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Among big banks that are reporting later in the day, Morgan
Stanley edged lower, while Goldman Sachs Group Inc, Citigroup
Inc and Wells Fargo & Co gained between 0.3% and 0.8% in
premarket trading.
Quarterly results from big U.S. 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.
JPMorgan Chase & Co's CEO Jamie Dimon warned of economic
uncertainties arising from Russia's invasion of Ukraine and
soaring inflation on Wednesday, after first-quarter profits at
the largest U.S. bank slumped 42%.
Nevertheless, Wall Street's main indexes rallied sharply in the
previous session after a rough start to the week boosted by a
recovery in tech and tech-adjacent stocks as treasury yields
receded from near three-year highs.
Twitter Inc jumped 12% after Tesla CEO Elon Musk said he has
offered to buy 100% of the social media company for $54.2 per
share in cash.
UnitedHealth Group Inc rose 1.1% after reporting a 3.5% rise in
quarterly profit, helped in part by strength at its Optum
healthcare services unit.
At 6:15 a.m. ET, Dow e-minis were up 66 points, or 0.19%, S&P
500 e-minis were up 1 point, or 0.02%, and Nasdaq 100 e-minis
were up 15.75 points, or 0.11%.
In economic news, the Commerce Department is expected to release
retail sales data at 8:30 a.m. ET, which is expected to have
increased 0.6% in March following a 0.3% gain in the earlier
month.
Initial claims for state unemployment benefits data, also
released at the same time, is expected to have risen 5,000 to a
seasonally adjusted 171,000 for the week ended April 9.
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by
Shounak Dasgupta)
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