Stock futures were mixed early Friday as bank stocks rallied and tech stocks were under pressure after a rush of earnings from some of America’s biggest financial institutions.
S&P 500 futures were down less than 0.1% while Dow futures were up about 0.1% near 7:35 a.m. ET Friday morning. Nasdaq futures were off about 0.5%.
Friday’s move in futures comes after results from JPMorgan (JPM), Wells Fargo (WFC), PNC Financial (PNC), and Citi (C) sent shares of each of these banks higher in pre-market trading.
Investors will also stay alert for the latest monthly report on retail sales which is set for release at 8:30 a.m. ET.
JPMorgan, the country’s largest bank by assets, saw shares rise as much as 5% after reporting top- and bottom-line results that surged from the prior year.
Deposits, which will be closely tracked by investors this quarter following the failure of three US banks in March, rose 1.5% over the quarter at JPMorgan. Compared to the same period last year, however, deposits fell 7%.
In the company’s earnings release, CEO Jamie Dimon said, “the U.S. economy continues to be on generally healthy footings—consumers are still spending and have strong balance sheets, and businesses are in good shape. However, the storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks.”
Wells Fargo also reported top- and bottom-line results that rose against the prior year, with revenues topping $20.7 billion in the first quarter.
Consumer deposits fell 5% from the prior year while commercial banking deposits were off 15% from the first quarter of 2022. Wells Fargo reported its loans extended to commercial clients rose 15% from the same period last year.
Wells Fargo CEO Charlie Scharf said in a release, “We are glad to have been in a strong position to help support the U.S. financial system during the recent events that impacted the banking industry.”
Elsewhere on the earnings side, BlackRock’s (BLK) results showed the impact last year’s market turmoil has had on investors as the firm’s average assets under management dipped below $9 trillion during the first quarter, down from $9.7 trillion in the same quarter last year. Revenue at the asset management giant also fell 10% from lsat year to $4.24 billion.
“BlackRock is a source of both stability and optimism for clients,” Larry Fink said in a release. “We are helping clients navigate volatility and embed resiliency in their portfolios, while also providing insights on the longterm opportunities to be had in today’s markets.”
Elsewhere on the earnings calendar, shares of UnitedHealthcare (UNH) were higher in pre-market trading after the company reported results that topped estimates and raised its 2023 full-year outlook.
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