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Futures: Dow up 0.17%, S&P up 0.03%, Nasdaq down 0.07%
April 12 (Reuters) - U.S. stock index futures traded in
a tight range on Friday as investors awaited earnings reports
from big U.S. banks to gauge how corporate America has been
faring in the current high interest rate environment.
Friday marks the unofficial start to the quarterly earnings
season, with results from three major U.S. banks, JPMorgan Chase
& Co ( JPM ), Citigroup ( C/PN ) and Wells Fargo & Co ( WFC ), due
before the opening bell.
BlackRock ( BLK ), the world's largest asset manager, and
custodian bank State Street are also slated to report
their quarterly numbers later in the day.
For the upcoming quarterly results, earnings are expected to
grow 5% year-on-year, according to LSEG data.
The Dow and the S&P 500 eye weekly losses as
sentiment was roiled this week following a
hotter-than-anticipated inflation reading, which pushed traders
to scale back their enthusiasm around the U.S. Federal Reserve
cutting interest rates, while the tech-heavy Nasdaq was
on track for its first weekly gain in three.
U.S. large-cap stocks suffered their largest weekly outflow
since December 2022 in the week to Wednesday, Bank of America
said.
The Nasdaq and the S&P 500 closed higher in the previous
session as fresh economic data rekindled hopes that inflation
remains in a cooling trend.
Money market participants see a more than 50% chance of the
Fed bringing in the first interest rate cut in July, according
to the CME FedWatch Tool.
Focus would also be on remarks from Kansas City Fed
President Jeffrey Schmid, Atlanta Fed President Raphael Bostic
and their San Francisco counterpart Mary Daly later in the day
for hints on the central bank's rate outlook.
On the data front, a preliminary reading of the University
of Michigan's overall index of consumer sentiment for April is
due at 10 a.m. ET.
At 4:34 a.m. ET, Dow e-minis were up 67 points, or
0.17%, S&P 500 e-minis were up 1.75 points, or 0.03%,
and Nasdaq 100 e-minis were down 13.5 points, or 0.07%.
Among individual stocks, data-center operator Applied
Digital ( APLD ) dropped 10.7% in premarket trading after
reporting a bigger-than-expected quarterly loss.