|
JPMorgan Chase & Co slipped 0.4% in premarket trading. Investors
will be looking for commentary on the outlook for consumer
spending and borrowing, net interest income, market volatility
and M&A and IPO pipelines.
Quarterly results from Wall Street banks are expected to show a
sharp decline in investment banking revenue and first-quarter
earnings overall due to companies pausing deals amid choppy
equity markets.
Nevertheless, analysts and executives are expecting trading to
be a surprise bright spot for banks in the first quarter, after
clients rejigged portfolios in response to Russia's invasion of
Ukraine and interest rate hikes.
Other big banks Citigroup Inc, Wells Fargo & Co, Goldman Sachs
Group Inc and Morgan Stanley and Bank of America Corp, which
report later this week and next, rose between 0.2% and 0.3%.
BlackRock Inc inched up 0.4% after posting a nearly 22% rise in
first-quarter profit as the world's largest asset manager
benefited from investors pouring more money into its various
funds.
At 06:23 a.m. ET, Dow e-minis were up 106 points, or 0.31%, S&P
500 e-minis were up 14.75 points, or 0.34%, and Nasdaq 100
e-minis were up 58.5 points, or 0.42%.
Wall Street reversed earlier gains on Tuesday as Treasury yields
rebounded on impending monetary tightening from the Federal
Reserve, putting pressure once again on growth stocks.
Investors will be focusing on producer price data at 8:30 a.m.
ET, expected to have risen 10.6% in the 12 months through March
after a 10% gain in February.
Data on Tuesday showed consumer prices surged to a four-decade
high in March, but underlying inflation pressures showed some
signs of moderation, still putting the Fed on track for a 50
basis point rate hike in May.
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by
Shounak Dasgupta)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
