Stocks poised to open flat as traders await more bank earnings

U.S. stocks

Goldman Sachs, Bank of America earnings on tap

U.S. stocks are expected to open flat on Wednesday as market participants await another big day of quarterly reports. Goldman Sachs (NYSE: GS), Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), and United Airlines (NASDAQ: UAL) are among those reporting today.

Analysts expect Goldman Sachs to report earnings of $5.57 a share on revenue of $9.46 billion ahead of the opening bell. Bank of America is seen reporting earnings of 49 cents per share on revenue of $20.81 billion.

Wells Fargo is projected to report earnings of 45 cents per share on revenue of $17.97 billion. After the closing bell, United Airlines is expected to report a loss of $7.44 per share on revenue of $2.54 billion.

As of 6:20 a.m. ET, futures tied to the blue-chip Dow were up 39 points, or 0.14% to 28,624. The S&P 500 futures and the tech-heavy Nasdaq 100 futures were little changed.

Apple launches iPhone 12 with 5G

Apple (NASDAQ: AAPL) on Tuesday launched a range of new products, including the iPhone 12 which operates on high-speed 5G networks. The iPhone 12 has a 6.1-inch display and starts at $799.

Apple also unveiled a “Mini” model with a 5.4-inch screen that will cost $699 and a “Pro” model with three cameras. The company also announced a HomePod Mini smart speaker that will come in white and gray, for $99.

The new iPhones will test whether the tech giant can keep up its well-oiled machine for developing and churning out its biggest-selling product and ride a wave of consumer excitement around 5G networks.

Apple stock were flat in the pre-market trading session Wednesday after closing 2.7% lower on Tuesday.

Crude futures slide ahead of API data

Crude futures dipped early Wednesday ahead of government data, which was postponed to Thursday this week because of the Columbus Day holiday. Expectations are for the data to show a draw of 3.39 million barrels in crude stockpiles last week.

As of this writing, U.S. West Texas Intermediate (WTI) crude futures were down 22 cents, or 0.55% to $39.98 per barrel. International Brent crude futures fell 20 cents, or 0.47% to $42.25 a barrel.