Stock futures edged lower as investors await big bank earnings

Stock futures were marginally lower in early premarket trading on Friday as investors braced for the start of big bank earnings.

Futures tied to the Dow Jones Industrial Average fell 44 points, or 0.13%. S&P 500 futures were just below the flat line, while Nasdaq 100 futures fell 0.17%.

The overnight moves followed a positive day for the three major indexes. The Nasdaq Composite notched its fifth day of gains, its first since July. Stocks rose broadly as the December CPI report showed prices fell 0.1% from November. While prices rose at a 6.5 percent pace from a year earlier, the results boosted hopes that the Federal Reserve may soon slow its hike.

The Dow Jones Industrial Average added 216.96 points, or 0.64%. The S&P 500 and Nasdaq Composite gained 0.34% and 0.64%, respectively, during regular trading.

The Nasdaq Composite is on pace for its longest daily winning streak since July

Stocks are headed for a winning week, with the Nasdaq and S&P on pace for their best weekly performance since November. The Nasdaq rose 4.09% to close Thursday. The S&P advanced 2.26%, while the Dow added 1.66%.

Eight of the S&P 500’s 11 sectors finished positive on Thursday, led by strong energy for 2022. Consumer staples stocks lagged, with the sector down 0.79%.

Earnings season kicks off in full force on Friday with results from major bank stocks JPMorgan Chase, Wells Fargo, Citigroup and Bank of America. Investors will be watching the releases, which are expected to offer more information on the health of the economy and set the tone for earnings season.

“As the tug-of-war between analysts intensifies over the outlook for a recession — and the depth of the recession — earnings reports from banks, combined with their guidance, should help clarify how businesses and consumers are faring,” said Quincy Crosby, chief global strategist at LPL Financial.

Delta Air Lines, BlackRock, UnitedHealth are also set to report on Friday. Data on consumer sentiment is expected later in the morning.

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