As investors assessed the beginning of the second-quarter earnings reporting season, U.S. stock futures saw no movement on Friday morning following the S&P 500’s weakest performance since April.
Futures for the S&P 500 increased slightly. While Nasdaq 100 futures rose 0.02%, futures linked to the Dow Jones Industrial Average saw a gain of about 0.1%.
On Friday, banks began reporting their earnings. Following the bank’s announcement that net interest income, a crucial indicator of banks’ profitability in lending, missed estimates in the second quarter, Wells Fargo’s stock sank 6%.
Additionally, the bank’s net interest income has decreased this year from 7% to 9%.
Even though JPMorgan reported second-quarter revenue that exceeded Wall Street estimates due to an increase in investment banking fees, the bank’s shares remained unchanged.
Source (CNBC)
