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US pre-open: Stocks to fall ahead of bank earnings as oil prices surge
(Sharecast News) - US stock futures were pointing to a lower start on Wall Street as markets braced themselves from corporate earnings in the heavyweight banking sector, while oil prices surged. Citigroup, JPMorgan Chase & Co and Wells Fargo - often seen as bellwethers for wider financial and economic conditions - are all due to release their latest quarterly updates on Friday. UnitedHealth and BlackRock were also expected to release results.
Futures on the Dow were down 0.1%, while the S&P 500 was 0.2% lower and the Nasdaq dropped 0.5%.
Markets will be keeping an eye on the closely followed Michigan consumer sentiment index for October, as well as a scheduled speech from Philly Fed's Patrick Harker, in light of inflation data which came in a touch ahead of expectations the previous day.
US stocks fell on Thursday after a stronger-than-expected consumer price index reading, raising concerns that interest rates will have to stay higher for even longer as the Federal Reserve struggles to bring down stubborn inflation.
"The market reaction to yesterday's data was very clear. The rebound in yields sent the US dollar rallying, and equities tumbling," said Ipek Ozkardeskaya, senior analyst and Swissquote Bank. "But now, stock traders' attention will shift to earnings from today, as the US big banks will kick off the earnings season in a few hours."
Meanwhile, oil prices were on the up again as ongoing conflict between Israel and Hamas continued to raise concerns about supply. West Texas Intermediate crude was up 3.9% at $86.10 a barrel.
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