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Goldman Sachs and Morgan Stanley were set to wrap up a mixed
season for big bank earnings with their fourth-quarter results
due before the bell. Shares of both banks were down about 0.8%
in premarket trading.
Their results will follow those of JPMorgan Chase & Co and Bank
of America Corp, which beat quarterly earnings estimates last
week.
Wells Fargo & Co and Citigroup Inc earnings, though, fell short
of expectations, with most big Wall Street lenders putting away
rainy-day funds to prepare for a possible recession.
Analysts expect year-over-year earnings from S&P 500 companies
to decline 2.2% for the quarter, according to Refinitiv data as
of Friday.
The S&P 500 and the Nasdaq indexes closed at one-month highs on
Friday, with the former up 4.2% so far in 2023. The U.S. stock
market was closed on Monday for the Martin Luther King Jr. Day
holiday.
After steep falls in 2022, markets have had a positive start
this year as data showing a fall in consumer prices in December
and a moderation in wage growth bolstered expectations of less
aggressive interest rate hikes from the U.S. Federal Reserve.
Investors await data on retail sales, existing home sales for
December and jobless claims later in the week, besides comments
from several Fed officials for cues on the central bank's
monetary tightening plans.
At 5:58 a.m. ET, Dow e-minis were down 61 points, or 0.18%, S&P
500 e-minis were down 9 points, or 0.22%, and Nasdaq 100 e-minis
were down 35.5 points, or 0.31%.
U.S.-listed China stocks such Alibaba Group Holdings Inc, JD.Com
Inc and Baidu Inc fell more than 2.50% after China reported
slower fourth-quarter economic growth compared with the previous
quarter.
Among other companies, United Airlines Holdings Inc was set to
report results after the bell.
(Reporting by Shubham Batra and Shreyashi Sanyal in Bengaluru;
Editing by Vinay Dwivedi)
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