Stocks- U.S. Futures Rise as Banks Report Earnings
Investing.com – Wall Street was set to rise on Friday, as investors digest earnings results from key financial institutions and await a flurry of economic data later in the day.
The rose five points or 0.21% to 2,775.25 as of 6:55 AM ET (11:51 GMT) while increased 99 points or 0.39% to 25,654.0. Meanwhile tech heavy was up over seven points or 0.12% to 6,734.25.
Investors will be looking for clues as to how the tax code overhaul will impact companies as earnings season gets under way. Financial giant BlackRock Inc (NYSE:) reported a higher than expected fourth quarter while JPMorgan (NYSE:) shares fell 1.21% after its . Wells Fargo (NYSE:) is expected to report its financial results after markets close.
Automotive firm Fiat Chrysler Automobiles NV (NYSE:) was among the biggest gainers in pre-market trading, rising 1.84% while banking firm Banco Santander (MC:) SA ADR (NYSE:) increased 0.42% and ING Group NV ADR (NYSE:) inched up 0.10%.
Meanwhile, technology stocks were down. Social media site Facebook (NASDAQ:) decreased 3.61% while Snap Inc (NYSE:) slumped 3.49%. Photography company Eastman Kodak Co (NYSE:)fell 2.38% as it slowed from its 57% rise on Wednesday amid news that it was creating its own cryptocurrency.
In economic news, and the is set to come out at 8:30 AM ET (13:30 GMT), with data released at 10 AM ET(15:00 GMT).
In Europe stocks were up after party leaders in Germany reached a breakthrough in talks to form a new government. Germany’s rose 28 points or 0.22% while in France the increased 16 points or 0.31% and in London, the rose 18 points or 0.24%. Meanwhile the pan-European was up nine points or 0.26% while Spain’s gained 23 points or 0.23%.
In commodities, rose 0.69% to $1,331.60 a troy ounce while futures slumped 0.66% to $63.38 a barrel. The , which measures the greenback against a basket of six major currencies, fell 0.57% to 91.14.
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