As traders combed through major bank earnings, stock futures started the day Friday marginally lower.
As Dow Jones Industrial Average futures slightly declined, S&P 500 futures also decreased by 0.2%. Futures for the Nasdaq 100 moved down 0.5%.
The third quarter earnings for significant financial firms began on Friday with JPMorgan Chase and Wells Fargo. After the company released its most recent earnings, shares of JPMorgan Chase were unchanged. In the morning trading, Wells Fargo gained 2.5%.
On Friday, Citigroup is also expected to report.
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.
Source (CNBC)
