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Futures for Stocks are Little Lower Ahead of Friday’s Significant Bank Earnings

Early on Friday, as traders anticipated significant bank profits, stock futures were marginally down.

As Dow Jones Industrial Average futures slightly declined, S&P 500 futures also decreased by 0.1%. Futures for the Nasdaq 100 moved down 0.3%.

Major financial institutions’ third-quarter earnings are scheduled to begin on Friday with JPMorgan Chase, Wells Fargo, Citigroup, and BlackRock. Higher capital requirements and an impending recession have made it difficult for investors to conceal their feelings of apprehension as they threaten to reduce earnings for the financials sector.

Investors are also worried about the continuing Israel-Hamas conflict, which might endanger the world’s oil supply and pricing, in addition to their worries about poor results and another probable rate hike. Nancy Tengler, the chief investment officer at Laffer Tengler Investments, thinks that investors may be having sleepless nights for no apparent reason.

In an interview with CNBC, she predicted that while some companies would let investors down, overall profits would likely come as a pleasant surprise. The outlook of investors is overly negative. Companies should be able to handle this fairly effectively, according to expectations.

On Friday, traders will also be keeping an eye out for the first indications of October consumer mood. The Dow dropped more than 173 points as all three major indices finished the trading day on Thursday in the red. The tech-heavy Nasdaq Composite and the S&P 500 both had 0.6% declines. Also breaking four-day winning streaks were the main averages.

Source (CNBC)

SourceCNBC
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