Stock futures are wobbling ahead of the first wave of major bank earnings of the season. Here’s what we’re watching in Friday’s trading:
- JPMorgan Chase shares slipped 2.9% premarket after it reported a 14% drop in quarterly profit, though the slowdown didn’t stop the bank from setting a record for annual profit.
- Wells Fargo headed in the other direction, gaining 2.7% after it said its profit soared 86% in the final three months of 2021.
- BlackRock shares were flat after it posted higher quarterly profit, and market gains lifted the investment firm’s assets under management above $10 trillion..
- Citigroup slipped 1.5% premarket. The bank exited more Asian consumer-banking operations, as Singapore’s UOB will pay a $690 million premium for the regional businesses. Citigroup is also due to report earnings.
- Dogecoin jumped more than 10% after Elon Musk tweeted that some Tesla merchandise was available for purchase with the cryptocurrency. Items priced in dogecoin on the site included a belt buckle, a whistle and a child-sized ATV.
- Shares of Las Vegas Sands jumped 12% ahead of the bell, with little news to go on. The stock has had a pair of conflicting ratings changes this week, one positive and one negative.
- TPG edged up 0.2% premarket. The private-equity firm’s shares rose in their stock-market debut Thursday, giving it a valuation of roughly $10.4 billion and marking a positive sign for the IPO market.
- Shares of Covid-19 vaccine makers Novavax and Moderna were down premarket, by 12% and 4.4% respectively. The Supreme Court on Thursday blocked the Biden administration’s Covid-19 vaccine-or-testing rules for large private employers.
Chart of the Day
- The flagship fund of Andreas Halvorsen’s Viking Global Investors was among those suffering a reversal last year as stocks of technology and other fast-growing companies sold off.
Write to James Willhite at firstname.lastname@example.org