Dow futures edge up as big banks kick off Q4 earnings season

Wall Street

Stock futures mixed

U.S. stock futures were mixed early Friday, with Dow futures rising slightly after selling pressure continued Thursday as mega-cap stocks lost support and the S&P 500 bumped up against a key resistance level.

As of 5:45 a.m. ET, futures tied to the Dow inched up 76 points, or 0.21% to 36,065. The tech-heavy Nasdaq 100 futures and those tied to the S&P 500 futures were little changed.

On Thursday, the Nasdaq fell 1.7%, weighed by large technology stocks like Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT). The Dow Jones Industrial Average gave away 4 points while the S&P 500 shed 0.8%.

U.S. stock and bond markets will be closed Monday, Jan. 18 to mark the Martin Luther King, Jr. Day holiday. The Nasdaq and the New York Stock Exchange will resume normal trading hours on Tuesday.

JPMorgan, Citi, Wells Fargo earnings in focus

Meanwhile, earnings from major U.S. banks for the fourth quarter of 2021 will begin rolling in with key reports also expected from across industries.

JPMorgan Chase (NYSE: JPM), Citigroup (NYSE: C), and Wells Fargo (NYSE: WFC) are set to usher in the reporting season when they publish their results ahead of the opening bell today.

Analysts expected JPMorgan to post fourth-quarter earnings of $3.01 per share on revenue of $29.90 billion.

Citi is forecast to have earned $1.37 per share on revenue of $16.77 billion in the latest quarter. Wells Fargo is likely to have earned $1.12 per share on revenue of $18.78 billion.

BlackRock (NYSE: BLK) and First Republic Bank (NYSE: FRC) are also scheduled to announce their financial results today.

TPG surges on first day of trading

The share price of TPG (NASDAQ: TPG) surged 15% on Thursday in the company’s first day of trading on Wall Street, signaling interest in the 30-year-old private equity firm.

TPG, which holds some $109 billion in assets, began trading at $33 a share on the Nasdaq stock exchange and ended the day at $34.

San Francisco and Texas-based TPG is the largest company to go public on Wall Street so far this year, and its successful listing comes amid rising volatility and poor performance in the wider IPO market.

TPG raised about $1 billion having sold 33.9 million shares priced at $29.50 each, the midpoint of the $28-$31 target price range the company has announced earlier.