(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

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December CPI data due at 8:30 a.m. ET

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JPMorgan ( JPM ), Wells Fargo ( WFC ) post higher Q4 profits

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BlackRock ( BLK ) assets hit record $11.6 trillion in Q4 2024

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Futures up: Dow 0.37%, S&P 500 0.33%, Nasdaq 0.39%

(Updates with quarterly bank earnings reports)

By Johann M Cherian and Sukriti Gupta

Jan 15 (Reuters) -

Strong quarterly results from Wall Street's biggest banks

pushed U.S. stock index futures higher on Wednesday as investors

awaited a crucial inflation report due later in the day.

At 06:50 a.m. ET, Dow E-minis were up 160

points, or 0.37%, S&P 500 E-minis were up 19.25 points,

or 0.33% and Nasdaq 100 E-minis were up 81.75 points, or

0.39%.

JPMorgan Chase & Co ( JPM ) rose 2.7% in premarket

trading after the lending giant's

profit rose

as its dealmakers and traders reaped a windfall from

rebounding markets in the fourth quarter.

Wells Fargo ( WFC ) added 3.1% after the fourth-largest

U.S. lender's

profit climbed

in the fourth quarter, buoyed by stronger investment

banking earnings.

Shares of Citigroup ( C/PN ) and Goldman Sachs advanced

about 1% each ahead of their respective quarterly reports, due

before markets open.

"It is very optimistic to look into 2025 with the new

(Trump) administration, because there will be less regulatory

activity and even with higher interest rates, the net interest

margins of banks will probably improve," said Peter Andersen,

founder of Andersen Capital Management.

The S&P 500 Banks Index has gained about 3% in

January, outperforming Wall Street's main indexes, which have

logged declines so far this month.

In 2024, the banking index logged its biggest annual jump

since 2019, on expectations that U.S. President-elect Donald

Trump's policies such as tax cuts and loose regulations could

boost the financial sector.

Following a more than two-year bull rally, the S&P 500

is trading at valuations well above its historical

long-term average and a disappointing earnings season could

jeopardize further gains for equities.

Also on the radar is the consumer price index, due at 8:30

a.m. ET. Economists polled by Reuters expect the figure to rise

2.9% in December, from the previous month's 2.7% advance.

Excluding volatile items such as food and energy, the index is

expected to increase 3.3%.

Signs of strong economic activity and expectations that

Trump's immigration and tariff policies could further stoke

price pressures have caused markets to pare back bets on the

U.S. Federal Reserve's pace of monetary policy easing this year.

Traders see the central bank delivering a total of 31.1

basis points worth of rate cuts this year, according to data

compiled by LSEG. The central bank is slated to unveil its beige

book on economic activity at 2:00 p.m. ET, which is expected to

throw further light on the economy's health.

Adding to investor unease, yields on longer-dated Treasury

bonds remained near more than one-year

highs.

Remarks from New York Fed President John Williams and

Chicago Fed President Austan Goolsbee, both Federal Open Market

Committee voting members, will also be parsed later in the day.

Among stocks, BlackRock ( BLK ) rose 3.2% after the world's

largest money manager's assets hit a record high of $11.6

trillion in the fourth quarter of 2024 and posted a 21% profit

jump.

BNY also reported a jump in its

fourth-quarter profit

, sending its shares up 1.7%.