Stock Futures Inch Up Ahead of Major Bank Earnings
Stock futures edged slightly higher on Friday with investors anticipating the release of corporate earnings from major US banks. Both S&P 500 futures and Nasdaq 100 futures saw marginal increases. The Nasdaq 100 experienced a 1.7% surge, while the S&P 500 rose by 0.7%, buoyed by relief from producer-price figures that avoided exacerbating inflation concerns.
On Thursday, Apple was a standout performer among the 'Magnificent Seven' tech giants, soaring 4.3% following a Bloomberg News report on the company's plans to revamp its Mac products with new AI-focused chips, marking its best day since May 2023. Similarly, AI leader Nvidia climbed 4.1%, and Amazon reached an all-time high, eventually closing with a 1.7% gain.
The market's attention is set to pivot to corporate earnings as major banks such as JPMorgan Chase & Co., Wells Fargo & Co., and Citigroup Inc. begin the first-quarter U.S. reporting season. Investors will be keenly observing the banks' financial outlooks and comments on critical profit drivers, including net interest income and investment banking activities.