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Stock futures are flat as investors wait for big bank earnings

Our basis is that the banks should be up 50% this year, says Wells Fargo's Mike Mayo

Stock futures were flat in overnight trade on Thursday as investors braced for big bank earnings to begin.

Futures linked to the Dow Jones Industrial Average and S&P 500 were flat, while Nasdaq 100 futures fell 0.10%.

The overnight moves followed a positive day for the three major indices. The Nasdaq Composite snapped its fifth day of gains – a first since July. Shares rose broadly as December’s CPI report showed prices fell 0.1% during November. While prices rose at a 6.5% pace from a year earlier, the results raised hopes that the Federal Reserve may soon slow the rise.

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

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

Stocks are heading for a winning week, with the Nasdaq and S&P on pace for their best weekly results since November. The Nasdaq is up 4.09% through Thursday’s closing time. The S&P rose 2.26%, while the Dow gained 1.66%.

Eight of the 11 S&P 500 sectors finished positive Thursday, leading to the upside of 2022 strong energy. Consumer goods inventories lagged, and the sector fell 0.79%.

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

“As the tug of war among analysts intensifies over the prospect of a recession — and the depth of one — the earnings reports from banks, combined with their guidance, should help clarify how businesses and consumers are faring,” said Quincy Krosby, LPL Financial’s global strategist.

Delta Air Lines, BlackRock, UnitedHealth will also report on Friday. Data for consumer sentiment will come later in the morning.

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