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Stocks - U.S. Futures Rise on Upbeat Bank Earnings

Published 10/15/2019, 07:06 AM
Updated 10/15/2019, 07:14 AM
© Reuters.

© Reuters.

Investing.com - U.S. futures were higher on Tuesday, as big banks kicked off the third-quarter earnings season.

JPMorgan Chase & Co (NYSE:JPM) rose 1.8% in premarket trade after it posted record quarterly revenue and a stronger-than-expected 15% rise in earnings per share, helped by a big increase in fixed-income trading revenue and solid credit card loan growth.

Citigroup (NYSE:C), Goldman Sachs (NYSE:GS) and Wells Fargo (NYSE:WFC) are all due to report on Tuesday too.

Nasdaq 100 futures gained 23 points or 0.3% by 7:04 AM ET (11:04 GMT), while Dow futures rose 125 points or 0.5% and S&P 500 futures were up 11 points or 0.4%.

Citigroup (NYSE:C), Wells Fargo (NYSE:WFC) and Goldman Sachs (NYSE:GS) are expected to report before the opening bell, along with Charles Schwab (NYSE:SCHW). BlackRock (NYSE:BLK) was flat in premarket trade after the asset manager giant reported an 8% drop in third-quarter profit. The financial services company joined many other asset managers last week in cutting trading commissions for exchange traded funds (ETFs) to zero amidst increasing competition.

UnitedHealth (NYSE:UNH) gained 3.4% while Johnson & Johnson (NYSE:JNJ) was up 1.6% after both companies raised their guidance for the year and beat Wall Street forecasts.

PG&E tumbled 3.3% after the utility company was issued a number of sanctions from its California regulator over how it handled a series of planned power outages last week.

In commodities, gold futures inched up 0.1% to $1,498.25 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 98.192. Crude oil futures fell 1.1% to $52.98 a barrel.

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