U.S. stock futures rose on Thursday night after the Dow Jones Industrial Average fell following a disappointing start to second-quarter earnings from the country’s biggest banks.
Bigger banking results are expected on Friday from Wells Fargo and Citigroup.
Dow Jones Industrial Average futures rose 81 points, or 0.3%. Futures for the S&P 500 and Nasdaq 100 were up 0.3% and 0.3%, respectively.
Pinterest shares jumped 16% in extended trading after a Wall Street Journal report said activist investor Elliott Management held more than 9% stake in the social media company.
The Dow in Thursday trading session fell nearly 0.5%, or 142.62 points. The S&P 500 fell 0.3% and the Nasdaq Composite added 0.03%.
Investors were faced with worrisome reports from JPMorgan Chase and Morgan Stanley that kicked off big bank earnings while weighing the possibility of larger rate hikes from Federal Reserve and recession fears.
Shares of JPMorgan Chase down about 3.5% after the bank said it had accumulated provisions for bad debts and suspended share buybacks. Meanwhile, shares of Morgan Stanley down 0.4% after banks report weaker than expected investment banking revenue.
“I’m not very optimistic about our ability to grow earnings in this environment,” G Squared Private Wealth Chief Financial Officer Victoria Greene said Thursday on CNBC’sClosing bell: After hours. “” I don’t think it’s bad or tragic, you know, but I think unfortunately, this earnings season, any errors in earnings or profits will be punished and any real beats which can actually be eliminated. “
On the economic front, the latest report on June retail sales, as well as import and export prices, will be released at 8:30 a.m. ET Friday. The June industrial production report is due at 9:15 a.m. ET. Preliminary data for July on consumer sentiment is released at 10 a.m. ET.
