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.”
Source (CNBC)
