* Futures: Dow and Nasdaq down 0.09% each, S&P 500 down
0.07%
* Bank of America ( BAC ), Morgan Stanley ( MS ) up 1.2% each after
results
* Broadcom ( AVGO ) up 2.8% after Meta extends chip deal
(Updates prices throughout and details)
By Niket Nishant and Utkarsh Hathi
April 15 (Reuters) - U.S. stock index futures were
little changed on Wednesday, as investors assessed developments
in the Middle East and a raft of corporate earnings while
looking ahead for remarks from Federal Reserve officials.
Equities have found support this week on hopes that
Washington and Tehran could return to the negotiating table to
end the war, even as the U.S. military maintains a blockade of
Iranian ports.
The resilience suggests that war-weary investors are ready
to rotate into risk assets at the slightest indication of a
de-escalation.
The benchmark S&P 500 index is nearing its first
intraday record high since the conflict erupted.
At 06:53 a.m. ET, Dow E-minis were down 42 points,
or 0.09%, S&P 500 E-minis were down 5 points, or
0.07%, while Nasdaq 100 E-minis were down 22.75 points,
or 0.09%.
BANK RESULTS IN SPOTLIGHT
Another packed day for corporate earnings will be in focus
as investors look for signs of how companies are navigating the
impact of the war.
Bank of America ( BAC ) shares rose 1.2% in premarket
trading, after the second-biggest U.S. lender reported growth in
its first-quarter profit as volatility in global markets lifted
trading activity.
Wall Street heavyweight Morgan Stanley's ( MS ) shares also
added 1.2% after it reported a jump in first-quarter profit.
So far this week, banks have said U.S. consumers are
financially healthy and that pipelines for initial public
offerings and deals should remain robust unless the conflict
drags on for much longer.
Some analysts, however, have warned that as stocks climb,
they may become more vulnerable to sharp reversals if
developments in the Middle East do not match the optimistic
assumptions many are pricing in.
"U.S. equities appear to be looking through risks still
being priced in commodity markets," BofA Global Research
analysts wrote.
"With the ceasefire appearing fragile and signs of stress in
commodity markets still evident, the equity retracement appears
to be looking through the risks of re-escalation."
Oil prices gained slightly on Wednesday, remaining 31% above
pre-war levels.
The International Monetary Fund cut its outlook for global
growth on Tuesday, citing the war-driven energy price spikes,
and warned that an extended conflict could push the world to the
brink of a recession.
Traders will also tune in to the remarks from Federal
Reserve Governor Michael Barr and Fed Vice Chair for Supervision
Michelle Bowman later in the day.
Among other stock movers, Nike ( NKE ) rose 2.2% after CEO
Elliott Hill bought additional stock in the company.
Broadcom ( AVGO ) advanced 2.8% after Meta extended
its custom chips deal with the firm.
Social media company Snap's shares rose nearly 7%
after it said it would lay off about 1,000 employees.