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US producer prices rise moderately in June

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JPMorgan ( JPM ) profit jumps; shares dip in choppy trading

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Wells Fargo ( WFC ) drops after profit falls on deposit costs

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BNY up after Q2 profit rises

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Futures: Dow up 0.05%, S&P 500 up 0.02%, Nasdaq down 0.01%

(Updated at 8:47 a.m. ET/1247 GMT)

By Medha Singh and Ankika Biswas

July 12 (Reuters) -

Wall Street was set for a subdued open on Friday as

investors digested mixed results from big banks, while slightly

hotter-than-expected producer price numbers reined in bets that

the Federal Reserve would begin easing interest rates in

September.

JPMorgan Chase's ( JPM )

second-quarter profit

increased on a boost from rising investment banking fees

and an $8 billion accounting gain from a share exchange deal

with Visa. However, shares of the world's largest bank

edged 0.2% lower in choppy premarket trading.

Wells Fargo ( WFC ) slid 5.5% as the lender missed

estimates for quarterly interest income, while Citigroup ( C/PN )

rose 2.8% after posting a surge in investment banking revenue

and gains in its services division.

The results come against a backdrop of expectations that

some of the largest U.S. banks would report

weaker second-quarter profits

due to lower interest payments and higher provisions for

deteriorating loans.

As the S&P 500 and the Nasdaq scale new

peaks, investors are hoping for strong profit growth from

companies beyond heavyweight tech names such as Nvidia ( NVDA ),

so that the U.S. stocks rally can broaden out.

"Big bank earnings, big tech earnings and consumer company

earnings will be the most important to watch, as these companies

are highly levered to the strength of the economy," said Clark

Bellin, president and chief investment officer, Bellwether

Wealth.

Analysts, on average, expect earnings for S&P 500 firms to

grow by 10.1% during the quarter from a year ago, compared to a

decline of 2.8% last quarter, according to LSEG IBES data.

Financial firms are likely to post a profit growth of 6.7%.

After data showed a surprise fall in U.S. consumer

prices on Thursday, solidifying bets on a September rate cut,

the latest report showed producer prices rose 0.2% on a monthly

basis in June, compared to an expectation of a 0.1% rise.

Annually, it rose 2.6%, versus an estimated 2.3% rise.

"Friday's stronger-than-expected PPI is an important

reminder that inflation is still here and that the inflation

data can be volatile," Bellin said.

Traders still see a 93% chance of a rate cut in September,

up from 72% a week ago, according to CME Group's FedWatch tool.

Focus now turns to the University of Michigan's consumer

survey report, due after markets open.

At 8:47 a.m. ET, Dow e-minis were up 22 points, or

0.05%, S&P 500 e-minis were up 1.25 points, or 0.02%,

and Nasdaq 100 e-minis were down 1.5 points, or 0.01%.

The S&P 500 and Nasdaq logged their worst sessions in more

than two months on Thursday, on a rotation out of high-flying

large-cap stocks in favor of small-cap shares, which have

underperformed this year. The rotation has also set the

blue-chip Dow on track for its best week in four.

Tesla dropped 1.7% after UBS downgraded the EV

maker's stock to "sell" from "neutral".

BNY climbed 2.5% after the U.S. bank posted a 10%

rise in second-quarter net profit.

AT&T ( T ) dropped 1.5% after the telecom firm said data

from about 109 million customer accounts containing records of

calls and texts from 2022 had been downloaded illegally in

April.