U.S. stock futures were almost flat during overnight trading on Thursday, ahead of earnings reports by major banks on Friday.
Ed Moya, Senior Market Analyst at Oanda said, “Big Tech stocks are selling off so dramatically as a product of, ‘yes US rates are likely to go up further this year,’ but also as investors rotate into value and cyclical trades. Wall Street is trying to get a sense of how much growth is going to slow and the banks will start providing some insight on Friday.”
Companies have commenced posting quarterly updated information, but reporting season will be on full swing on Friday. Citigroup, JPMorgan, and Wells Fargo will release updates on Friday before the market opens.
A plenty of economic information will also be reported on Friday, including retail sales numbers of December. Economists are anticipating the print to show a decrease of 0.1%, as per the estimates by Dow Jones Industrial Average.
Numbers related to Industrial production will also be reported on Friday.
Figures related to Consumer confidence will also be released on Friday late morning.
Brent Schutte, Chief Investment Strategist at Northwestern Mutual Wealth Management Company said, “Economic growth will remain strong, and fears about inflation and the Fed will cool from a boil to a simmer. Supply chains and the labor market are going to catch up and that will essentially kill two birds with one stone.”
