A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, July 13, 2022.
Brendan McDermid | Reuters
Here are the most important news items investors need to start their trading day.
Stock futures rise in pre-market trading as investors tap into the latest round of bank earnings. The market is looking to bounce back after the major indexes ended their session lower on Thursday despite a late rally. However, traders remain wary of the upcoming wave of earnings reports, as consumers continue to spend big and hiring remains strong despite rising prices. Investors will also keep an eye on the June retail sales report, scheduled for 8:30 a.m. ET, and preliminary data on consumer sentiment in July at 10 a.m.
The Wells Fargo logo is seen at the SIBOS banking and finance conference in Toronto
Chris Helgren | Reuters
Another day, a collection of large bank earnings. On Friday, Wells Fargorepeats larger rival JPMorgan Chase, said profit achieved in the second quarter because it spends more money to ease the burden from bad debts. The bank’s revenue also fell short of analyst expectations. Wells Fargo shares fell slightly in pre-market trading. Citigroup is set to report after Friday morning. Bank of America and Goldman Sachs are on deck to report before the Monday bell.
Rush hour at an intersection in Beijing, China, on June 16, 2022. The Chinese capital struggled to control a new Covid cluster after dozens of people were linked to a local nightclub tested positive for the virus. This country, unlike the rest of the world, has pursued a strict zero-Covid policy to prevent outbreaks.
Kevin Frayer | Getty Images News | beautiful pictures
China’s GDP growth in the second quarter just a little increase compared to a year ago, reflecting the country’s continued struggles with shutdowns to limit the spread of Covid-19. GDP grew 0.4 percent, below analysts’ estimate of 1 percent. Industrial production growth in China in June also fell short of expectations, but retail sales were still up. The country’s statistics bureau warned that China’s economy could suffer “the risk of stagnating inflation in the world economy.”
Pedestrians pass in front of a Pinterest signage displayed outside the New York Stock Exchange.
Michael Nagle | Bloomberg | beautiful pictures
Pinterestcoupon of Strong increase in overtime trading after The Wall Street Journal report that activist Elliott Management held a more than 9% stake in the social media company. Pinterest’s stock has fallen 75% over the past 12 months as the number of monthly active users globally has declined. This week’s news comes after a shake-up last month on Pinterest, when co-founder Ben Silbermann stepped down as CEO and was replaced by former Google commerce executive Bill Ready .
U.S. Senator Joe Manchin (D-WV) walks to the Senate floor at the U.S. Capitol in Washington, June 7, 2022.
Jonathan Ernst | Reuters
Senator Joe Manchin, a conservative Democrat from West Virginia, deals a blow to his party’s latest attempt to pass a legislative package that includes negotiated climate policies and provisions. long ago to close the tax loophole for the wealthy and corporations, according to NBC News. Democrats hold a narrow majority in the 50-50 Senate, thanks to the winning vote of Vice President Kamala Harris. Majority Leader Chuck Schumer has been in talks with Manchin about a package that would also prevent large premium increases under Obamacare before the September deadline. For now, Manchin will only support a bill with health care provisions. strong. Democrats risk losing their majority in Congress in this fall’s midterm elections as voters become frustrated with sky-high inflation.
– CNBC’s Sarah Min, Hugh Son, Evelyn Cheng and Jonathan Vanian contributed to this report.