More bank earnings ahead
U.S. stock futures were pointing to a mixed open on Wednesday as market participants eyed second-quarter earnings from major financial institutions.
Several big banks will post their results today, including Bank of America (NYSE: BAC), Citigroup (NYSE: C), and Wells Fargo (NYSE: WFC). Other key earnings to watch today include BlackRock (NYSE: BLK), Delta Air Lines (NYSE: DAL), and PNC Financial Services (NYSE: PNC).
JPMorgan Chase (NYSE: JPM), the nation’s largest bank by assets, reported quarterly earnings of $3.78 per share and revenue of $31.39 billion on Tuesday. Analysts expected the bank to have earned $3.20 per share on revenue of $29.96 billion.
Goldman Sachs (NYSE: GS) also posted upbeat results, with earnings coming in at $15.02 per share and revenue at $15.388 billion.
Morgan Stanley (NYSE: MS) will report on Thursday.
As of 5:30 a.m. ET, Dow futures were down 13 points, or 0.04% to 34,763. S&P 500 futures rose 2.13 points, or 0.05% to 4,363.38 while the tech-heavy Nasdaq 100 futures advanced 57.25 points, or 0.39% to 14,922.25.
Powell, Yellen set to appear before Congress
Moving on, Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen are scheduled to deliver their semiannual testimony before the House Financial Services Committee today and the Senate Banking Committee on Thursday.
Their testimonies come a day after data released by the Labor Department showed that U.S. consumer price index for June rose 5.4% compared to a year ago, marking the biggest increase since 2008 as the economy continues to recover from the effects of the coronavirus pandemic.
However, Powell and the central bank have continued to hold their view that the current spikes in consumer prices will be transitory.
Apple jumps on reports its boosting iPhone 13 production
Meanwhile, shares of Apple (NASDAQ: AAPL) were moving higher before the opening bell after Bloomberg reported that the company has asked its suppliers to increase initial production of its rumored iPhone 13 series to 90 million units through the end of the year, a boost of up to 20% over the 75 million units of the iPhone 12 models produced in 2020.
Sources familiar with the matter told the news outlet that the number one reason for ordering more iPhone units is that Apple probably believes sales will be stronger this year as, helped by vigorous coronavirus vaccination programs across the globe.
More people are also likely upgrade since this will be the second iPhone update that supports 5G networks.
As of this writing, Apple stock was up $2.89, or 1.98% to $148.53 per share in premarket trade.
