the economic calendar, retail sales are expected to rise 0.8% month-over-month, rebounding from a surprise decline of 0.3% in May. Excluding the Automotive component, spending is seen rising 0.6% in June, up from 0.5% the previous month.

AMAZON PRIME DAY SKIRTS INFLATION

Other reports include import & export prices and the New York Fed’s report on manufacturing.

Bitcoin traded around $20,000.

In Asia, Tokyo’s Nikkei 225 index added 0.5%, the Hang Seng in Hong Kong declined 2.1% and China’s Shanghai Composite index lost 1.6%.

WHOLESALE INFLATION SURGES 11.3% IN JUNE, ACCELERATING MORE THAN EXPECTED

China reported its economy contracted by 2.6% in the last quarter as virus shutdowns kept businesses closed and people at home.

Ticker Security Last Change Change %
I: DJI DOW JONES AVERAGES 31288.26 +658.09 +2.15%
SP500 S&P 500 3863.16 +72.78 +1.92%
I: COMP NASDAQ COMPOSITE INDEX 11452.421129 +201.24 +1.79%

On Thursday on Wall Street, the S&P 500 fell 0.3% to 3,790.38. Nearly three out of every four stocks in the benchmark index finished in the red. The Dow Jones Industrial Average fell 0.5% to 30,630.17. The Nasdaq rose less than 0.1%, to 11,251.19.

NYSE Floor Traders

Traders work on the floor of the New York Stock Exchange. (REUTERS/Brendan McDermid)

The yield on the 10-year Treasury, which affects mortgage rates, was at 2.94% early Friday.

US benchmark crude oil traded at $94 a barrel. Brent crude, the pricing basis for international trading, was at $98 a barrel.

The Associated Press contributed to this report.

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