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US STOCKS-Futures rise with bank earnings in focus

Published 14/07/2020, 11:19

(For a live blog on the U.S. stock market, click LIVE/ or
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* Futures up: Dow 0.39%, S&P 0.33%, Nasdaq 0.30%

By Medha Singh
July 14 (Reuters) - U.S. stock index futures rose on Tuesday
as investors geared up for quarterly earnings reports from the
big U.S. banks to provide clues on corporate America's
expectations for the pace of an economic recovery in the second
half of the year.
An upbeat second-quarter report by PepsiCo Inc PEP.O
lifted Wall Street early on Monday, but the S&P 500 and Nasdaq
ended the session lower on new coronavirus restrictions in
California and a resurgence in U.S.-China tensions.
Investors are now bracing for what could be the sharpest
drop in quarterly earnings for S&P 500 firms since the 2008
financial crisis, according to Refinitiv IBES data.
JPMorgan Chase & Co JPM.N and Citigroup Inc C.N , which
have substantial lending businesses, could see a sharp plunge in
net income in the April-June quarter that witnessed the biggest
blow to businesses activity. JPMorgan and Citi shares edged higher in premarket trading,
while Wells Fargo & Co WFC.N , which is expected to swing to a
loss, was flat.
Meanwhile, tensions between Washington and Beijing escalated
further after the United States rejected China's disputed claims
to offshore resources in most of the South China Sea.
The Trump administration also plans to scrap a 2013 auditing
agreement that could foreshadow a broader crackdown on
U.S.-listed Chinese firms. At 5:59 a.m. ET, Dow e-minis 1YMcv1 were up 101 points, or
0.39%, S&P 500 e-minis EScv1 were up 10.5 points, or 0.33%,
and Nasdaq 100 e-minis NQcv1 were up 32 points, or 0.3%.
Investors will also keep an eye on the Labor Department's
consumer price index (CPI) data for June, expected at 8:30 a.m.
ET.

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