Futures muted ahead of next batch of bank earnings

In this news, we discuss the Futures muted ahead of next batch of bank earnings.

(Reuters) – Futures tracked by the S&P 500 were flat on Wednesday amid doubts about further fiscal stimulus following a deadlock in Washington and ahead of the next batch of quarterly bank profits after JPMorgan kicked off the season on a note optimistic.

Waning hopes for a federal aid deal and halting COVID-19 vaccine and treatment trials brought down major Wall Street indices on Tuesday, though losses on the Nasdaq had was limited because the shares of technological mega-caps outperformed.

Senate Majority Leader Mitch McConnell has said the Republican-led US Senate will vote next week on a targeted $ 500 billion coronavirus economic aid bill, of the type Democrats have already rejected as they wait for billions of dollars in relief.

Investors had expected more help after the November 3 presidential election in case Congress fails to agree on a deal within the next three weeks.

A growing lead for Democratic candidate Joe Biden in national opinion polls has also been positive for markets, as they expect more infrastructure spending and less global trade uncertainty, strategists said. and fund managers.

Goldman Sachs Group Inc, Wells Fargo & Co and Bank of America Corp grew 0.2% to 0.9% in pre-market trading ahead of their third quarter reports, which would follow better-than-expected numbers from JPMorgan Chase & Co and Citigroup Inc Tuesday.

Apple Inc is down after slipping 3% in an event from the previous session where the company launched its next generation iPhone 12.

At 6:21 a.m. ET, Dow e-minis were up 38 points, or 0.13%, S&P 500 e-minis were up 1.25 points, or 0.04%, and Nasdaq e-minis 100 increased by 9.25 points, or 0.08%.

UnitedHealth Group Inc rose 1.1% as the US insurer reported better-than-expected earnings and revenue.

Concho Resources Inc jumped 10.4% after a report that oil producer ConocoPhillips was in talks to acquire the shale producer.

Report by Medha Singh in Bengaluru; Edited by Arun Koyyur

Original © Thomson Reuters

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