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Stock futures flat as Wall Street awaits more bank earnings


U.S. stock futures were little modified Friday morning after the Dow Jones Industrial Average declined following a disappointing begin to second quarter earnings from the country’s largest banks.

More major bank results are expected Friday from Wells Fargo and Citigroup.

Dow Jones Industrial Average, S&P 500 and Nasdaq 100 futures were hovering near the flatline.

Pinterest shares surged 16% in prolonged trading following a Wall Street Journal report that said activist investor Elliott Management took a stake of greater than 9% within the social media company.

The Dow during Thursday’s session shed nearly 0.5%, or 142.62 points. The S&P 500 dipped 0.3%, and the Nasdaq Composite inched 0.03% higher.

Investors combed through troubling reports from JPMorgan Chase and Morgan Stanley, which kicked off major bank earnings, and in addition weighed the likelihood of larger rate of interest hikes from the Federal Reserve and looming recession concerns.

Shares of JPMorgan Chase dropped about 3.5% after the bank said it built up reserves for bad loans, and suspended share buybacks. Meanwhile, Morgan Stanley’s shares declined 0.4% after the bank reported weaker-than-expected investment banking revenue.

“I do not have quite a lot of bullishness on our ability to grow earnings on this environment,” G Squared Private Wealth CIO Victoria Greene said Thursday on CNBC’s “Closing Bell: Time beyond regulation.” “I do not think it was bad or tragic, , but I feel unfortunately, this earnings season, any miss on earnings or margins goes to be punished and any actual beats may very well be picked apart.”

On the economic front, the newest report on June retail sales, in addition to import and export prices, are due out Friday at 8:30 a.m. ET. The June industrial production report is predicted at 9:15 a.m. ET. Preliminary July data for consumer sentiment is out at 10 a.m. ET.

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