Early on Friday, as investors scrutinised key bank earnings, stock futures were marginally down.
S&P 500 futures increased by 0.2%, while Dow Jones Industrial Average futures advanced by 0.3%. Less than a 0.1% gain was seen in Nasdaq-100 futures.
With better-than-anticipated third-quarter profit and revenue figures, JPMorgan Chase and Wells Fargo led the way in major banking institutions’ earnings on Friday. JPMorgan Chase shares increased 1.8%. In the premarket, Wells Fargo gained 3.3%. Following a revenue beat, shares of Citigroup increased by 3% as well.
Major bank stocks increased, as US Treasury yields decreased. The 10-year Treasury yield decreased by more than 11 basis points to 4.598%. At 5.02%, the 2-year Treasury yield was almost 5 basis points lower. Prices and yields have an opposite connection.
Friday morning, Philadelphia Federal Reserve President Patrick Harker said he believed the government should “keep rates where they are.”