Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 24, 2016.  REUTERS/Brendan McDermid

Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.

Bank of America reported a beat on earnings, and the stock is up early Friday morning.
Wells Fargo beat on earnings but had to set aside $1 billion for legal woes. Wells Fargo shares fell after the report.
Global markets are mixed.
Oil is higher ahead of President Donald Trump’s speech on Iran.
Check out which other companies are reporting earnings today with our earnings calendar.

Here’s Lutz:

Morning, and good luck this Friday the 13th! US Futures are up slightly as all eyes are on US CPI and Retail Sales at 8:30, as well as Banks (earnings from BAC/WFC) and Semis (MU breaking deal, trading lower again) in focus. Mixed bag in Europe, with the DAX trying to get legs thru 13,000 with Healthcare jumping behind Bayer and EU fins shrugging off early weakness. FTSE Lower despite Miners and Steelmakers having a good session in London on Chinese Trade data. Volumes look low tho, with most exchanges trading 20% below averages. In Asia, Nikkei up 50bp as Fast Retailing leapt 6% on Overseas Sales – Shanghai up 13bp and Hang Seng up small as trading remains tepid into the Congress next week – KOSPI off 10bp as Sammy hit for 1.5% as record profits was a “Sell the News” with the CEO stepping down – Aussie up 30bp and the Kiwis hit new highs for the 9th straight session

The DXY is in the red but holding upside 93 and the US 10YY continues to stay upside 200d ahead of Key Inflation data for Sept – Sterling is rebounding near 2week highs as Hard Brexit Angst recedes slightly and that Euro is sliding off, continuing yesterday’s weakness. Commodity currencies like …read more

Source:: Business Insider

(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *